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View Matthew Green Profile
NDP (ON)
In testimony, we heard that there was information, and that CRA had at its disposal tools to monitor the reasonableness of applications as they relate to the wage subsidy. In an Order Paper question, I asked about the CRA's decision to temporarily suspend, as of March 2020, the programs and services for high-risk audits, including international large businesses, high net-worth compliance, GST of large businesses and so on.
In other committees, you've heard me, Ms. Hogan, reference the $120 million of subsidies that Imperial Oil took, and the $300-plus million it paid out in dividends. I've tried to find a rationale to that, and I have had some challenges.
In ESDC's policy development and program design, is it your opinion that it adequately had analysis around the inevitability of companies taking the wage subsidy and paying it out in dividends?
Karen Hogan
View Karen Hogan Profile
Karen Hogan
2021-04-26 16:54
I want to confirm that I have the question correct, because you referenced Employment and Social Development Canada. It was not involved in the wage subsidy program; it was involved in CERB.
View Kelly McCauley Profile
CPC (AB)
I recognize that, but you mentioned they did an analysis regarding.... I think Mr. Green was referring to payouts for dividends, etc., companies receiving subsidies but still paying out dividends. You mentioned that finance did an analysis to come up with the wage subsidy or recommendations for it.
Are you aware if ESDC followed such recommendations, or did they just create it out of the blue without the feedback from finance?
Karen Hogan
View Karen Hogan Profile
Karen Hogan
2021-04-26 17:08
The Department of Finance provided advice on the design of the program and advice that informed the policy—
Karen Hogan
View Karen Hogan Profile
Karen Hogan
2021-04-26 17:08
The advice that informed the policy decision.... Once the policy was in place, then Canada Revenue Agency rolled out the program in accordance with the policy.
View Matthew Green Profile
NDP (ON)
Could you comment quickly on how Canada seemed to be an outlier, relative to the European market, in that it provided a significant bailout to banks without the requirement that they stop dividend payments?
Yves Giroux
View Yves Giroux Profile
Yves Giroux
2020-12-02 17:52
I don't think there were that many restrictions imposed on corporations, banks or otherwise, when receiving financial assistance, loans or grants from the government. I'm not aware that there were that many restrictions, if any at all, compared to other jurisdictions that did impose some more stringent requirements. I'm not aware that there were any conditions or—
View Matthew Green Profile
NDP (ON)
It's just straight economics. It doesn't even have to be.... I mean, I think any economist would look at it and say that, if you're taking taxpayer dollars and giving them to big banks and then allowing them to send them out in the way of dividends, that, too, is super-problematic economic theory. Can you answer that very quickly?
Yves Giroux
View Yves Giroux Profile
Yves Giroux
2020-12-02 17:53
That certainly raises questions as to the need for government subsidies in the first place, if a corporation turns around and pays a dividend.
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