QSA's Week in Finance (#9, 2024)
Auditor's report critiques CEBA; Foreign bank branch applications in Canada; Amendments to Income Tax Regulations; New reinsurance agreements; BNY Trust capital reduction.
Start Date: 2024-11-30
End Date: 2024-12-06
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Government Responds to Auditor General's Report on Canada Emergency Business Account
The Government of Canada addressed the Auditor General's report on the Canada Emergency Business Account (CEBA), which provided $60,000 partially forgivable loans to nearly 898,000 small businesses during the pandemic. The report criticized the program's design and delivery, noting ineligible recipients received loans. Finance Minister Chrystia Freeland defended CEBA, citing its rapid implementation during a crisis. This evaluation may prompt revisions in future emergency financial support approaches, specifically around eligibility and verification processes, impacting stakeholders involved in policy implementation and financial oversight.
Sources: ['Announcements: www.canada.ca']
