The Economic Statement Implementation Act, 2020 (Bill C-14) puts into action parts of the economic statement that was presented to Parliament on November 30, 2020. It also includes other changes to existing laws.
Part 1 of the Act changes the Income Tax Act to give more support to families with young kids during the COVID-19 pandemic. It also changes the Children’s Special Allowances Act to provide similar support. It also makes changes to the Canada Emergency Rent Subsidy (CERS) to help businesses.
Parts 2, 3, and 4 of the Act make changes to student and apprentice loans. No interest will be charged on these loans from April 1, 2021, to March 31, 2022.
Part 5 changes the Food and Drugs Act to help prevent shortages of important medicines and get more information from companies. It also makes sure that certain rules apply to food, drugs, cosmetics, and devices that are made for export. Part 6 allows the government to spend money on things like helping businesses through regional agencies, health initiatives, and the Canada Emergency Response Benefit. Part 7 changes the Borrowing Authority Act to allow the government to borrow more money.
Taxation
Part 1 of the bill amends the Income Tax Act to provide additional support to families with young children. It introduces a deemed overpayment for those with children under six, offering additional funds in January, April, July, and October 2021. The amount depends on the person's adjusted income. Part 1 also changes the Canada Emergency Rent Subsidy (CERS). It allows businesses to claim rent expenses when they become due, not just when they're paid, with certain conditions.
Spending
Part 6 of the bill authorizes payments from the government's money. This includes up to $206.7 million for regional development agencies to use for the Regional Relief and Recovery Fund. It also includes money for health initiatives, as detailed in the schedule, and up to $500 million for income support payments under the Canada Emergency Response Benefit Act.