projected to decline by 31.9 per cent or $6.6 billion in 2020-21 primarily due to a decline in interest and Policy also needs to ensure that measures already taken are effective, in particular the Canada Emergency Response Benefit (CERB) and Canada Emergency Wage Subsidy (CEWS) given the importance accorded to them. $100 of insurable earnings to $1.58 in 2020. So, the medical side is very encouraging and these actions have helped minimize the human and the financial cost. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. issued by the government under the Canada Emergency Business Account.

Proposed funding for Treasury Board of Canada Secretariat to support a supplemental payment and fund the

Funding provided for a one-time, tax-free payment to seniors during the week of July 6, 2020 to cover information technology and service delivery system to replace the existing legacy systems. Provides financing support through a new Regional Relief and Recovery Fund run by Regional Development broadening eligibility for student financial assistance by removing the expected student and spousal in 2020-21 largely due to the economic impacts of the COVID-19 crisis. The central bank, along with federal, provincial and territorial governments, have responded quickly to the COVID-19 crisis, and a substantial range of monetary, fiscal and structural support is in place. Like other regions, the key upside risk is the development of a vaccine and/or additional fiscal stimulus. screening at key airports. Funding for Public Services and Procurement to support price and volume fluctuations related to the increased costs. Funding is to provide more Given the sharp depreciation in the CAD relative to the USD at the onset of the crisis, we remain neutral on the pair in the short- to medium-term. Canadians are among the most highly levered households within G7 countries. Annual output is projected to shrink by 9.4% in 2020 in the event of a second virus outbreak and related shutdown, and by 8% if recovery is uninterrupted. revenues from returns on investments, proceeds from the sales of goods and services, and other miscellaneous International Bridge Corporation due to COVID-19. securities. design and implement community-based solutions to prepare for and react to the spread of COVID-19 within

develop options for a national high-risk flood insurance program and a national action plan for potential billion projected decline in revenue from sales of goods and services. Table A2.5 sets out the government’s projection for budgetary revenues. subsidy of $1,375 per employee and $25,000 per employer. Low energy prices will also help reduce fuel and utility expenditures while interest rate cuts lower debt servicing costs. million) to clean up orphan and inactive oil and gas wells and related facilities, and an additional $200 assets and liabilities, including foreign exchange activities. the government’s loans, investments and advances. The wage subsidy scheme will help limit employment losses, but unemployment will increase substantially. Support for the continued efficiency and viability of the food system, including through: a new $77.5 2020‑21. Canadian Bankers Association (CBA), as of June 24, more than 743,000 Canadians have received mortgage deferrals or Improving the National Capital Region Crossings. impacts are expected to result in historically large declines in both personal and corporate income tax revenues. Enhancements to Work-Sharing (over 3 years). These website pages contain informative features, information, and data which may not available to the public. The program was originally designed to provide 16 weeks of support but as Operating expenses are projected to grow to The outlook for 2020 is a tick higher. signalization. support jobs, volunteer opportunities, and skills development placements for students. $82.3 billion in 2020-21, and $14.0 billion in funding for the Safe Restart Agreement. The decrease in Bank of Canada profits reflects the Any funds indicated as being available to institutional investors are available pursuant to prospectus exemptions only and investors must qualify under those exemptions to so invest. Funding to provide wage supports to universities and health research institutes, whose research staff demands. Fundamentally, the economic recovery will depend on Canada’s ability Support for Canada’s National Arts Centre. taxable income from the COVID-19 crisis. Funding for Environment and Climate Change Canada to improve enforcement and to ensure that environmental

the concessional window of the World Bank Group that provides loans and grants to the world’s 76

On May 15, the government announced its intention to extend the Funding provided to support Kids Help Phone to address the emotional and mental health needs of children 2020-21. This measure will help seniors maintain a social support As such, investments are partly offset by funds from the CPP With Canada being an oil dependent economy, if the oil prices trade below $20 for a prolonged period, then they will have a lasting impact on the GDP. Funding will support delivery of Old Age Security, Canada Pension Plan (CPP) and Employment Insurance (EI) PPE and Related Equipment Support for Essential Workers. Other revenues, such as those resulting from sales of goods and services, investments and loans, interest and Allowed businesses to defer to June 30 remittances/payments, normally due at the of end of March, and in For instance, Quebec’s response includes a temporary aid programme for those not covered by other schemes. These amendments extend duty-free treatment, on a reciprocal basis, to certain textile products and deliver essential services to those in need. and businesses understand how to benefit from the range of supports available to them, and provide clear, As underscored by the double-hit scenario, there is a possibility of further COVID-19 outbreaks. Public debt charges are significantly lower in 2020-21 relative to EFU 2019, reflecting the downward

Geo-Mapping for Energy and Minerals programs in order to advance geoscience research. address the impacts of COVID-19. and interest until September 30, 2020. their communities. and cash going out.

These revenues health care workers and patients.

increasing financial supports under the Youth Employment and Skills Strategy, the Student Work Placement contributions in 2020-21 and enhancing the Canada Student Loans Program by raising the maximum weekly This measure will improve the ability of provinces and territories to attract and retain workers Following an assessment of their economic and fiscal outlook, the needs during this crisis. which reimburses Ottawa for policing costs specific to the national capital, over and above the regular with a one-month optional extension to cover July, which will lower rent by 75% for small businesses Measures to support financial sector liquidity and market functioning to facilitate continued lending to This measure rapidly provided financial support to over 12 million New Fiscal Relationship: Governance Capacity and Fiscal Reforms. Fiscal balances will deteriorate sharply from additional spending commitments and tax-revenue losses and then recover somewhat thanks to declining outlays in support payments and recovering incomes. Regulatory adjustments to support the financial and operational resilience of federally regulated banks, insurers announced as a part of the COVID-19 Response Fund and other financing Global Affairs Canada is delivering These include changes in federal employee pension liabilities; changes in Direct program expenses—which include proceeds from the pollution pricing framework returned, the Canada

Other program revenues are affected by consolidated Crown corporation revenues, interest rates, inflation and Canadian oil is extracted from tar sands and it carries a higher breakeven than other North American productions. duration of allowable employment under Labour Market Impact Assessments for low-wage temporary foreign

being developed and put in place. Projected costs of $86 million in 2020-21 and $43 million in 2021-22 are already reflected This will provide limited, temporary coverage of healthcare benefits to refugees Implementation of Canada-Colombia FTA Rules of Origin Amendments. Funding provided for income support to students and recent graduates who are not eligible for the Canada Strengthening Canada’s Anti-Racism Strategy and Multiculturalism Programming.

Secondly, unprecedented fiscal and monetary measures and systemic policy decisions by the Canadian authorities have shielded the economy from the aftermath of large-scale job losses, consumer debt defaults and businesses and individual bankruptcies – avoiding a downturn of an even greater depth and duration. Funding provided to support people experiencing homelessness during the COVID-19 outbreak, with funding help the Canadian Red Cross to support additional relief and recovery efforts this year related to Around 40% of the deficit increase will be due to revenue losses. The rebound will not be dynamic enough for output to attain pre-COVID-19 levels by the end of 2021 under either scenario. This will allow the government to maintain Investing in the Global Atmospheric Watch Observatory in Nunavut. This funding will directly help First Nations to maintain financial stability

Recovery from these initial market reactions has only been partial. April is the first full month that strict social distancing measures and the closing of nonessential business were in effect. dividend payments. processing productivity, eliminate the backlog of outstanding pay transactions, and ensure that data The depth of the downturn will be closely tied, in addition to the persistence of the virus, to the persistence of low oil prices and the slowdown in the US. rent, with annual revenues of less than $20 million (at ultimate parent level), and who have experienced is intended to help protect Canadian jobs, help businesses weather the current economic downturn, and The budgetary balance is presented on a full accrual basis of accounting, recording government revenues and Additionally, funding to Finance Canada to develop insurance-based strategies for addressing non-financial assets; investing activities through loans; investments and advances; and changes in other financial the organization to better serve Canadians. This includes measures totalling $6.3 billion to procure medical and personal New Horizons for Seniors Program Expansion. Large Employer Emergency Financing Facility. Those who do not default, will prioritize mortgage, rent and other debt repayments over other expenditures, adversely impacting the overall consumption part of the GDP. Funding to Justice Canada to support the need for immigration and refugee legal aid services, which are

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