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Finance committee  I'll try my best, but I don't know what value my response could add. There are various tranches of liquidity support that the government has put in play in the eight months over the course of this pandemic. One is liquidity support in the form of tax deferrals, such as corporat

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  Yes. In the fall statement that was released last week, we tried to showcase some of the progress we've made in the pure output and employment indicators, compared to that of some of our G7 partners. What we've shown is that the rebound in Canada was quite strong over the second

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  I'm sorry, Mr. Chair. I think what we're searching for.... Thank you to the member for the question. I think what we're trying to zero in on is what you would like to use, Mr. Member, as the definition of debt—

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  On an accumulated deficit basis, it's exactly as you said. It's the value of the deficit, which is $387 billion—

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  I don't have that number at my fingertips, but depending on the Bank of Canada's buyback operations over the course of the year, it's going to be within some vector of between $300 billion and $400 billion, I would assume.

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  Thank you, Mr. Chair. Thank you for the question. I can be brief. We don't consult the bank in terms of what the government's program and fiscal policy—

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  I apologize for that disruption. I will get a new microphone. The Department of Finance does not consult the bank on program or fiscal policy dimensions of what it intends to publish in the budget. Obviously the Bank of Canada is our fiscal agent and operationalizes the governme

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  Thank you for the question. As the minister outlined, the—

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  I apologize again. I'll try not to forget a third time. I'm sorry about that, Mr. Chair and members. On the so-called fiscal guardrails, as they've been titled in the document published last Monday, the nexus of those is really around the labour market: total hours worked in th

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  Yes. Thank you, Mr. Chair. Following the release of the Canadian economic accounts for the third quarter, we saw a significant buildup of savings, added onto savings that we started to see emerge in the late summer and early fall, which in nominal terms is roughly $150 billion o

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  Thank you for your question. Indeed, the government has done a couple of things. One, it has frozen EI premium rates for the next two years, and two, it has made whole the EI account for costs related to the Canada emergency response benefit. That said, the pressure on the acco

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  Thank you for the question, Mr. Chair. That is the policy setting right now, but I just want to emphasize that the government has been sensitive to the pressure of rising EI premium rates. It has frozen the rate for the next two calendar years, giving itself some runway to consi

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  Mr. Chair, can I just make one contribution to the discussion?

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  Thank you, Mr. Chair. I wanted to point out that the fall economic statement prints a forward-looking expectation for the yield curve. It prints an interest rate path through to 2025. You can most clearly see that, if members want to jot notes, on page 121. The department survey

December 8th, 2020Committee meeting

Nicholas Leswick

Finance committee  I will cut to the chase. A path for interest rates is published in the fall economic statement. That path and the cost are imposed on the term structure of the debt and the debt management strategy and brought into the fiscal framework that's presented in the document. It is expl

December 8th, 2020Committee meeting

Nicholas Leswick