More federal tax dollars will be spent to support large size Canadian businesses which keep people employed within our borders.
Finance Minister Bill Morneau says the Large Employer Emergency Financing Facility will be available for companies that need it, and not those who were already facing insolvency before COVID-19.
“What we’re calling LEEFF will be available to employers with around $300-million or more in annual revenues, that are seeking financing of around $60-million or more, and have a significant footprint in Canada,” says Morneau.
The finance minister adds they will go through eligibility requirements.
“We’ll evaluate its international organizational structure, and financing arrangements and its employment, tax and economic activity in Canada. Companies that receive this funding will be required to commit to future climate disclosures, and environmental sustainability goals,” points out Morneau.
The Large Employer Emergency Financial Facility will not be given to companies convicted of tax evasion.
“We’ll protect workers by ensuring that companies that receive support through LEEFF, respect any and all collective bargaining agreements, including pensions. We’ll protect taxpayers by putting in strict limits on executive pay,” notes Morneau.
The finance minister adds this will cover every part of the economy but financial sector.
