Evidence of meeting #19 for Finance in the 43rd Parliament, 1st session. (The original version is on Parliament’s site, as are the minutes.) The winning word was credit.
A recording is available from Parliament.
Senior Assistant Deputy Minister, Tax Policy Branch, Department of Finance
We would be happy to look at the particular circumstance.
Liberal
Peter Fragiskatos Liberal London North Centre, ON
Since we have the officials here, I thought it would be a good opportunity to put it to you. The organization has reached out, and I'll continue to engage with them and liaise with the Department of Finance so that we can get them an answer.
Mr. Chair, I take it that I still have some time.
Liberal
The Chair Liberal Wayne Easter
Yes, you have time for one more question. Then we'll go to Marie-Hélène.
Liberal
Peter Fragiskatos Liberal London North Centre, ON
My colleague Mr. Fraser raised earlier the whole idea of universal basic income. The economist Kevin Milligan has said that if we did proceed to put in place a basic income in response to COVID-19, the total cost would be $240 billion for four months. The math is pretty simple. The amount of $2,000 per adult for four months leads to $8,000 per adult. If you multiply that by 30, you end up with $240 billion as a direct support.
Has there been an analysis done on whether or not, if we had proceeded in that direction, there would have been enough left over to introduce all the other measures that we've seen to support businesses and Canadians? What would that have done to our balance sheet if indeed we had proceeded down the path that the NDP and some others have called for?
Senior Assistant Deputy Minister, Tax Policy Branch, Department of Finance
Perhaps, Mr. Chair, I can respond to that.
Senior Assistant Deputy Minister, Tax Policy Branch, Department of Finance
I can't fault the math. It sounds right to me. In terms of $240 billion, that is a significant expenditure when our revenues are somewhere in the region of $300 billion a year. I think what the government tried to do, as the minister indicated, was to quickly make funds available to those who were in need and to do so in a very streamlined way to ensure that all people who had lost their income because of COVID-19 were able to source an emergency benefit.
Liberal
The Chair Liberal Wayne Easter
We'll have to end it there.
I'll give the last question to Ms. Gaudreau, and then we'll have to wrap it up.
Marie-Hélène, go ahead.
Bloc
Marie-Hélène Gaudreau Bloc Laurentides—Labelle, QC
Thank you. I'll be brief.
I want to raise two issues that people are very concerned about. We'll still need to maintain a social distance for quite some time. Can we expect a postponement of the deadline for tax returns? Many people who handle business accounting are asking me whether there will be a further postponement.
My other question is simple. When can we obtain information on the commercial rental assistance? In my constituency, the tourism sector is heavily affected.
Thank you.
Liberal
The Chair Liberal Wayne Easter
Thank you, Marie-Hélène.
We'll go to CRA on the tax returns and then to someone else.
Go ahead.
Assistant Commissioner, Assessment, Benefit and Service Branch, Canada Revenue Agency
I'm sorry. I didn't hear that question on tax returns. The volume wasn't working. Could you please repeat it?
Bloc
Marie-Hélène Gaudreau Bloc Laurentides—Labelle, QC
Can we expect a postponement or extension of the deadline for tax returns?
Liberal
The Chair Liberal Wayne Easter
Did you get that, Mr. Vermaeten? It's on further delaying the tax returns.
Assistant Commissioner, Assessment, Benefit and Service Branch, Canada Revenue Agency
Yes, I did.
Thank you for the question. Right now, we have delayed the filing deadline to June 1 and payment until August, so I think we've made a significant accommodation. The reason why we're reluctant to push the filing date past June 1 is that the information we receive from taxpayers is important for calculating benefits.
For example, the information we receive is used for the Canada child benefit calculation and the GSTC calculation, and we provide that information to other departments such as ESDC for the delivery of old age security and the guaranteed income supplement.
We really are reluctant to shift out the date even further so that we wouldn't have updated information to provide for all these really important programs.
Liberal
The Chair Liberal Wayne Easter
Does anyone want to answer the questions on rental assistance? I think it's a discussion in the mill.
Go ahead, Soren.
Associate Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
I have a two-part answer. The first is that the minister I think was pretty clear that he wasn't ready at this point in time to communicate beyond what had been communicated, so I don't know that we can provide precision beyond what you've heard from him.
Having said that, I would just point your constituents towards the availability of other credit measures, including the Canada emergency business account as well as the credit that is available from EDC and BDC, because all of those things are there to deal with the non-deferrable expenses that businesses have, and that includes rent. That's a very valid use of those programs.
Liberal
The Chair Liberal Wayne Easter
Okay. With that, I want to thank all of the members and certainly all of the officials for sticking with us a little over the time, and also the technicians who make this system work. It's our first attempt at this. We appreciate everyone's efforts very much.
Thank you, officials, for all the work you've done in trying to roll out these programs and putting them together at what I would say is warp speed. We appreciate that very much.
We also appreciate the ideas that coming forward from members. With that, we will adjourn. We will see everyone on the committee again tomorrow at two o'clock, Ottawa time.
The meeting is adjourned.