Xinhua
01 Dec 2020, 13:51 GMT+10
OTTAWA, Nov. 30 (Xinhua) -- The Canadian government unveiled a new financial program worth billions of Canadian dollars Monday afternoon to boost the Canadian economy amid the COVID-19 pandemic.
Titled "Supporting Canadians and Fighting COVID-19," the 237-page fiscal update offers a revised look at the Canadian economy and the impact of the ongoing COVID-19 recession on Canada's economic outlook.
"The coming months will be difficult and ongoing fiscal support will remain necessary deep into 2021 in order to protect jobs and prevent widespread permanent losses in our economy," the Canadian government said in a statement.
Details of the stimulus program of 70 billion to 100 billion Canadian dollars (54 billion to 77 billion U.S. dollars) will be budgeted over the next three fiscal years starting from April 1, 2021.
The country's national deficit is projected to hit at least 381.6 billion Canadian dollars (293.9 billion dollars) for this fiscal year, up from the forecast of 343.2 billion Canadian dollars (264.3 billion dollars) in July.
The government's immediate priority is to do whatever it takes to help Canadians and businesses stay safe and solvent amid the pandemic challenge, Canadian Deputy Prime Minister and Finance Minister Chrystia Freeland said at the Canadian House of Commons Monday afternoon.
"We will invest in every necessary and helpful public health measure. And we will support Canadian families and Canadian businesses, in a deliberate, prudent and effective way," she said, adding that the government plans to make the post-pandemic economy "more innovative, inclusive and resilient than the one that preceded it."
"Spending roughly three to four percent of GDP, over three years, our government will make carefully judged, targeted and meaningful investments to create jobs and boost growth," she said.
The risks associated with not providing enough economic support right now outweigh those involved in spending too much, the minister said, adding that the government will keep monitoring the employment rate, total hours worked and the level of unemployment in the economy to determine when to end the stimulus spending.
The updated program includes several policy announcements.
The Canadian government is moving ahead with a promise to require international digital companies such as Netflix to collect and remit federal sales tax on digital sales. It is also planning restrictions on stock option deduction.
A plan to offset the cost of energy retrofits for homeowners will receive 2.6 billion Canadian dollars (2 billion dollars) over seven years, and an existing program to build electric vehicle charging stations will receive an additional 150 million Canadian dollars (115.5 million dollars).
The government is also increasing the maximum Canada Emergency Wage Subsidy rate from 65 percent to 75 percent, starting Dec. 20 and continuing until March 13, 2021.
Get a daily dose of Mexico Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico Star.
More InformationDUBLIN, Ireland - During a search conducted in Swords, the county town of Fingal, on Sunday night as part of ...
President Joe Biden has issued an executive order that overturns a ban on transgender people serving in the U.S. military.In ...
California [US], January 26 (ANI): Tech company Apple is launching a limited-edition Apple Watch for Black History Month, with unique ...
Every Russian knows what a 'kitchen talk' means. Do you?Take a look at the plan of a standard Soviet apartment ...
BACOLOD CITY, Jan. 26 (PIA6) -- At least 2,000 McDonald's Kindness Kitchen meals from Ronald McDonald House Charities were distributed ...
Amritsar (Punjab) [India], January 26 (ANI): Amid the COVID-19 scare, only the Border Security Force (BSF) soldiers and their families ...
The Russian vessel tapped to finish the controversial Nord Stream 2 gas pipeline has begun work in Danish waters just ...
President Joe Biden has issued an executive order that overturns a ban on transgender people serving in the U.S. military.In ...
NEW DELHI, India - India and China have agreed to push for an early disengagement of the frontline troops in ...
PanARMENIAN.Net - There is some evidence that a new coronavirus variant first identified in southeast England carries a higher risk ...
AMSTERDAM, Netherlands - A Canadian man, one of the world's most wanted fugitives, has been arrested by the Central Unit ...
LOS ANGELES, California (ANI/Big News Network) - American award-winning TV and radio host Larry King, who became a household name ...