Yesterday, Minister Morneau presented Parliament with an economic and fiscal snapshot. It highlighted how our government was able to use Canada’s strong fiscal position to stabilize our economy and support Canadians during what is the challenge of our generation. This support represents the largest peacetime investment in Canadian history, and allowed for millions of Canadians to continue to receive an income, put food on the table, and keep a roof over their family's heads, during a time of great uncertainty.
Our actions and investments, along with the hard work of Canadians to follow health guidelines, has helped flatten the curve and put us in a position to begin safely and gradually restarting our economy. But the road ahead remains long and uncertain. In the months to come, our economic health will largely depend on commitment to carefully follow all public health guidelines. Beating this virus will take all of us.
To learn more about the Economic and Financial Snapshot click here.
Read Minister Morneau's speech to the House of Commons.
Download the full report.
The Economic Response Plan is the most comprehensive and substantial peacetime investment in Canada’s history. Our investments have meant that Canadians and Canadian businesses, instead of drowning in debt and closing up shop, will be better positioned to get back at it. Here’s a look at the impact these investments are having:
| Canada Emergency Response Benefit |
As of June 28, the CERB has provided support to 8.16 million individuals. |
| Top up of the Canada Child Benefit | Approximately 3.7 million families benefited from a special one-time $300 top-up of the CCB for each child. |
| Canada Emergency Student Benefit |
Over $1.4 billion to over 600,000 students. It provides a $1,250 base benefit amount to eligible students, and an additional $750 per month to those with dependents or a disability. |
| OAS/GIS One time payment | 6.7 million seniors are receiving a one-time tax-free payment of $300. 2.2 million of which, who are also eligible for the GIS, will also receive an additional $200. |
| Canada Emergency Wage Subsidy |
The CEWS has supported about three million employees by helping them stay in the workforce or return to work. |
| GST Credit Top up | 12 million low and modest-income individuals and families received a special one-time payment through the GST credit. On average, single adults received $400 in additional benefits, and couples almost $600. |
| Canada Emergency Business Account | As of July 3, 688,000 applicants have been approved for CEBA. |
| Mon: | 10:00am - 4:00pm |
| Tue: | 10:00am - 4:00pm |
| Wed: | 10:00am - 4:00pm |
| Thu: | 10:00am - 4:00pm |
| Fri: | 10:00am - 1:00pm (virtual, by appointment only) |
| Sat: | Closed. |
| Sun: | Closed. |
