Remarks by the Deputy Prime Minister and Minister of Finance at the House of Commons Standing Committee on Finance

March 11, 2021

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Thank you, Mr. Chair, and members of the committee, for the invitation to be with you virtually today. Accompanying me virtually again, from the Department of Finance are Maude Lavoie, Dave Beaulne, Trevor McGowan, Lesley Taylor and Nicolas Moreau.

I’d like to begin by acknowledging that today is a somber anniversary, it is one year since COVID-19 was declared a global pandemic by the World Health Organization.

On this National Day of Observance, I know that all of us honour the memories of all those who have lost their lives to this disease. And we have the deepest compassion – I know all of us in this committee – to their families and their loved ones.

To the extraordinary Canadians who have been serving on the front lines in our country’s fight against COVID-19; to personal support workers in long-term care facilities; to all of our healthcare workers; to the essential workers keeping food on our shelves, from cashiers to truck drivers, let me just say: Thank you.

I am happy to be here with you, parliamentary colleagues, to talk about Bill C-14, which would implement several important and necessary measures from the Fall Economic Statement, which I tabled last November 30.

For more than a year, Canadians have been coping with an unprecedented crisis, which continues. But we also know that spring is almost upon us. And brighter times are on the way.

Until COVID-19 is beaten, our government will do whatever it takes, for as long as it takes, to help Canadians through this crisis.

Since the start of this pandemic, the Government of Canada has done everything in its power to control the virus and reduce its economic impact. So far, for every $10 spent in Canada to fight COVID-19 and support Canadians, $8 has been spent by the federal government.

In the Fall Economic Statement, we laid out a comprehensive plan to protect Canadians, jobs and businesses in Canada during this second wave of the pandemic.

We are moving quickly to follow through on these commitments. By supporting Canadian businesses, Canadian jobs and Canadian families, we are not only helping our communities through a harsh winter; we are preventing economic scarring.

This support will allow us to have a full and robust economic recovery, when the virus is fully contained.

Bill C-14 is an important element in our government’s economic plan. It moves ahead with urgent measures from the Fall Economic Statement that will provide immediate assistance to families with young children, students and businesses, and measures that will help protect the health and safety of Canadians. 

So, when we debate Bill C-14, here is what is concretely hanging in the balance.

The Fall Economic Statement announced a new $1 billion Safe Long-term Care Fund to help provinces and territories protect seniors.

Of this, Bill C-14 would provide $505.7 million immediately ‑ while our need is most urgent ‑ to support long-term care facilities over the coming months, to help prevent the spread of COVID-19, to help prevent outbreaks and deaths in supportive care facilities.

In addition, we have proposed, through this bill, to provide up to $395.6 million to support a range of health initiatives to help Canadians cope during the pandemic, and to continue our fight against the virus, with vaccine funding and development, testing and treatment.

The challenges brought on by this pandemic have caused great hardship for Canadian families with young children and brought unanticipated costs.

So, Bill C-14 proposes to provide immediate relief for low- and middle-income families with young children, who are entitled to the Canada Child Benefit (CCB); by providing up to $1,200 in 2021 for each child under the age of six. Families that have a net income at or below $120,000 would receive four tax-free payments of $300.

Families entitled to the CCB, that have a net income above $120,000 would receive four tax-free payments of $150, for a total benefit of $600.

This temporary assistance would directly benefit more than 1.5 million families and more than two million children, at a time when many are still grappling with the financial impacts of the pandemic.

And if I can speak personally for one moment, I am hearing so clearly from my neighbours, from my constituents who have young children, just how hard COVID is for them. And I know we all would love to give them this extra support.

And as you all know, we can’t get it to them until C-14 receives Royal Assent.

Our government is also working to safeguard the future of students who have had to leave school, or were not able to obtain internships or summer jobs.

With Bill C-14, we would eliminate the interest on the repayment of the federal portion of the Canada Student Loans and Canada Apprentice Loans for 2021-2022.

This important measure will provide $329.4 million in assistance to up to 1.4 million Canadians who are looking for work or are in the early stages of their careers.

The bill also formalizes an amendment to the Income Tax Act that will allow the Canada Emergency Rent Subsidy to recognize rent payable as an eligible expense, provided certain conditions are met.

As members of this committee will recall, the Canada Revenue Agency is currently administering the Rent Subsidy with rent payable as an eligible expense.

This is because the businesses relying on this subsidy told us that that’s what they needed. And all of us listened.

Not all small businesses have the cash flow to pay their rent on the first of the month, with a reimbursement to come later. This bill ensures that those small businesses can get the support they need.

And again here, I’m sure we’ve all heard from small businesses in our ridings that really need that support.

Additionally, Bill C-14 authorizes payments to Canada’s six regional development agencies for the Regional Relief and Recovery Fund.

The government announced the $962-million Fund on April 17, then expanded it to $1.5 billion on October 2.

As a next step, Bill C-14 proposes a further top-up, to $2 billion, for this fund.

It helps support businesses which, for one reason or another, are unable to access other federal pandemic support programs.

The point I am making here is really simple: The measures in C-14 are essential. Canadian families and Canadian businesses need this support to get through the crisis.

I welcome vigorous debate, care and study.

Indeed, debate has been central to Canada’s response to the COVID-19 so far. Our government has received constructive input from all parties, very much including all the members of this committee.

And I recognize the critical role parliamentary committees play in scrutinizing government legislation.

That said, it is now time for us to move forward. Canadians need the concrete support this bill offers. And they need it urgently.

Bill C-14 provides for support to Canadians who need it, in an extraordinary and difficult time.

So, I urge this committee to conduct its examinations expeditiously. And to join me in supporting the speedy passage of this essential legislation.

Thank you.