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Results: 1 - 15 of 136
View Chrystia Freeland Profile
Lib. (ON)
Thank you very much, Mr. Chair. I will leave it to you to introduce the officials later on, but let me say thank you very much to the officials for being with us.
Mr. Chair and members of the committee, thank you for inviting me to speak to you today about Bill C-30, Budget Implementation Act, 2021, No. 1.
After more than 14 months of uncertainty and challenges, Canadians are continuing to fight COVID-19, but we know there is light at the end of the tunnel. As we fight the third wave, more and more Canadians are getting vaccinated.
Bill C-30 is an essential piece of legislation that, once enacted, will allow us to implement our plan to finish the fight against COVID, create jobs and a swift recovery from the COVID recession and lay a foundation for robust, inclusive, green, long-term economic growth.
This budget is about helping middle-class Canadians, helping workers and helping more Canadians to join the middle class. It is about embracing this moment of global transformation to a greener, cleaner economy. It is a plan that will help Canadians and Canadian businesses heal the wounds of COVID and come roaring back.
First, we need to finish the fight against this virus. This bill includes a one-time payment of $4 billion to the provinces and territories to support their health care systems, support that is so essential as we fight the third wave. This is in addition to the $1 billion to support the provinces and territories as they ramp up their vaccine campaigns.
We are making progress in our vaccination efforts, and I know that team Canada can vaccinate even more Canadians even more quickly, and we will. I was vaccinated with the AstraZeneca vaccine at a Toronto pharmacy 15 days ago, and I encourage all Canadians to get vaccinated as soon as it is their turn.
The pandemic has caused a recession, so we need to start by rolling out a comprehensive plan for jobs and growth, to address the disproportionate impact the recession has had on women, young people, racialized Canadians, low-wage workers and small business.
A cornerstone of our plan is a historic investment of $30 billion over five years, reaching $9.2 billion annually, in permanent investments to provide high-quality, affordable and accessible early learning and child care across Canada. Our goal is that within five years, families everywhere in Canada should have access to high-quality child care for an average of $10 a day. Dear colleagues from all political parties, let's make a commitment together today to all Canadians. Let's get this done.
I want to take a moment to recognize Quebec's leadership, especially that of feminist Quebeckers, who have led the way for the rest of Canada.
While we know better days are ahead, many families are still struggling. Around a million Canadians either remain out of work or are working significantly fewer hours than they were pre-pandemic. We must support hard-hit Canadians and businesses across the country so they can recover as soon as possible.
Bill C-30 includes emergency supports for Canadian workers, businesses and families.
The legislation extends the Canada emergency wage subsidy, the Canada emergency rent subsidy, and lockdown support through to September 25, 2021 which will help protect millions of jobs.
With this legislation, we are providing a bridge for people who are unable to work because of COVID by extending income supports, maintaining flexible access to EI benefits, and extending the EI sickness benefit from 15 to 26 weeks.
Bill C-30 also introduces a $15 an hour federal minimum wage. It expands the Canada workers benefit, extending income top-ups to about a million more low wage workers, and lifting nearly 100,000 Canadians out of poverty. These are measurable concrete steps to help Canadians who need help.
We must also help small business, the backbone of our economy and every main street in the country. To do that, we need to improve access to capital and help businesses hire more workers, in particular, through the new Canada recovery hiring program.
Young Canadians have made tremendous sacrifices this past year to protect their elders, and now, they need our collective support.
Through Bill C-30, we will make college and university more accessible and affordable by extending the waiver of interest accrual on federal student loans until March 2023. This will mean savings for more than 1.5 million Canadians repaying student loans. We will not let young Canadians become a lost generation.
Mr. Chair, I have spoken today about just a few of the measures included in Bill C-30, measures which will make a tangible positive difference in the lives of millions of Canadians.
This is a plan for jobs, growth and the middle class. It is a plan built around helping Canadians recover, succeed and thrive.
I recognize the critical role parliamentary committees play in scrutinizing government legislation, and I'm grateful to all of you for your hard work.
Bill C-30 is a historic first step towards recovery and new economic growth for future generations of Canadians.
I would be pleased to answer any questions you have as you study this critically important piece of legislation.
Thank you.
Thank you very much.
View Chrystia Freeland Profile
Lib. (ON)
First, Mr. Fast, thank you for your kind comments. You made a similar comment that I really appreciated when I delivered the budget. I will take this opportunity to recognize a woman who I think deserves the respect of all of us, and that is Kim Campbell, Canada's first woman prime minister. She was, of course, a Conservative, so I will take this opportunity in turn to congratulate you and your party for having broken that glass ceiling, and to congratulate Ms. Campbell.
You have addressed some questions broadly around fiscal sustainability in the budget and around debt and deficits, and around the FES projections and the budget projections. Let me make a few comments.
The first comment I would make is that when it comes to the growth projections, a long-standing practice, in fact one that dates back to 1994, is that the budget is based on the average of forecasts of private sector economists. I think this is a great example of institutional strength of Canadian institutions and I make that point to the committee to be clear about why the projections have changed. The projections of private sector economists have changed and that has been what we have used as the basis of our fiscal track. Now, I know that members of this committee are well aware of this, but I just want to be clear with all Canadians.
To the second point around the sustainability of our spending, I assure members of the committee that I am very confident that the spending in our budget is reasonable and sustainable. There are a couple of key markers that I would point people to. The first is that we show a declining debt-to-GDP ratio, falling to 49.2% in 2025-26, and likewise, a declining deficit, falling to 1.1% in that outer year. I would also point out that it is not merely my judgment that the debt and deficit track is reasonable and sustainable, it's also the judgment of some important outside validators. I would start by citing S&P. On April 26, they reaffirmed Canada's AAA credit rating, the highest there is, and said that the outlook was stable. That was after reviewing our budget.
I would also point to comments published today of former governor Stephen Poloz, who was, of course, appointed by Prime Minister Harper. He actually spoke about how in his view the assumptions in the budget were actually quite small-c conservative and that he did believe there was a sustainable path.
View Chrystia Freeland Profile
Lib. (ON)
Thank you, Ms. Dzerowicz. It's nice to see you.
Let me just start by pointing out, as you have, that the wage subsidy has been providing, and continues to provide, absolutely critical support to Canadian businesses and, crucially, to Canadian workers. More than 5.3 million jobs across the country have thus far been supported by the wage subsidy. In the province where you and I are both members of Parliament, Julie, more than 1.88 million jobs have been supported by the wage subsidy.
As I know members of the committee are aware, the amount of subsidy a company can claim for its employees is based on revenue loss. The more revenue you have lost, the more subsidy you are able to claim. We think that is fair. It is a way of targeting the support to where it is needed the most. Of course, I know that members of the committee are aware that companies can only claim the wage subsidy for employee remuneration.
Bill C-30, which we are discussing today, includes a further—and I think important—condition for publicly listed companies. If we pass this important legislation, the remuneration of top executives in 2021... If it exceeds their remuneration in 2019, their companies will need to pay back the difference to the government, up to the total amount of wage subsidy they received. That is a new condition we're bringing in with Bill C-30, and I hope members will support that.
View Chrystia Freeland Profile
Lib. (ON)
I do think this is a measure that all members of the committee will support.
This budget includes unprecedented investments for fighting gender-based violence, investments of more than $600 million. I think that fighting gender-based violence has been an issue in Canada for a long time, but it would also be fair to say that the pandemic has made the situation more acute for many vulnerable Canadians. Being forced to stay at home has meant that some Canadian women have found themselves closed into a dangerous environment, so I'm really pleased that we have this major investment.
I see the chair nudging me to stop talking, so I will.
View Chrystia Freeland Profile
Lib. (ON)
This consultation in the budget is really important to me and I think to all Canadians. We've seen that the pandemic has had such an uneven impact on people. Some people are getting through okay or even doing well, but there are other people who are really struggling. We know that predatory lending and criminal rates of interest hit the most vulnerable Canadians. For many lower- and modest-income Canadians, predatory lending, including payday lending, can impose real hardship.
The consultation that we are launching is going to give us, as a government and as parliamentarians, a chance to talk to Canadians and really act on this issue, which can cause a lot of misery for a lot of people.
View Chrystia Freeland Profile
Lib. (ON)
Good afternoon, Mr. Ste-Marie. I always appreciate your questions and comments.
Initially, I thought you were going to ask about the taxes we will be collecting from tech giants thanks to this budget.
As far as financial services are concerned, as you know and as you pointed out, we talked about engaging in a discussion, a consultation. That's what we are proposing.
View Chrystia Freeland Profile
Lib. (ON)
No.
We realize three things.
First, we understand that Canada's situation is unique. The reality is that the Quebec Civil Code exists, as you said, and any actions we take must be acceptable to all the provinces and territories. That makes Canada's situation unique.
Second, we understand that this is the 21st century. Technology and the global economy are changing rapidly, so we need to pay close attention to those changes. Canada and Quebec want to—and must—be part of the modern economy.
Third, we must always protect Canadian businesses and citizens. That means ensuring the playing field is always level for Canadians and foreign companies.
View Chrystia Freeland Profile
Lib. (ON)
Thank you for your question.
My understanding is that, overall, you support the direction we've taken. That is a positive sign. Thank you for your support.
I agree with you that, from an economic standpoint, small and medium-sized businesses have been the hardest hit and greatly need our help. That's one reason, if not the main reason, why we made it clear in the budget that this was what we intended to do.
We understand that the COVID-19 recession hit small and medium-sized businesses incredibly hard, and we also understand that, because of the pandemic, they are now more dependent than ever on virtual transactions and credit cards. That is why we clearly signalled our intention to move forward on this. I hope we can count on your support.
View Chrystia Freeland Profile
Lib. (ON)
Mr. Julian, thank you very much for the question and for your continued advocacy for low-wage workers and students.
Let me start with students. I do believe that this budget provides unprecedented support for students and young Canadians, with more than $5 billion in support for young Canadians. It includes support in three things, actually, in the Canada student grant—in extending to 2023, as I said in my remarks, the interest moratorium and also in lowering the amount and raising the income threshold at which Canadian students need to begin repaying their loan after they graduate. That is real support for our young people, and they deserve it.
I'm happy to talk about the CRB later on, if you would like. I see that you're wanting to speak, Mr. Julian.
Mr. Chair, maybe I've run out of my time for an answer.
View Chrystia Freeland Profile
Lib. (ON)
Thank you, Mr. Julian, and Mr. Chair.
Mr. Julian, let me start by emphasizing what from my perspective is the most important reality about the wage subsidy, which is that this program has allowed literally millions of Canadians to continue to be employed, 5.3 millions across the country.
There are 621,000 jobs, Mr. Julian, in your province of British Columbia that have been supported by the wage subsidy. That's important for two reasons. These are people who continue to have an income, and they are people who continue to have a job. Maintaining that connection to your employer is absolutely essential. It is something that only the employer can help do. It's not something the government can do. That's why for us providing support that would keep people having an income and keep them connected to their jobs was absolutely essential, and the disclosure requirements for the wage subsidy were detailed in the initial wage subsidy legislation, which all parties supported.
View Chrystia Freeland Profile
Lib. (ON)
Mr. Julian, you and I sometimes disagree on policy outcomes, but rarely do we disagree on facts. Here, however, when it comes to Internet taxes, I must say that I disagree with your framing of what our government is doing. Let me just take a moment to outline what we're doing. First of all, there is no exclusion for Netflix or any Internet company.
Second of all, our government in this budget and in the fall economic statement is moving more clearly and more forcefully to introduce a level playing field for international and Canadian companies when it comes to the Internet space, and to impose taxes on digital service companies. We're doing that more forcefully than any Canadian government has ever done. We are doing that in three parts.
I now see the chair looking like he wants me to stop talking, so I will have to talk about those three different levels of tax that we are introducing in another answer, but I want to be clear that our government believes it is important to have a level playing field for Canadian companies in the Internet space, and it's important to be taxing the companies that are active in this space.
View Chrystia Freeland Profile
Lib. (ON)
Thank you, Mr. Chair.
Mr. Fast, as you know, I have a great deal of respect for you, as a person, and as a former minister, but I have to very respectfully say that I disagree very strongly with all of your contentions just now.
Let me take them in turn. First of all, when it comes to outside validation of the budget and of the fact that our budget is on a sustainable and responsible fiscal track, from my perspective, there is no better judge than the credit rating agencies, which are paid to assess the credit worthiness of borrowers.
For me, it is therefore really important to underscore for Canadians that S&P, a week after the budget, came out with a very strong endorsement, reaffirming Canada's AAA credit rating, and reaffirming that the outlook for Canada was stable. It really doesn't get better than that.
I would also like to refer members of this committee, and you, Mr. Fast, to the comments of the former governor of the Bank of Canada, Stephen Poloz, who was appointed by former Prime Minister Harper. He gave an interview, published today, in which he talked about the budget as being sustainable. He spoke about the conservatism in the numbers that he saw in the budget, and he spoke about the fact that this sustainable plan was put together without a meaningful increase in taxes of any kind. I couldn't agree more strongly.
When it comes to growth and innovation, let me point to three elements in the budget that, to my mind, are absolutely critical.
One is early learning and child care. We have heard from the IMF, Bank of Montreal, Scotiabank, TD, and from economists across Canada and around the world that investing in early learning and child care is a powerful long-term driver of jobs and growth. That is what this budget does. I think that is well understood across the country.
A second really important investment in long-term growth in this budget is the Canada workers benefit. In fact, BMO picked up on how that investment, which supports the lowest paid Canadians, is going to increase labour force participation.
Finally, I want to mention a third really important element, the unprecedented investments this budget makes in Canadian small businesses, allowing them to invest in themselves and giving them support to become more innovative.
View Chrystia Freeland Profile
Lib. (ON)
Thank you for your question, Ms. Koutrakis.
One of the key components of the budget is support for small and medium-sized businesses. Programs such as the Canada emergency wage subsidy and the Canada emergency rent subsidy will help them finish the fight against COVID-19.
The budget contains a number of other measures to help Canada's small and medium-sized businesses—the backbone of our economy—become more productive and competitive.
Quickly, I can point to three programs.
A new program will be available to small and medium-sized businesses between June and November to help them hire new workers.
The budget also includes measures to make it easier for small and medium-sized businesses to access credit.
Lastly, a newly introduced tax incentive will encourage small and medium-sized businesses to invest.
View Chrystia Freeland Profile
Lib. (ON)
I want to start by thanking you, Mr. McLeod, and the people of the Northwest Territories for the exceptional job you've been doing in fighting COVID. It has involved some significant sacrifices, but you have seen the real results of that.
We are very aware that the territories in particular face particular challenges, so let me outline a few measures in the budget to support the Northwest Territories.
The Northwest Territories will receive $1.4 billion this fiscal year through the territorial formula financing. That is an increase of $103 million from the previous year. We also announced last year an increase to the Northwest Territories' borrowing limit to $1.8 billion.
In addition, we have invested $25 million, as you well know because you've worked so hard on this issue, to address housing priorities in the Northwest Territories.
I could say more but I see our chair leaning towards his screen.
View Chrystia Freeland Profile
Lib. (ON)
Thank you for your question.
I must say, I certainly recognize how important Montreal's innovation ecosystem is. Toronto, where I'm from, has a similar ecosystem. Mr. Julian is here, and Vancouver, in his riding, has an ecosystem as well. The same is true of many other Canadian cities and municipalities.
Start-ups are a very important part of our growth plan. Canadian innovators will find quite a few measures in the budget that are meant to help them, especially small and medium-sized businesses wanting to make growth-oriented investments.
The budget truly focuses on growth and the future, with numerous programs that will be particularly helpful to these types of businesses. If you like, I can put together a list and send it to you.
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