Canada’s Prime Minister Justin Trudeau today announced a $82 billion economic package to help mitigate the impact of COVID-19 on the Canadian economy and people.

The package represents more than 3% of Canada’s GDP and said the spending will not drive the country into recession. Trudeau also indicated that Parliament could be recalled as next week to pass legislation on the fiscal measures.

Below are the highlights of the economic package:

• Support programs for workers including:

  • Up to $10 billion for the Emergency Care Benefit program that will provide $900 bi-weekly for 15 weeks for those that must stay home and do not access to paid sick leave

  • Up to $5 billion for the Emergency Support Benefit program that will provide support to workers who are not eligible for Employment Insurance and who are facing unemployment. This will be delivered through the Canada Revenue Agency.

• $2 billion to temporarily boost Canada Child Benefits payments 

• GST relief for individuals and families with low and modest income. This would inject $5.5 billion in the economy.

• A six-month, interest-free moratorium on Canada Student Loan payments for students who are in the process of repaying the loans

• Provide an additional $157.5 million to the Reaching Home program for homeless individuals

• Provide up to $50 million to women’s shelters and sexual assault centres. This includes funding for facilities in Indigenous communities.

• $305 million to the Indigenous Community Support Fund

• Extend the tax filing deadline for individuals to June 1^st and allow taxpayers to defer until after August 31^st  with no financial penalty. This would apply to income tax that is owed between today and September 2020. 

• Business supports including:

  • Allow businesses to defer payment of income tax amounts until after August 31^st, 2020. This applies to income tax that is owed between today and September 2020. 

  • Provide eligible small businesses a 10% wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer. Employers benefitting from this would include corporations eligible for the small business deduction, as well as not-for-profit organizations and charities.

 
For more information, please see below:

The Office of the Prime Minister: Prime Minister announces more support for workers and businesses through Canada’s COVID-19 Economic Response Plan

CBC News: Trudeau unveils $82B COVID-19 emergency response package for Canadians