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Results: 121 - 135 of 172
View Louise Chabot Profile
BQ (QC)
Thank you, Mr. Chair. I will share my time with Ms. Gill.
I am speaking to you, Ms. Schirle.
I will first make a comment. In a few minutes, you provided us with an analysis of the current challenges related to workers—in the context of the crisis—and going forward. Much of your analysis is similar to mine, especially concerning women. They are on the front lines in the fight against the pandemic.
As you said, the jobs that could be lost in a number of areas are jobs held primarily by women. So I will put a broader question to you. We know that the government must conduct a gender-based analysis for each of its policies. Do you think the gender issue has been taken into account sufficiently in the government's economic response plan measures?
Tammy Schirle
View Tammy Schirle Profile
Tammy Schirle
2020-05-22 11:50
I think some of that is yet to be seen.
With things like the CERB benefits that have been made available, it was made clear that having to take on caregiving roles, for instance, as a reason to be away from work, made someone eligible. Things like that were very important.
The bigger concerns I have are with how those benefits will work going forward as people try to make their way back into the economy. Also, when it comes to our very standard infrastructure spending, the shovel-ready projects are not going to be what help women get back to work, who are the most affected, as I said.
I think that GBA+ analysis of any stimulus spending and any infrastructure spending and the design of benefits going forward is needed.
View Bill Morneau Profile
Lib. (ON)
Thank you, Mr. Chair.
I'll begin by thanking the members of the committee for their continuing work during these extremely challenging times, and thank you for the invitation to have me speak today at the committee.
As we all know, COVID-19 continues to pose significant risks to people's health, their way of life, and the economy as a whole.
Since the beginning of March, the measures implemented as part of Canada's COVID-19 economic response plan have been supporting Canadian workers grappling with this unprecedented crisis.
This whole-of-economy plan promotes economic stability and protects jobs. Our government's rapid, comprehensive response is providing over $150 billion in direct support to Canadians, to soften the economic impact of this crisis. This support will also help our economy recover once the crisis ends.
Ours is one of the most comprehensive plans in the G7. We've rolled out measures for workers and businesses across all economic sectors, for employers of all sizes. We're helping students who are trying to build careers, and parents trying to juggle the demands of the COVID crisis on their professional and family lives.
We've worked with provinces, territories and indigenous leaders. We're continuing to make sure that no one is left behind. The Canada emergency response benefit, which provides temporary income support to workers who've stopped working, is important. More than 7.8 million Canadians have applied for the CERB as of May 10.
We know that the pandemic has brought extra costs into the lives of seniors too and that they need some support as well. As one of our first measures, we announced a GST credit top-up that was delivered in April, which provided financial support to low- and modest-income Canadians, including over four million seniors. Eligible seniors received an average of $375 for single seniors and $510 for senior couples.
This week, the Prime Minister announced additional financial support to help our seniors. Canadians who receive the old age security pension will automatically get a tax-free payment of $300.
Those who receive the guaranteed income supplement will get an additional $200, tax free. These payments will go to support seniors. There are currently 6.7 million seniors who are eligible for the OAS pension and 2.2 million who are eligible for the GIS.
We've also invested in community support initiatives that help seniors. We've given $9 million to United Way Canada to provide practical services, such as delivering groceries and medications.
We also announced an investment of $20 million in the new horizons for seniors program, which helps reduce isolation and provides social support for seniors. This support is now more critical than ever before. We've also announced virtual care in mental health tools for all Canadians through a new online portal called “Wellness Together Canada”.
In addition to supporting individual Canadians, we've provided significant support to Canadian businesses since the beginning of the crisis. We've implemented support for businesses across Canada that aren't eligible for other support measures, through the new regional relief and recovery fund. This new fund devotes nearly $962 million to help more businesses and organizations that are key to local economies, including rural economies.
Last week, we announced an investment of more than $252 million to support farmers, food businesses and food processors who make sure our grocery stores are stocked and are keeping Canadians fed. This complements our action in March to enable Farm Credit Canada to provide an additional $5 billion in lending to producers, agribusinesses and food processors. The government also intends to propose an additional $200 million in borrowing capacity for the dairy sector in particular.
This past Monday, we announced the expansion of the business credit availability program to mid-sized companies from across the economy with larger financing needs. In addition, we announced the large employer emergency financing facility to provide bridge financing to Canada's largest employers to help them get through this pandemic. These businesses employ millions of Canadians and we need them to stay strong. We'll protect workers by ensuring that companies that receive support through LEEFF respect any and all collective bargaining agreements, including pensions. We'll protect taxpayers by putting in place strict limits on executive pay, share buybacks and dividends.
We want to make sure this support is truly going to companies that contribute to Canada's economic well-being by making significant investments in this country. In considering a company's eligibility, we assess its international organizational structure and financing arrangements, as well as its employment, tax and economic activity in Canada. Recipient companies will be required to commit to certain objectives with regard to the disclosure of risks related to climate change and environmental sustainability.
Companies will not be able to get this financing if they've been convicted of tax evasion.
The government also announced a temporary top-up to the salaries of low-income essential workers that the provinces and territories have deemed essential in the fight against COVID-19. All provinces and territories have confirmed, or are in the process of confirming, plans to cost-share wage top-ups for their essential workers. The Government of Canada will provide up to $3 billion to support this wage increase.
Since the beginning of this crisis, we've been focused on providing Canadians and Canadian businesses with the support they need to get through this crisis. We'll do whatever it takes. We'll get through these challenging times together.
Thank you very much.
Yves Giroux
View Yves Giroux Profile
Yves Giroux
2020-05-12 15:02
Yes I do, Mr. Chair.
Good afternoon, Mr. Chair, vice-chairs and members of the committee. Thank you for the invitation to appear before you today in our first virtual appearance before this committee.
We are pleased to be here today to discuss our recent COVID-19 economic and fiscal analysis.
With me today I have Dr. Xiaoyi Yan, who is the director of budgetary analysis in my office.
Our work to date has included the publication of three scenario analysis reports on the impact of the COVID-19 pandemic and oil price shocks. Our scenario analysis reports are designed to help parliamentarians gauge the potential implications of the COVID-19 pandemic and oil price shocks on the Canadian economy and the government's finances. The analysis provides a plausible illustrative scenario. It is not a forecast. This scenario analysis is updated regularly as more data and information become available.
Our latest scenario analysis update report, which was published on April 30, incorporates new federal measures announced up to and including April 24. Our updated economic scenario assumes real GDP in Canada to decline by 12% in 2020, which would be the worst on record since the series started in 1961.
Under this scenario, the budget deficit would increase to $252 billion in 2020-21, which would make it, relative to the size of the Canadian economy, 12.7% of GDP. The federal debt-to-GDP ratio would rise to 48.4% of GDP in 2020-21. These latest fiscal results include the $146 billion in federal budgetary measures that have been announced as of April 24, based on Finance Canada and PBO cost estimates. These numbers do not take into consideration measures announced after April 24. Their inclusion would increase the federal deficit by a few billion dollars.
My office has also produced independent cost estimates of a number of the components of the government's COVID-19 economic response plan, including the Canada emergency response benefit, the Canada emergency wage subsidy and the Canada emergency business account among others. Based on our analysis, the estimated cost of the Canada emergency response benefit is $35 billion, while the Canada emergency wage subsidy is expected to cost $75 billion and the Canada emergency business account just over $9 billion.
To date, budgetary measures announced by the government are intended to be temporary. Once the budgetary measures expire and the economy recovers, the federal debt-to-GDP ratio should stabilize. However, if some of the measures are extended or made permanent, the federal debt ratio could keep rising.
Xiaoyi and I would be pleased to respond to any questions you may have regarding our COVID-19 analysis or other PBO work.
Thank you, Mr. Chair.
View Mel Arnold Profile
CPC (BC)
Okay. Thank you.
I'm going to ask the same thing with a much shorter question this time.
Were any of your organizations or members consulted about the relief programs that were rolled out, whether that was the CERB, the wage assistance program or the business loan? Were any of you consulted on what would or wouldn't work for the fisheries sector?
Ms. Burridge .
Maxime Smith
View Maxime Smith Profile
Maxime Smith
2020-05-07 15:58
It's the same answer. Maybe Mr. Gagné has, but personally I was not involved.
Geoff Irvine
View Geoff Irvine Profile
Geoff Irvine
2020-05-07 15:58
Yes, there was lots of interaction about the big-picture issues but not specifically about that program.
Martin Mallet
View Martin Mallet Profile
Martin Mallet
2020-05-07 15:58
Specifically about the programs that have been announced now, no, we were not .
View Richard Bragdon Profile
CPC (NB)
Thank you, Mr. Chair.
Thank you, everyone, for being on the call and to all the witnesses, thank you for your time.
The Minister of Fisheries, Oceans and the Canadian Coast Guard has repeatedly stated that the government response measures, including the emergency wage subsidy, the emergency response benefit and business credit availability program, the emergency business account and others, provide adequate support to assist fish and seafood operators to weather the storms they are facing today.
However, my Conservative colleagues and I have received many concerns from fishery stakeholders and even their accountants who have told us that the government's response measures are not accessible to fisheries operators and workers for a number of reasons.
Many fisher organizations have asked for clarification from Minister Jordan's office, as we have in writing. Sadly, no one seems to be getting a response.
Are your members sure that the response measures I just mentioned are indeed accessible for them and their employees? Do you have any answers or feedback on that?
Mitchell Jollimore
View Mitchell Jollimore Profile
Mitchell Jollimore
2020-05-07 16:21
I can speak personally to that. My accountant says that we don't qualify for that as fish harvesters, and I have an incorporated company that holds my licence.
I don't qualify, and the majority of the licence-holders on the island, I think, would have a set-up similar to mine.
Leonard LeBlanc
View Leonard LeBlanc Profile
Leonard LeBlanc
2020-05-07 16:22
When the minister came out with that statement, we went to our accountant to make sure and verify with them. They told us from the very beginning that it doesn't fit. What we need for the fishery is something that's specific to the fishery. On land businesses and businesses for the water are totally different. Therefore, I don't know who advised her but obviously she was ill-advised.
Results: 121 - 135 of 172 | Page: 9 of 12

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