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Results: 61 - 75 of 79
View Jean-Yves Duclos Profile
Lib. (QC)
I could give you a fairly vague answer, but you have the right to know the exact amount. So I will ask my colleagues who are here to provide it to you. They will tell you what the proportion is, but they will also share with you the mechanisms through which that money is transferred to the Government of Quebec, which is just as important.
View Julie Vignola Profile
BQ (QC)
Thank you.
In the case of some transfers, there was nothing in 2017-18, but votes suddenly reached several million dollars, even several billion dollars in some cases. I would like to know what explains the fact that, for 2017-18, there are small points in the tables, while there are amounts of several million dollars for 2020.
Is it because something new was created? Can you explain it to us?
View Irek Kusmierczyk Profile
Lib. (ON)
I know the Department of Employment and Social Development is requesting $180 million under vote 90(b) to write off unrecoverable debts in terms of directly financed Canada student loans.
What percentage of the total loans out there does this represent in terms of the writeoffs?
Glenn Purves
View Glenn Purves Profile
Glenn Purves
2020-02-27 10:00
I understand there's a stock of about $34 billion. Typically what happens is that from a fiscal planning standpoint they end up putting a provision in the fiscal framework for loans. This is effectively the end result of non-performing loans, going to CRA and seeking six years in order to see if they can be retrievable. Then, at some point, it's just a required expense that has to be done under ESDC's page proof.
Vote 90 is used to facilitate that. There's no actual payment that goes out; it's just an expense to facilitate that. It's ongoing.
View Matthew Green Profile
NDP (ON)
Thank you very much, Mr. Chair.
I'm struck by the figures coming out of the Canada student loan program writeoffs. I'm sure members around this table can recall when they went to university. I know that for me it was not too long ago. If I recall, I was paying about $3,500 in tuition at Acadia at the time. At that time it was very expensive. I have deep concerns about the increasing financialization of post-secondary education as it relates to providing equal opportunities to everybody to be able to engage in our post-secondary education system.
Mr. Chair, when I look at 33,098 writeoffs, I have to wonder what we're doing in terms of saddling this whole generation of students with debt.
A voice: No, we're not.
Mr. Matthew Green: Well, we are. If they're writing it off, you can imagine the collections process that happens for students who are having to write off this debt, it also has ancillary implications on their financial outlook. Even though the government's writing it off, you can imagine the pressure that's on these students.
As we look at the rising costs of every aspect of life—the financialization of education, housing, food, transit—the question is put quite rightly. This is obviously the writeoff on the previous estimate. What factors do you think account for the increased dollar value in unrecoverable debt from 2019 to 2020 in the fiscal year, compared to 2018 to 2019? If you care to comment on my colleague's comment, what are the consequences for students when this debt gets written off on their behalf?
Glenn Purves
View Glenn Purves Profile
Glenn Purves
2020-02-27 10:06
It may be something that you may wish to also get supplementary information on from ESDC.
Ultimately, as I mentioned, of a base of about $34 billion in student loans, since 2014-15 the government has written off between—
Glenn Purves
View Glenn Purves Profile
Glenn Purves
2020-02-27 10:06
Actually, if I could finish with this line.... Since 2014-15, the government has written off between $164 million and $295 million per year in student loans. This is a regular appearance in these estimates. It is a normal accounting practice for us to expense it in this way.
View Matthew Green Profile
NDP (ON)
When the comment is made that we're not saddling students with debt, you're suggesting that there is $34 billion in student loans out there.
Glenn Purves
View Glenn Purves Profile
Glenn Purves
2020-02-27 10:07
The performing, effectively, is the bulk of all the loans. Given the fact they are performing.... I can't comment on the policy and the calibration of the student loan program. That's beyond our remit. All to say, that it is a normal practice through the estimates and supply to have a certain writeoff attributed to these.
View Matthew Green Profile
NDP (ON)
Maybe you can't comment on it, but it seems clear to me that this is an ongoing consideration that we have. What suggestions would the Treasury Board have in terms of adequately adjusting for adequate supplies to post-secondary education that would perhaps mitigate this ongoing writeoff?
Glenn Purves
View Glenn Purves Profile
Glenn Purves
2020-02-27 10:08
That's a policy question that would probably be best addressed to our colleagues at ESDC.
Results: 61 - 75 of 79 | Page: 5 of 6

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