Legislation for Critical Pandemic Support Receives Royal Assent

From: Department of Finance Canada

Today, Bill C-14, An Act to implement certain provisions of the economic statement tabled in Parliament on November 30, 2020 and other measures received Royal Assent, providing support to Canadian families with young children, young people and recent grads, and businesses hit hardest by the pandemic.

The passage of Bill C-14 is an essential step to implementing measures from the 2020 Fall Economic Statement. The measures adopted as part of Bill C-14 include:

  • Immediate support for low- and middle-income families who are entitled to the Canada Child Benefit. Up to an additional $1,200 for each child under the age of six will be provided to families this year. This temporary assistance, which families will begin receiving in the coming weeks, will directly benefit about 1.6 million families and more than two million children.
  • Waiving interest on Canada Student Loans’ and Canada Apprentice Loans’ federal portion until March 2022. In Budget 2021, the government proposed to extend this measure for an additional year, until March 2023.
  • Amending the Income Tax Act to allow the Canada Emergency Rent Subsidy to recognize rent payable as an eligible expense when it becomes due so businesses can access the subsidy before the expense is actually paid.

Quotes

“With the passage of Bill C-14, our government will deliver long-awaited support to Canadian families and Canadian businesses to bridge them through the pandemic and ensure they are ready for recovery, and ready to come roaring back.”

The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

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