Prime Minister Justin Trudeau speaks to the media about measures the government is taking during a news conference in Ottawa, Wednesday March 18, 2020. THE CANADIAN PRESS/Adrian Wyld

Trudeau unveils multi-billion COVID-19 emergency package

Prime Minister Justin Trudeau today announced an $82-billion emergency aid package to help with the fight in the COVID-19 crisis.

The federal response, which includes income support, wage subsidies and tax deferrals, represents more than three per cent of Canada’s GDP.

Some $27 billion will be used in direct support and $55 billion will go to help business liquidity through tax deferrals.

The CBC’s Kathleen Harris writes that the emergency plan includes:

Temporarily boosting Canada Child Benefit payments, delivering about $2 billion in extra support.

New Emergency Care Benefit of up to $900 biweekly, up to 15 weeks, to provide income support to workers who have to stay home and don’t have access to paid sick leave. The measure could disburse up to $10 billion.

A six-month, interest-free reprieve on student loan payments.

Doubling the homeless care program.

Extending the tax filing deadline to June 1.

Allowing taxpayers to defer tax payments until after Aug. 31 amounts that are due after today and before September.

The prime minister played down fears that the package would drive Canada into a recession, saying the country is on firm economic footing because of what he said were “prudent” decisions his government has taken since coming to power in 2015.

“We will be able to make sure our economy gets back up to speed very quickly,” he said.

Finance Minister Bill Morneau announced last Friday that the government would establish a $10 billion credit facility to lend money to businesses under stress as a result of the spreading COVID-19 pandemic.

Meanwhile, Trudeau pledged $1 billion for increased public health measures, including $275 million for additional research, such as vaccine development, and $200 million for federal medical supplies, supports for Indigenous communities and education efforts.

Another $500 million was pledged to support provincial and territorial governments.

As well, the one-week waiting period for employment insurance was waived.

With files from CBC (Kathleen Harris, Ryan Jones) CTV (Rachel Aiello)

Categories: Economy, Health
Tags: , , , , ,

Do you want to report an error or a typo? Click here!

For reasons beyond our control, and for an undetermined period of time, our comment section is now closed. However, our social networks remain open to your contributions.