Trudeau Adresses the Nation with an $82 Billion Stimulus Plan
Canadian Prime Minister Justin Trudeau’s new economic stimulus plan is addressing the economic stress and financial pressures on its citizens and businesses created by the deadly COVID-19 pandemic. Earlier today, Trudeau tried to calm the fears of Canadians wondering from where they will derive income if they are quarantined and businesses are shut down. In his announcement, Trudeau also delivered the reality that Canada has had no other choice but to shut down the American border to all non-essential travel. The prime minister introduced an $82-billion stimulus package that will hopefully help Canadians through these dark and unprecedented times. Some of the “extraordinary” aid measures revealed are: pushing back the tax deadline, increasing the Canada child benefit payment, wage subsidies for small businesses and targeted assistance for people in need. Trudeau said the government’s measures are meant to “make sure that no matter where you live, what you do, or who you are, you will get the support you need during this time.” As well, he stated: “In Canada, public health should never hinge on financial considerations.”
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No matter who you are or what you do, right now you should be focused on your health – and not about whether you will lose your job or run out of money for things like groceries or medicine. So today, we announced a $82-billion economic plan that will help you and your family get through these challenging times. The spread of COVID-19 is forcing all of us to change our ways, and we know it’s a big adjustment. But we have your back, and together we will get through this. For more details on our plan and how it will help you, click the link in my bio. 🇨🇦 Peu importe qui vous êtes ou ce que vous faites dans la vie, en ce moment, vous devez vous concentrer sur votre santé et ne pas avoir peur de perdre votre emploi ou de manquer d’argent pour l’épicerie ou les médicaments. C’est pourquoi nous avons annoncé aujourd’hui un plan économique de 82 milliards de dollars pour vous aider, vous et votre famille, à traverser ces moments difficiles. La propagation de la COVID-19 oblige chacun de nous à modifier ses habitudes, et nous savons que cela demande un ajustement majeur. Mais nous veillons sur vous et, ensemble, nous allons passer à travers cette épreuve. Pour plus de détails au sujet de notre plan et des mesures qui vous aideront, cliquez sur le lien dans la bio.
Finance Minister Bill Morneau and Bank of Canada Governor Stephen Poloz elaborated on the new economic supports aimed at offsetting the outbreak of COVID-19. Morneau stressed the financial aid package includes ways to ensure the funds are delivered directly to Canadian families and the country’s hardest-hit sectors. The $27-billion package is expected to help relieve the pressure for Canadians who need money to pay rent, make their mortgage payments, feed their families and purchase necessary medication.
The finance minister broke down the various ways the relief package is being allocated. There will be a temporary boost to the Canada child benefit payment by nearly $2 billion and an introduction of an emergency-care benefit of up to $900 biweekly for 15 weeks for individuals forced to stay home and who don’t receive paid sick leave, like those who can’t access employment insurance (EI) and are sick, or who are taking care of a child or someone who is sick. Another $5 billion has been issued through the Canada Revenue Agency for support workers who are facing unemployment, as well as an additional amount for those with low income through the GST credit. Further, the government is waiving the one-week waiting period for EI sickness benefits for six months and is relinquishing the requirement for a doctor’s note to access this assistance. Additionally, the Government of Canada has pushed back the income tax–filing deadline for individuals to June 1, 2020, and is allowing tax payers to defer payment until August 31, 2020. Moreover, lenders will be able to defer mortgage payments. Money will also flow to vulnerable groups, including seniors and the homeless population, Indigenous people, and woman and children fleeing domestic violence, and a six-month interest-free moratorium on student loan payments is being implemented.
This massive package is equal to three per cent of Canada’s GDP.
Trudeau, who faced questions about the reality of Canada entering a recession, said that the country has the fiscal room to take these multibillion-dollar actions in order to “ensure that our economy gets back up to speed very quickly.”