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46 - 60 of 420
Add a filter on Committee Evidence - FINA-26
Committee Evidence - FINA-26
2021-03-11
Peter Julian - 16:37
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:38
...More
Mr. Julian, I'm really glad you raised students. In my opening remarks, I singled out the importance of Bill C-14 in allowing us to provide more support for students. It is really important to me, and you're right to raise the issue.
What I would say, collectively, is that we need to understand that the three groups that have been hardest hit by losing their jobs are youth, women and low-wage workers—particularly racialized and new Canadians. We need to be sure that our support is targeted there.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Grants and loans for students
Hon. Wayne Easter - 16:38
Hon. Ed Fast - 16:38
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:39
...More
No, Mr. Fast, I'm afraid I would not.
Let me just say a couple of things. Canadians can see this chart because it was published in the fall economic statement. It's available to anyone who would like to go online and look at the fall economic statement. For wonkish people who are watching our deliberations, let me point you to page 141 and chart A2.3.
What this chart shows is how we got to the number of $1.831 trillion for the borrowing authority we are seeking. It shows the composition of it, and I think that was important to show and people should refer to it. I can go through the chart, if people would like.
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C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Hon. Wayne Easter - 16:40
Hon. Ed Fast - 16:40
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:41
...More
Mr. Fast, there's a lot in there. Let me parse it and respond to the various points you've raised in the time allotted.
To your first point, that the borrowing authority is quite different from a budget, you are 100% right, Mr. Fast. That's a really important distinction. In seeking an increase of the borrowing authority, we are being extremely transparent. We are saying that this is the upper limit up to which the government may borrow.
We are not saying that the government will undertake those borrowings, nor are we saying anything about government spending. That's entirely separate. That happens through the fall economic statement. It happens through Bill C-14, which we're debating today, and it will happen through the budget. That's entirely right.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Hon. Ed Fast - 16:42
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:42
...More
Mr. Fast, you've answered your own question with your previous question. It's very important to make a clear distinction, as you did in your first question, between the borrowing authority and actual spending authorities. We are very clear on that distinction. Canadians should be clear on it too.
The only other thing I would say is that, when it comes to spending authorities, our government has been clear that we believe, during COVID, it is important to do whatever it takes to support Canadians and Canadian businesses. We're open and transparent about that. I hope that all members of this committee will agree with that. Canadians need us to be there for them. That's why they made Bill C-14.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Hon. Wayne Easter - 16:43
Hon. Wayne Easter - 16:44
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:44
...More
I have a very quick response, Mr. Chair, which is simply to say, with really great respect for Mr. Fast, that the characterization of the borrowing authority limit as a blank cheque is simply false. This is a transparent and open authorization of a level up to which the government may borrow. Spending authorizations are separate.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Hon. Wayne Easter - 16:44
Michael McLeod - 16:44
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:47
...More
Thank you, Mr. Chair.
Thank you, Mr. McLeod—Michael, as I call you in less formal settings. It's great to see you.
You prefaced your remarks by explaining to us a little bit about how things are going in the Northwest Territories and how people have handled COVID. You suggested a collective pat on the back, and let me just say, speaking from the south, to you, Mr. McLeod, and to all the people of the Northwest Territories, I think all of us in the south should be patting all of you on the back.
The way that the Northwest Territories has handled this global pandemic is really admirable and a real example for the rest of the country. The approach you took required a lot of sacrifice from individual people in the Northwest Territories. It required an acceptance of some real restrictions on travel outside of the territories, and you guys are quite rightly reaping the benefits of that disciplined approach. I collectively pat you all on the back. Bravo.
You're also quite right—
An hon. member: But—
Hon. Chrystia Freeland: Did you want to respond, Mr. McLeod?
...Less
C-14, An Act to implement certain provis ...
COVID-19
Economic statement 2020 (November 30, 2020)
Government bills
Pandemic
Public finance
Michael McLeod - 16:48
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:48
...More
Okay.
Mr. McLeod, I was also going to say that you're quite right. We have been working closely with the governments of the Northwest Territories, Yukon and Nunavut, and have increased their borrowing authorities at the territorial level. They have put in important measures to fight COVID, and we've supported them in that.
Part of Bill C-14, as we have been discussing, is an increase in the federal government's borrowing authority. We legislated our government that every three years we would publicly and transparently review our borrowing limit. That three-year timeline is up, and that's why we have now come to Parliament and this committee to say that we need to increase the borrowing authority limit so that the government has the space to continue fighting COVID.
...Less
C-14, An Act to implement certain provis ...
COVID-19
Economic statement 2020 (November 30, 2020)
Government bills
Pandemic
Public finance
Hon. Wayne Easter - 16:49
Michael McLeod - 16:49
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:50
...More
That's another great question.
Bill C-14 includes an additional $206.7 million for the RDAs precisely to meet that need.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Regional development agencies
Hon. Wayne Easter - 16:50
Gabriel Ste-Marie - 16:50
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:51
...More
That's an excellent question, Mr. Ste-Marie.
I have spoken directly with Mr. Summers and Ms. Yellen, who have been participating in the debate.
My view is that the debate needs to address another question as well. It's not only a matter of government spending, but also a question of what is covered by this spending. As an economist, you know very well that an expenditure that is an investment in the country's economic capacity is very different from an expenditure that does not constitute such an investment.
As for the level of spending for Canada, I must say that one of the first questions we look at is whether it will add to the country's capacity for economic growth, and if so, whether it will create jobs.
...Less
C-14, An Act to implement certain provis ...
Economic recovery
Economic statement 2020 (November 30, 2020)
Government bills
Gabriel Ste-Marie - 16:52
Peter Julian - 16:53
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:54
...More
I'm going to offer two responses.
When it comes to our thinking about the budget, our overarching priority is jobs and growth. More than 600,000 Canadians who had a job before the pandemic don't have one today. That's a tragedy for each person and for their families. I wake up in the morning and I think about how we can get those jobs back. The answer in my view is economic growth.
When it comes to taxation, I would disagree with you in characterizing the measures announced in the fall economic statement as being not weighty. We will levy a tax on the international digital giants, and there is real momentum at the OECD to get this done. The Biden administration has created an opportunity to get this done at the multilateral level. That is huge. That is transformative for the international tax framework, and our government is very involved in this.
Finally, because I see our chair moving around in his seat a little, when it comes to overseas tax havens and tax avoidance, I very much agree with you. At a time when so many Canadians have suffered, we have to have zero tolerance for tax avoidance and tax evasion, and our government is committed to that and to strengthening those rules.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
High income
Income tax
Hon. Wayne Easter - 16:56
Pat Kelly - 16:56
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:56
...More
If what you're getting at, Mr. Kelly, is the question of newly formed businesses not being able to get access to all government programs, you're quite right that they're not.
There has been a real effort to strike a balance between having integrity of programs by not creating incentives for people to create vehicles to receive government support, and supporting businesses. This is substantive. I believe we need to support newly created businesses, not only with HASCAP but with the rent subsidy, with wage support, and I would like you guys to help me do that.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Highly Affected Sectors Credit Availabil ...
Loans
Pat Kelly - 16:57
Tamara Jansen - 16:58
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:58
...More
Ms. Jansen, I'm very glad to have you mention the creation of our task force on women in the economy. We are going to have our first meeting this week. I am really looking forward to it.
I'm glad to hear you talk about the she-cession. Women are one of the groups that have been the hardest hit by this COVID recession, and we're committed to supporting them.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Entrepreneurship and entrepreneurs
Government bills
Women
Tamara Jansen - 16:58
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:59
...More
There are a bunch of questions jammed in together there.
Let me just say that, absolutely, I have been holding many meetings and conversations with women entrepreneurs and with women economists. Our government is putting support for women at the centre of our economic policy and our fight against COVID.
When it comes to the border and travel, our priority is and needs to be protecting the health and safety of Canadians. That is what we are doing right now. If other parties disagree with that, then I think it's important for other parties to be open with Canadians that this is their position.
...Less
Borders
C-14, An Act to implement certain provis ...
COVID-19
Economic statement 2020 (November 30, 2020)
Government bills
Pandemic
Tamara Jansen - 17:00
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 17:00
...More
Canada's border policy is guided by science, and Canadian borders will be reopened when it is safe for them to be fully reopened. That's the reality.
I also want to say, when it comes to the border, particularly with the Canada-U.S. border, a real success, and this speaks to Canada and the U.S. working together—
...Less
Borders
C-14, An Act to implement certain provis ...
COVID-19
Economic statement 2020 (November 30, 2020)
Government bills
Pandemic
Tamara Jansen - 17:00
Hon. Wayne Easter - 17:00
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 17:00
...More
A very important success that we should all note has been to limit non-essential travel but to allow trade to continue.
...Less
Borders
C-14, An Act to implement certain provis ...
COVID-19
Economic statement 2020 (November 30, 2020)
Government bills
Pandemic
Hon. Wayne Easter - 17:00
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