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Results: 91 - 105 of 118
View Chrystia Freeland Profile
Lib. (ON)
Mr. Chair, I am in no way contradicting the data. In fact, the numbers I am citing come from table A2.2 from the fall economic statement. As I said, what that table shows is the reality, which is that 10-year and longer bonds make up 15% of the 2019-20 issuance. Our intention, our target, is that they should make up 29% of the 2020-21 issuance.
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Lib. (ON)
Mr. Chair, we were clear in the fall economic statement on our plan to push out along the curve, and that is a prudent plan. It's something that we have signalled clearly to markets, and that was an important objective of the fall economic statement.
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Lib. (ON)
I have been clear, Mr. Chair, about our government's intentions of moving to longer maturities.
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Lib. (ON)
Let me first just take issue, Mr. Chair, with the little slur there implicit in the “even the CBC” reports.
As a former journalist, let me just say that the CBC is a fantastic news organization. I think it contributes hugely to the national fabric and the public discourse in Canada, so I couldn't let that pass.
When it comes to the information members of Parliament feel is necessary for them to be comfortable supporting our government's measures, it's going to be up to each member to make—
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Lib. (ON)
Mr. Chair, our government absolutely understands and values the importance of transparency, and we seek to release all the information we can. I think people also understand that a tremendous job is being done by the CRA in supporting Canadians and Canadian businesses—
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Lib. (ON)
That's a long yes or no.
Just to be clear, Mr. Chair, the member is making some category confusions here. The WE Charity, after all, never did receive the government's support.
We published detailed breakdowns for every period of the wage subsidy. That's the right thing to do, and we'll continue to do that, Mr. Chair.
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Lib. (ON)
Thank you, Mr. Chair.
Let me start by saying one thing about the Canadian banking system. We have just been through and we are still in a deep economic crisis, our greatest crisis since the Great Depression. One of the things that our country has been relying on to get through the crisis is a sound and stable banking system. As a reporter based in New York during the 2008-2009 financial crisis, I was able to observe the strength and the stability of the Canadian banking system, which really shone compared with other banking systems, such as the U.S. and the British banking systems, to take two examples. That's actually a strength for our country.
Having said that, I do agree with the member from the NDP that it is really important, particularly given the uneven impact of this financial crisis—it has hit the most vulnerable the hardest—that everyone pay their fair share. That's why our government introduced concrete measures in the fall economic statement last week to limit the stock option deduction for people working at big companies. That's a significant and important step, and I'm glad that we were able to take it.
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Lib. (ON)
I think all of us could ask that question.
Let me first of all reassure all the Canadian businesses listening to us right now that the government has made clear that the wage subsidy and the rent support will be in place until next summer. We want businesses to have that certainty and to have that confidence.
Let me also remind people that in the fall economic statement, we committed to raising the wage subsidy back to 75%.
I do think it's important for us to appreciate that we are all working in an environment with a great deal of uncertainty. That's why, when we announced our intention to put in place a growth plan, we were very clear that we would be guided by fiscal guardrails, and those would be employment, unemployment and hours worked. We are committed as a government to doing our job until Canadians have their jobs back.
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Lib. (ON)
Thank you for the question. I think it's really, ultimately, the heart of everything we're talking about and everything our government needs to do.
I want to talk for one minute about scarring. As I mentioned earlier in my testimony, there was a G7 finance ministers meeting yesterday morning. One of the things that many of us reflected on was the experience of 2008-09. Economies experienced scarring, which made it harder for those economies to rebound after the immediate shock had passed. That historic experience is one of the reasons our government is so committed right now to supporting Canadian businesses and Canadian families. We know that if we do our job now effectively, Canada will be in a much stronger position to rebound once the vaccines have arrived and we're able to fully reopen the economy.
I very much agree with the direction of the question. I think what we need to focus on then, and begin doing our work on now—and I look forward to the committee doing this work—is to work on a growth plan that does two things. One, it immediately has projects and programs that help our country get back to work as quickly as possible and that help to close the output gap. We also need to be thinking about those projects and programs also contributing to our country's long-term growth. I think, and I am confident, that together we can do that.
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Lib. (ON)
As I said, we understand how important the aerospace sector is. It must be a part of our growth plan, and it will be. We also talked about the importance of the green shift, which extends to every sector of the economy, including the aerospace sector. That means it must be a part of the green shift, and it will be. I believe that answers your question.
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Lib. (ON)
I have the utmost respect for the member, who also asked me the question by email. I want to thank him for that. However, today is not the right time to announce the spring 2021 budget. We just presented the fall economic statement 2020, so we'll have to wait a bit before announcing the details of the next budget.
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Lib. (ON)
Thank you for your ideas.
You mentioned aluminum, another very important industry for Quebec and Canada. It can and must be a part of the plan. I think we should all highlight the fact that Canada produces the greenest aluminum in the world. We need to press home that advantage to promote our exports, especially products made with our green aluminum.
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Lib. (ON)
Okay. Well, a minute seems like a long time, but there were lots of ideas in there.
Let me first talk about the international Internet giants. As the member from the NDP pointed out, our government committed, in the fall economic statement—and this is something we will do—to implement the GST/HST on multinational digital companies. This is a big deal, and it's an important move by the government. It will raise money for the government, and that's important.
From my perspective, it will do something else equally important, which is level the playing field between Canadian and international companies that are providing those services. I'm very glad that we're going forward and doing this.
The member asked another really important question, which is about international companies, particularly the digital giants that do significant business in Canada and do not pay corporate tax on the business that they do here. This is really a pressing issue. Canada always prefers multilateral collaborative solutions. It is the best way to work with our partners around the world, and so we are working with our partners through the OECD to reach an agreement on a tax approach. That being said, we announced last Monday that failing an agreement on a multilateral approach on taxing the Internet giants, Canada will move ahead unilaterally in January 2022.
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Lib. (ON)
Mr. Chair, as I said earlier, I am a very strong believer in the importance that the independence of the Bank of Canada plays in our economy and in our financial system. I would urge members to ask questions pertaining to the Bank of Canada of the Bank of Canada.
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Lib. (ON)
Mr. Chair, I want to be very clear with all members of this committee of the importance of an independent central bank in the functioning of the Canadian economy. I also want to be clear that it is an undermining of our economy to be raising questions in the minds of Canadians—
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Results: 91 - 105 of 118 | Page: 7 of 8

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