Evidence of meeting #56 for Finance in the 41st Parliament, 2nd Session. (The original version is on Parliament’s site.) The winning word was measure.
A video is available from Parliament.
November 5th, 2014 / 4:40 p.m.
Liberal
Scott Brison Liberal Kings—Hants, NS
Is there a range you can provide to us, just a range or an estimate, a quantum—
Director, Financial Markets Division, Financial Sector Policy Branch, Department of Finance
The Mint's profit for 2013 after taxes was about $36 million. A significant portion of that has traditionally come from the domestic circulation coin business. Traditionally, this has been the Mint's largest source of profit. However, with the growth of its numismatic business, that was already projected to change. It was expected that the numismatic business was going to overtake domestic circulation as a source of profit. Our sense is that this is not going to be a huge problem for the Mint.
Liberal
Director, Financial Markets Division, Financial Sector Policy Branch, Department of Finance
I don't have that figure in front of me.
Director, Financial Markets Division, Financial Sector Policy Branch, Department of Finance
Absolutely.
Conservative
The Chair Conservative James Rajotte
We'd appreciate that information, Mr. Ram.
That's all the questions.
I have notice on that division.
Colleagues division 13 is next, but I don't have any notice of any questions on division 13.
I'm going to move to division 14, the Employment Insurance Act.
I want to welcome you to the committee. Thank you for being with us this afternoon.
I have questions from Mr. Cullen first of all.
NDP
Nathan Cullen NDP Skeena—Bulkley Valley, BC
Thank you to the officials that are appearing here again.
Let's start with a premise of the fact. What is the cost estimate for the full take-up of this EI hiring credit over two years, please?
François Masse Chief, Labour, Market Employment Learning, Department of Finance
Over the two years of the credits, over 2015 and 2016, it's expected that the total cost of the credits is going to be $550 million. That's the amount that would be returned to small businesses across the country.
NDP
Chief, Labour, Market Employment Learning, Department of Finance
Not at this point, there's no.... The measure is only for two years.
NDP
Nathan Cullen NDP Skeena—Bulkley Valley, BC
How many jobs does Finance Canada estimate will be created as a result of this expenditure of $550 million?
Chief, Labour, Market Employment Learning, Department of Finance
What's expected is, on average across the economy, providing a savings to small businesses is going to be creating incentives for entrepreneurs to grow their business and hire people. This measure, as I just said, is going to result in $550 million returning to entrepreneurs. The Canadian Federation of Independent Business has indicated that, in their estimate, it would result in 25,000 people job years.
NDP
Chief, Labour, Market Employment Learning, Department of Finance
Of course. The last sentence was that the Canadian Federation of Independent Business is expecting that this measure will result in 25,000 people years of employment.
NDP
Nathan Cullen NDP Skeena—Bulkley Valley, BC
My question was, what does the Government of Canada estimate the jobs impact of this program is today?
Chief, Labour, Market Employment Learning, Department of Finance
The Department of Finance has not produced a specific estimate of the job numbers that might result from this measure.
NDP
Nathan Cullen NDP Skeena—Bulkley Valley, BC
You have not produced it? Have you done such an estimate or analysis?
Chief, Labour, Market Employment Learning, Department of Finance
I'm sorry?
NDP
Nathan Cullen NDP Skeena—Bulkley Valley, BC
Has the Government of Canada, the Department of Finance, done an analysis of this program in terms of the jobs impact?
Chief, Labour, Market Employment Learning, Department of Finance
Like any measure, the Department of Finance is providing some analysis to the Minister of Finance in order to help him make his decisions. Of course, I'm not going to comment on how the minister makes his decisions, but we are doing some analysis and providing some advice.
Your direct question was whether there was a specific job number that was computed by the Department of Finance, and the answer to that question is no, the Department of Finance did not produce a specific number of jobs.
NDP
Nathan Cullen NDP Skeena—Bulkley Valley, BC
You can understand the concern of taking $550 million out of the EI fund and not producing an analysis of the jobs impact was.... I'm trying to be careful of the questions that I send to you and the ones that we reserve for the minister.
Is the government aware of the analysis done by the Parliamentary Budget Officer with regard to this program?
Chief, Labour, Market Employment Learning, Department of Finance
We are aware of the analysis that was done by the PBO and if you're interested in comparisons between the analysis done by the PBO and the analysis by the CFIB, the CFIB has published it on their website. We've noticed that they published on their website a description of their comparative methodologies. That said, this is not something that Finance is commenting on.
NDP
Nathan Cullen NDP Skeena—Bulkley Valley, BC
You're not commenting on the Parliamentary Budget Officer's estimate. Can I ask, why not?
Chief, Labour, Market Employment Learning, Department of Finance
I'm sorry?