Evidence of meeting #59 for Finance in the 41st Parliament, 1st session. (The original version is on Parliament’s site, as are the minutes.) The winning word was change.
A recording is available from Parliament.
Conservative
The Chair Conservative James Rajotte
Okay. Are there any other Conservatives on this issue? No?
Mr. Brison.
Liberal
Scott Brison Liberal Kings—Hants, NS
The Canadian Restaurant and Foodservices Association has expressed concerns. They are the fourth-largest private sector employer in Canada, with more than one million jobs. They're saying that this will have a significant negative impact on their business. Their argument is that although to many it may seem easy to round transactions up or down, there are some challenges for the restaurant industry, which handles 18 million transactions a day, many of them in cash. Garth Whyte, the president of the organization, said, “There may be some short-term penny pain for long-term gain, but we must get the transition right.” They're not saying not to do this—only that we have to get the transition right.
Has the department been engaged with the restaurant association to try to ameliorate negative impacts during transition?
Director, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
I couldn't speak about the individual association, but I understand that there have been conversations with stakeholders generally.
Liberal
Director, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
I'm sorry, I can't answer that question. I understand that many small and medium-sized businesses see it as a cost to have the penny.
Liberal
Scott Brison Liberal Kings—Hants, NS
Sure, but I think there are questions about the transition period. Technological, equipment, and other changes have to be made that will incur certain levels of cost. I was wondering whether there had been consultations with the restaurant association.
Director, Financial Institutions Division, Financial Sector Policy Branch, Department of Finance
I think the intent of the backgrounder was to reach out to consumers and businesses, with the government's expectation that there could be conversations.
Conservative
The Chair Conservative James Rajotte
Okay, that's it. Thank you.
It's 9:27 and we are going to adjourn for the night. We will see you here tomorrow morning at 9:30.
I want to thank our officials for staying late. We will see you tomorrow morning.
The meeting is adjourned.