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Results: 646 - 660 of 742
View Chrystia Freeland Profile
Lib. (ON)
Madam Chair, some verdicts are already coming in on how Canada is doing. I want to point to a TD report, which describes “The Tale of Two Recoveries: Canada Versus the U.S.” Here is what TD said, “Perhaps the old adage [that when the U.S. sneezes, Canada catches a cold] should be rephrased to say, 'When the U.S. sneezes, Canada builds antibodies'.”
View Chrystia Freeland Profile
Lib. (ON)
Madam Chair, I would like to point the members here to another verdict on how Canada is doing in fighting the coronavirus.
The Economist this week has written a piece that calls Canada a “Northern light”. The Economist concludes that “among rich countries Canada has so far performed well” on both the economic and epidemiological fronts. That is the objective view of how we are performing.
View Chrystia Freeland Profile
Lib. (ON)
moved that Bill C-9, An Act to amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy), be read the second time and referred to a committee of the whole.
She said: Mr. Speaker, I would like to ask for unanimous consent to split my time with the member for Ottawa—Vanier.
View Chrystia Freeland Profile
Lib. (ON)
Mr. Speaker, I do not think I need to remind anyone in this place that we are battling an aggressive second wave of the coronavirus across Canada and around the world. In order for us to create the conditions for a robust and lasting economic recovery, we must take the right steps now to keep Canadians healthy and safe. We have to do that to flatten the curve, conquer the coronavirus and put it behind us.
While we are doing that, we must mitigate the economic harm of this pandemic in the short term, but also in the long term. That is why I am very happy to speak today in support of Bill C-9, a series of measures that, taken together, will provide Canadians and Canadian businesses with urgently needed support.
We realize that the best economic policy is a sound health policy. Life will not get back to normal in our factories, malls, movie theatres and restaurants until the virus has been eradicated.
We know that the best economic policy is a smart health policy. Normal life, including in our gyms, shopping malls, movie theatres and restaurants, will only resume in full measure once the virus is truly beaten.
The reality is that we must fight against any outbreak of COVID-19 regardless of where that might be. The way we fight this virus is by limiting our social contacts. That also means limiting our economic activities. In return, we must support Canadians and businesses when they face revenue losses. That is the only thing to do that is both fair and practical.
This is precisely what Bill C-9 would achieve.
First, it includes a new Canada emergency rent subsidy to provide direct rent support until June 2021 for businesses and other organizations that are losing revenue because of COVID-19. It allows for coverage of up to 65% of rent or mortgage payments for businesses that suffer a revenue drop of 70% or more. Support will be fixed at this level until December 19, 2020. For businesses suffering a revenue loss of less than 70%, there will still be support in proportion to how much revenue they have lost.
Like the Canada emergency wage subsidy, the new rent subsidy will be delivered through the Canada Revenue Agency, providing easy-to-access support directly to businesses. Critically, it will be directly available to organizations that rent their premises as opposed to requiring participation from their landlords.
In addition to the new rent subsidy, eligible businesses, non-profits and charities will have access to an additional 25% subsidy through our new lockdown support. If businesses have to close their doors because of an emergency COVID-19 lockdown restriction or have to significantly restrict their operations as mandated by a qualifying public health authority, these businesses will have the additional support they need and deserve.
As business circumstances improve, the levels of support we provide will decrease. If, sadly, circumstances worsen, the level of support provided will increase. That is built into these programs, which are designed to be flexible and to provide targeted support where it is needed most.
In addition, Bill C-9 would extend the Canada emergency wage subsidy through to June 2021. This fulfills a commitment in the Speech from the Throne. As we know, the wage subsidy was initially put in place for 12 weeks as an emergency measure to help employers keep workers on the payroll.
Starting last spring, we consulted widely with businesses and their employees. We were told loud and clear that the program was essential. Bill C-9 extends that essential support. It freezes the subsidy rate at 65% until December 19 to ensure that organizations can continue to pay their employees during the second wave.
Together, thanks to the measures in Bill C-9, Canadian businesses and organizations will receive the help they need when they need it. Let's be clear: these measures are based not just on our willingness to help people, but also on the economic realities.
Our economic objective is to stave off long-term economic damage, whether for a major manufacturer or a small family restaurant. Every business we lose creates a void in a community and the repercussions of that loss are felt throughout the country. We must put a stop to that.
Our public health objective is to support local public health officials in the agonizing decisions they must make, and are making, in our fight against the coronavirus. If public health officials anywhere in Canada believe that limited local lockdowns are the best way to stop the spread of the virus, our government will step in with additional economic support for affected businesses. That is what these programs, particularly the lockdown support, will provide.
As the Prime Minister has said, we can and will do everything in our power to help Canadians through this pandemic. In doing so, we will build the foundation for a strong, equitable recovery.
I would like to close by briefly addressing some economic fundamentals.
When COVID-19 hit, Canada had the lowest net debt-to-GDP ratio in the G7. Today, following our country's most ambitious emergency response since World War II, we are still expected to have the lowest net debt-to-GDP ratio in the G7. Our borrowing costs are at historic lows. Today's interest charges on Canada's debt as a share of GDP are the lowest in a century.
Our government is aware that the necessary fiscal measures for fighting the coronavirus are not unlimited. These are temporary but essential measures. These investments are a bridge to a safer and more prosperous future.
The proposed measures in Bill C-9, such as the new rent subsidy, the new lockdown support and the extended wage subsidy, are fundamental pillars of that bridge.
I ask all members of the House to join me in supporting Canadians and Canadian businesses as we confront this pandemic, as we conquer the virus and then, ultimately, as our economy comes roaring back. At a time when we see this global pandemic dividing so many societies around the world and thereby paralyzing their responses, I hope and trust Canadians will remain united.
We unanimously supported the income support measures. I hope we can do the same thing with these business support measures. We can get through this together.
View Chrystia Freeland Profile
Lib. (ON)
Madam Speaker, let me start by emphasizing, which is really important for Canadian businesses to know, that these programs will be retroactive to September 27. Businesses can get rent support for the month of October. Of course, the previous CECRA program did cover the month of September, so businesses are getting support all the way through.
I would also like to emphasize that, taken together, the income supports the House has unanimously voted in favour of and the business support measures I am speaking about today, which I hope will be unanimously supported, will create an interlocking set of support measures that will be in place until next summer. These measures are targeted and flexible, and together they will get us through.
View Chrystia Freeland Profile
Lib. (ON)
Madam Speaker, I thank my colleague for her question.
Our government's approach is to begin by providing general programs targeting all businesses across the country that have suffered losses. I think that is a good start. We have brought in measures to support Canadians until the fall of 2021.
Today we are talking about measures to support all businesses, depending on the losses they have suffered, until the summer of 2021. I agree that after we pass this bill, we can then think about what else can be done.
View Chrystia Freeland Profile
Lib. (ON)
Madam Speaker, I think our government has been very clear. We understand that now is not the time for austerity. At the same time, the measures we are talking about today are targeted measures to help our economy during the fight against the coronavirus. I am convinced the fight will not go on forever, so these measures will not be needed forever.
View Chrystia Freeland Profile
Lib. (ON)
moved that a ways and means motion to amend the Income Tax Act be concurred in.
View Chrystia Freeland Profile
Lib. (ON)
moved that Bill C-9, An Act to amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy), be read the first time and printed.
View Chrystia Freeland Profile
Lib. (ON)
Mr. Speaker, let me be really clear about one thing. Canada, today, is facing a grave second wave of the coronavirus. Now is the time for all of us to come together and fight this second wave, which is ravaging Europe and our neighbour to the south.
Now is the time for us to focus on what we can do going forward to save Canadian lives and to preserve the Canadian economy. There will be a time for post-mortems, but while the plane is flying, one does not try to change the engine.
View Chrystia Freeland Profile
Lib. (ON)
Mr. Speaker, as I said, what I am focused on, what the government is focused on and what I believe all members of the House need to be focused on today is the crisis before us. We need to work together to fight the second wave, which is here right now.
I do agree with the member opposite that there are lessons we can all learn from this global pandemic. For me, one of those lessons is that, as a country going forward, we need to invest more in our public health systems. We need to invest more to be sure that when the next pandemic comes, Canada is even more prepared. I know that all members of the House will support us in doing so.
View Chrystia Freeland Profile
Lib. (ON)
Mr. Speaker, when the global pandemic hit Canada, we introduced tougher restrictions on the Canada-U.S. border than had existed in Canadian history. What I am especially proud of is that we have managed to have those restrictions in place without harming the vital trade between our two countries. That is a real accomplishment for the Canada-U.S. relationship. It is an accomplishment by all Canadians.
I want especially to thank Canadians living along the border, who have really enthusiastically understood the value of these restrictions and supported them.
View Chrystia Freeland Profile
Lib. (ON)
Mr. Speaker, I thank my colleague for his very important question.
I think all Canadians are truly horrified by this heinous attack in Nice, and I think I speak for all members of the House when I say that our hearts go out to the people of France and the people of Nice.
France is one of Canada’s closest, dearest and most important allies, and we will always stand in solidarity with France.
View Chrystia Freeland Profile
Lib. (ON)
Mr. Speaker, we never refuse to show leadership when it comes to protecting the lives of Canadians, and that is why protecting Canadians, here in Canada and around the world, is a priority for our government.
I want to emphasize one more thing, because it is very important: now and forever, Canada stands in solidarity with France and its people.
View Chrystia Freeland Profile
Lib. (ON)
Mr. Speaker, my father did not say, “Just watch me”, but I think this is an important question.
It is important to remember that the period surrounding October 1970 was difficult for all Quebeckers. We must think about the family of Pierre Laporte, for whom this anniversary brings some painful memories.
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