Finance Committee on Dec. 9th, 2021

[Chrystia Freeland, Liberal, University—Rosedale, ON]

I'm not going to put a precise figure on that because the situation with omicron really means that we're in a very uncertain environment. As you know, new border restrictions have been put in place just now. We need to have a little bit of time to see data from the impacts of omicron on travel and on border restrictions.

[Adam Chambers, Conservative, Simcoe North, ON]

Okay, but presumably there are some projections to get to the $7 billion. I'd point out that the previous aid packages provided at least $6 billion and likely more—$7 billion—to publicly traded firms in terms of the aid subsidy, and this package is about $7 billion.

Had we actually had some restrictions on the first aid package, we could have paid for this aid package instead of asking Canadians or the federal government to take on more debt to pay for this package. Will you consider additional restrictions in addition to the executive compensation restriction for receiving wage subsidies?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

To the point about the calculations we have around the likely take-up of the C-2 benefit, because it is a good one, I want to reiterate to members that in view of omicron, which is a new factor that has emerged since we initially announced these measures, we are making some additional calculations. We'll have more to say on Tuesday when we present the fall economic update, but we are making some calculations and provisions to take into account the possible...although right now, you know, it's impossible to fully specify the impact of omicron—

[Adam Chambers, Conservative, Simcoe North, ON]

I'm sorry. Is that number of $7 billion not the right number to be projecting?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

—but it will have a direct impact on tourism.

[The Chair, Liberal, Peter Fonseca]

Thank you, Mr. Chambers and Minister. That is the time.

We're moving to the Liberals.

Mr. MacDonald, you have five minutes.

[Heath MacDonald, Liberal, Malpeque, PE]

Thank you, Mr. Chair.

It's interesting to sit here and see what we've gone through in the past two and a half years. It was unprecedented, and we had to react very quickly. The subtext from the opposition continues to pose that they would choose austerity over supporting Canadians during the pandemic, and that's unfortunate.

We're positioned very well. Coming from a small province of 160,000, Bill C-2 is so necessary. I can't stress enough how important it is. I think with 56% of the tourism labour force in rural Canada, every riding across this country, including the ones represented at this committee today, should be pushing pretty hard for Bill C-2.

As I'm the last speaker, Mr. Chair, I'll let the Deputy Prime Minister have the last say.

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Thank you, Mr. MacDonald. I've had the very good fortune to spend some time in P.E.I., and I'm familiar with the great tourism businesses you have there. I've heard directly from them how this virus has hit them—through no fault of their own.

P.E.I. also very admirably put in place some strong coronavirus protection measures that inevitably had an impact on your tourism industry. Bill C-2 is a very necessary measure to support tourism businesses in P.E.I. and across the country in view of the fact that they can't fully reopen. I must say that when we announced these measures at the end of October, we didn't know omicron was coming, but we knew there was uncertainty and we knew it was still impossible for those businesses to fully reopen. I'm very glad we're able to provide this support.

[The Chair, Liberal, Peter Fonseca]

Mr. MacDonald, is that your time?

[Heath MacDonald, Liberal, Malpeque, PE]

I'm good. Thank you.

[The Chair, Liberal, Peter Fonseca]

Minister, we thank you very much on behalf of the Standing Committee on Finance. We thank you for coming before us and for answering many fulsome questions on Bill C-2, a very important piece of legislation that we all want to see passed in the House as quickly as possible.

On behalf of this committee, we thank you and also, of course—

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Can I say one final thing that's just very specific?

[The Chair, Liberal, Peter Fonseca]

Sure. I know you're pressed for time, Minister.

[Chrystia Freeland, Liberal, University—Rosedale, ON]

For sure, but I do think it's important to be precise. I want to say to Mr. Chambers that, in the heat of the moment and the flurry of different specific measures of debt that we were discussing, I will be precise. The federal net debt, what we report in the budget on behalf of Canada, our own net debt calculation, does not include the CPP. However, when international comparisons are made of Canada's net debt-to-GDP, as compared to other countries, of course the CPP is quite rightly included.

That makes sense, because we're really lucky in Canada, due to wise decisions by previous governments, that our pensions are fully accounted for and paid for through the CPP. In other countries, payments of pensions going forward is a much greater ongoing fiscal problem.

[Greg McLean, Conservative, Calgary Centre, AB]

A point of clarification, Mr. Chair—

[Adam Chambers, Conservative, Simcoe North, ON]

Mr. Chair, I appreciate the clarification from the minister.

[The Chair, Liberal, Peter Fonseca]

Thank you, Minister, Mr. Leswick and your officials.

We'll conclude our meeting for today. Thank you.