March 19, 2020
Updates: The Government of Canada – $82 Billion Aid Package
CBC has reported updates regarding the aid package being rolled out by the Government of Canada.
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Prime Minister Justin Trudeau has announced a massive $82-billion aid package to help Canadians and businesses cope with the global COVID-19 pandemic, including income supports, wage subsidies and tax deferrals.
The package includes $27 billion in direct supports and another $55 billion to help business liquidity through tax deferrals.
Combined, the package represents more than three per cent of Canada’s GDP. Trudeau said the deep spending will not drive the country into recession, insisting “prudent” decisions made over the last five years have put Canada on a strong economic footing to weather the crisis.
“We will be able to make sure our economy gets back up to speed very quickly,” he said.
Parliament could be recalled as early as next week to pass legislation to bring in the fiscal measures.
The supports aim to help Canadians pay for rent and groceries, to help businesses continue to meet payroll and pay bills, and to stabilize the economy. Supports could start flowing in weeks, Trudeau said.