With a deficit projected to eclipse $380 billion, the Trudeau government plans to continue opening the federal wallet to get the country through the COVID-19 pandemic.
Deputy Prime Minister and Finance Minister Chrystia Freeland presented the federal government's fall economic statement on Monday afternoon in the House of Commons. The report summarized the steps the government has taken so far and provided a look at the state of Canada's economy, which has been seriously affected by the pandemic.
Freeland told MPs that keeping Canadians physically and financially healthy is the government's top priority.
"We will do whatever it takes to help Canadians stay healthy, safe, and solvent," said Freeland. "We will invest in every necessary public health measures, and we will support Canadian families and Canadian businesses."
According to a summary of the statement, shown on the official Government of Canada website, 80 per cent of jobs lost at the start of the pandemic have been recovered, thanks in part to government initiatives to help families and small businesses. Bankruptcies remain below pre-pandemic levels. But, with physical limitations remaining in place for the foreseeable future, there are still challenges to continued recovery. Employment gains for low-wage workers, young people, women, and Canadians of colour remain slow.
For small businesses, Freeland reported that the government had begun additional programs to help them stay afloat.
"This month, the government launched new measures for businesses, with a new commercial rent subsidy paid directly to businesses, who this week will begin receiving support in up to 65 per cent of their rent or mortgage interest," said Freeland. The government will also increase the wage subsidy to 75 per cent until March 2021.
To battle COVID-19 itself, Freeland announced the government's arrangements to provide vaccines to as many Canadians as possible. However, she did not provide the timeline that many Canadians are looking for.
"Canada has secured the most diverse and extensive vaccine portfolio of any country in the world," Freeland said. "Any Canadian can rest assured that a safe and effective vaccine will be available to them free of charge."
Freeland also said the government also procured 38 million rapid-response COVID-19 tests.
In response to the statement, the Conservatives claimed Freeland came up short and failed to outline to Canadians when they can expect to be vaccinated against the coronavirus. Opposition Leader Erin O'Toole said the plan as a whole lacked specifics.
"Without a plan for vaccines, there can be no plan for the economy," O'Toole said. "The truth is the Liberals’ economic response has been erratic and confused. Millions more Canadians were put on the CERB than necessary when their jobs could have been maintained if the Liberals had implemented a wage subsidy earlier."
While O'Toole praised the government's work on the Canada Child Benefit, which will see low and middle income parents of children under the age of six get an additional $1,200 next year, he said the Liberals missed the boat on warning signals that were happening before the pandemic.
"The Canadian economy was already showing serious signs of weakness before the pandemic hit. Ignoring our warnings, the Liberals took pride in running large structural deficits and raising taxes in good economic times," said O'Toole. "Now, Justin Trudeau is running a historic deficit of almost $400 billion, and still leaving millions of Canadians behind."
Federal NDP Leader Jagmeet Singh also said Monday night that the Liberal economic statement missed the mark.
"Today, Justin Trudeau’s Liberals showed that they have no intention of making it easier for working Canadians and their families," Singh said. "They have no intention to make those who profiteered off the pandemic pay their fair share for the recovery. This is wrong."
The report in its entirety, along with a summary of key points, can be found on the government website.