The Canadian government has tabled its fall economic statement aimed at fighting COVID-19 and protecting the health, jobs and economy of the country with up to $100 billion in stimulus spending over the next three years.
Finance Minister Chrystia Freeland, who tabled Supporting Canadians and Fighting COVID-19: Fall Economic Statement 2020 this afternoon in the House of Commons, said total federal pandemic support to date includes $322 billion in direct measures to fight the virus and help people; and $85 billion in tax and duty deferrals.
The support is the largest economic relief package for Canada since the Second World War, the minister noted in her speech.
The fiscal update also projects the deficit will reach $381.6 billion by the end of March 2021, and could climb even higher as a result of the pandemic.
Overall, Department of Finance analysis indicates that direct support measures are expected to result in economic activity being 4.6 per cent higher in 2020 and 4.4 per cent higher in 2021 compared to a scenario without support measures.