Evidence of meeting #2 for Finance in the 43rd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was billion.
A video is available from Parliament.
NDP
Peter Julian NDP New Westminster—Burnaby, BC
Yes. Who else? Just reading from the disclosure form it appears that it's cabinet, the ministers, but who else is involved, then, in the approval process?
Associate Assistant Deputy Minister, Economic Development and Corporate Finance Branch, Department of Finance
If you have the information on the website, that's what we could follow up with as well as the decision, the points of accountability around the use of the Canada Account. I think you do have that already, but I would have followed up and provided that information.
Liberal
Liberal
Peter Fragiskatos Liberal London North Centre, ON
Thank you, Mr. Chair, and thank you to officials for being here today.
Mr. Marsland, on the number of Canadians who won't pay any tax because of changes to be made on the basic personal amount, can we have that number?
Senior Assistant Deputy Minister, Tax Policy Branch, Department of Finance
Yes. I believe it's 1.1 million.
Senior Assistant Deputy Minister, Tax Policy Branch, Department of Finance
It's 1.1 million.
Liberal
Peter Fragiskatos Liberal London North Centre, ON
It's 1.1 million. Okay.
I also wanted to ask about deficits. I often hear from some members who may or may not be across the way that we are in a very troubling financial situation and that deficits are out of control.
Could you compare the current fiscal reality? I know you've talked about debt-to-GDP levels. I know you've compared it with other countries. Could you talk about where we are in relation to, say, the 1980s or the early 1990s? I guess that is probably more suited to Mr. Leswick.
Assistant Deputy Minister, Economic and Fiscal Policy Branch, Department of Finance
I won't give you a long-drawn-out response, but deficits as a share of the economy are smaller now than they were, probably, during that period.
Liberal
Peter Fragiskatos Liberal London North Centre, ON
Do you have a figure that you could provide in terms of debt-to-GDP ratios?
Assistant Deputy Minister, Economic and Fiscal Policy Branch, Department of Finance
I'm sorry. I don't have my trusty fiscal reference tables.
Liberal
Peter Fragiskatos Liberal London North Centre, ON
Could you table that with the committee at your convenience?
Assistant Deputy Minister, Economic and Fiscal Policy Branch, Department of Finance
Yes, no problem.
Liberal
Peter Fragiskatos Liberal London North Centre, ON
But you are saying that it's much better today than yesteryear, right?
Assistant Deputy Minister, Economic and Fiscal Policy Branch, Department of Finance
Yes. That's my opinion.
Liberal
Peter Fragiskatos Liberal London North Centre, ON
Okay.
I have a final question for you because I sense hunger around the table.
We talk about ripple effects of particular policies and programs. Do you have any information on the economic benefits of the Canada child benefit and what it has done for families, and how it has boosted the economy in particular? Can you provide us with any of that information? That's as a sort of stimulus to the economy, if you like.
Assistant Deputy Minister, Economic and Fiscal Policy Branch, Department of Finance
From the perspective of a stimulus to the economy, I think this was a measure that was valued once mature. We're talking about the first round of the CCB and the CCB enhancement being, I think, in the range of $6 billion a year, Andrew...?
Senior Assistant Deputy Minister, Tax Policy Branch, Department of Finance
Somewhere in there.
Assistant Deputy Minister, Economic and Fiscal Policy Branch, Department of Finance
It was in the range of $6 billion a year. If you put that in context of a $2.3-trillion economy, it did provide a boost to growth in early 2016—like a fiscal impulse in 2016 and 2017. It was well timed. The economy was weak coming off a hangover from the global oil price shock, so just in that context, it was well timed. I think other people—the Bank of Canada and other economists who analyze the Canadian economy—would say the same thing.
I guess more broadly from a structural perspective, it is supporting Canadian families. I don't know if I can hand this off to Nicholas just in terms of the kind of income boost it has provided to Canadian families.
February 3rd, 2020 / 5:05 p.m.
Liberal
Peter Fragiskatos Liberal London North Centre, ON
It's like a poverty. There were close to a million Canadians lifted out of poverty, according to Statistics Canada, because of the Canada child benefit. Obviously, when people are not living in poverty, it's good for the economy, but there are very good social effects, for example the savings in our health system. A number of economists have said that if we really want to tackle issues in our health care system, some of the financial challenges that we have, then let's make sure we're doing everything we can to address poverty issues.
A program like the Canada child benefit, by lifting people out of poverty to the extent that it has, has a huge impact in so many different areas. Is that a fair statement?
Senior Assistant Deputy Minister, Tax Policy Branch, Department of Finance
Yes.
Liberal
Peter Fragiskatos Liberal London North Centre, ON
Mr. Chair, I'm through with my questions, but if my colleagues would indulge me for a moment, and with the unanimous consent of the committee, I want to put forward the following motions.
Number one, I move that, in addition to the members, the staff of MPs be permitted to eat the food present in the committee room.
I would ask that we support that, if we don't we'll start a revolt, a justifiable revolt.
Liberal
The Chair Liberal Wayne Easter
Before we get to that motion, I'll let the Finance officials go.
Thank you very much to all of you, those who came to the table and all who came prepared to answer questions. Thank you very much for appearing before the committee.
I believe there are about three items that you have to get back to us on in greater or lesser detail, I'm not sure. If you can take a stab at those questions that were asked and get back to us, that would be great. You can send them to the clerk.
On Mr. Fragiskatos's motion, which is related to food, this committee is a little different from others. We sometimes meet late in the evening, and we all have staff here. We need that motion if staff are going to be able to eat in this room as well.
Is there any discussion on it?
(Motion agreed to [See Minutes of Proceedings])
Liberal
Peter Fragiskatos Liberal London North Centre, ON
With regard to the second motion, Mr. Chair, I move:
That, notwithstanding the Committee's routine motion on the distribution of documents adopted on Wednesday, January 29, 2020, and the ususal practice of committees concerning access to electronic documents, Francesco Sorbara, M.P., and Parliamentary Secretary to the Minister of National Revenue, be added to the Committee's distribution list and be granted access to the Committee's digital binder site for the remainder of the parliamentary session.
Liberal
The Chair Liberal Wayne Easter
We've done that previously, as well. We had a couple of CPC members who needed documents and often attended the committee.
Mr. Julian.