Economic Statement Implementation Act, 2020

Part 1 amends the Income Tax Act to provide additional support to families with young children as the coronavirus disease 2019 (COVID-19) pandemic progresses. It also amends the Children’s Special Allowances Act to provide a similar benefit in respect of young children under that Act. As part of the Government’s response to COVID-19, it amends the Income Tax Act to provide that an expense can qualify as a qualifying rent expense for the purposes of the Canada Emergency Rent Subsidy (CERS) when it becomes due rather than when it is paid, provided certain conditions are met. Part 2 amends the Canada Student Loans Act to provide that, during the period that begins on April 1, 2021 and ends on March 31, 2022, no interest is payable by a borrower on a guaranteed student loan and no amount on account of interest is required to be paid by the borrower. Part 3 amends the Canada Student Financial Assistance Act to provide that, during the period that begins on April 1, 2021 and ends on March 31, 2022, no interest is payable by a borrower on a student loan and no amount on account of interest is required to be paid by the borrower. Part 4 amends the Apprentice Loans Act to provide that, during the period that begins on April 1, 2021 and ends on March 31, 2022, no interest is payable by a borrower on an apprentice loan and no amount on account of interest is required to be paid by a borrower. Part 5 amends the Food and Drugs Act to authorize the Governor in Council to make regulations (a) requiring persons to provide information to the Minister of Health; and (b) preventing shortages of therapeutic products in Canada or alleviating those shortages or their effects, in order to protect human health. It also amends that Act to provide that any prescribed provisions of regulations made under that Act apply to food, drugs, cosmetics and devices intended for export that would otherwise be exempt from the application of that Act. Part 6 authorizes payments to be made out of the Consolidated Revenue Fund (a) to the Government of Canada’s regional development agencies for the Regional Relief and Recovery Fund; (b) in respect of specified initiatives related to health; and (c) for the purpose of making income support payments under section 4 of the Canada Emergency Response Benefit Act. Part 7 amends the Borrowing Authority Act to, among other things, increase the maximum amount of certain borrowings and include certain borrowings that were previously excluded in the calculation of that amount. It also makes a related amendment to the Financial Administration Act.