Full breakdown of Canada’s fall fiscal update Finance minister Chrystia Freeland, who took over the job in August, has laid out how much it will cost to shore up the economy until this pandemic is over, in the government’s opinion. Before COVID-19 Canada’s deficit for 2020 was projected to be about $34 billion. By July, the government predicted it would balloon ten times that: $343 billion. Now Freeland says it’s likely to jump to $381 billion, because $25 billion is being spent on new programs that will set the stage for Canada’s economic recovery. The wage subsidy is being increased, and parents of young children will get more through the Canada Child Benefit. There’s help for airlines and tourism and money going to the provinces to spend on improving long-term care. David Akin has the full breakdown while Ottawa Bureau Chief Mercedes Stephenson gives her take on what stood out in this fall fiscal update.
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