Canada Freeland to deliver Liberal plan to revive Canada's post-pandemic economy today

12:15  30 november  2020
12:15  30 november  2020 Source:   cbc.ca

Freeland says Canada ‘well-positioned’ on coronavirus vaccines, urges patience

  Freeland says Canada ‘well-positioned’ on coronavirus vaccines, urges patience Canada's deputy prime minister says the country is “well-positioned” when it comes to potential coronavirus vaccines, but the rollout could take a while. Read more: AstraZeneca says late-stage trials show coronavirus vaccine ‘highly effective’

Finance Minister Chrystia Freeland is set to deliver Ottawa' s much-anticipated economic update that focuses on the federal government' s pandemic finances on Monday. Mike Le Couteur looks at what' s expected.

The Liberal government today promised to spend billion on infrastructure initiatives such as broadband, clean energy and agricultural projects — part of a plan to boost growth and create one million jobs after the pandemic pummelled the economy .

a person sitting on a table: Deputy Prime Minister and Minister of Finance Chrystia Freeland responds to a question in the House of Commons Monday, November 23, 2020. © Adrian Wyld/The Canadian Press Deputy Prime Minister and Minister of Finance Chrystia Freeland responds to a question in the House of Commons Monday, November 23, 2020.

The federal government will release its long-awaited fiscal update today — a spending plan to help Canadians cope with COVID-19 while recharging the national economy and key sectors battered by the global crisis.

Deputy Prime Minister and Finance Minister Chrystia Freeland will rise in the House of Commons at 4 p.m. ET today to outline details of her plan to both boost job creation and cut greenhouse gas emissions.

Government sources have told CBC News the plan will include new but time-limited spending measures to support hard-hit industries and vulnerable Canadians, while laying the groundwork for the policy priorities presented in September's speech from the throne.

Provinces push Freeland to delay bump in CPP premiums in economic update

  Provinces push Freeland to delay bump in CPP premiums in economic update OTTAWA — Provincial finance ministers have quietly prodded Finance Minister Chrystia Freeland to pause planned increases in premiums workers and businesses pay into the Canada Pension Plan. The planned increase on Jan. 1 is part of a multi-year plan approved by provinces and the federal government four years ago to boost retirement benefits through the public plan by increasing contributions over time. The first premium bump was in 2019, another was earlier this year and the next is due at the beginning of 2021.

Trudeau Unleashes Cash Drop in Bid to Revive Canada ’ s Economy . The economy is now sliding toward its most severe slump in decades because of the pandemic , with one bank Trudeau this week also announced a plan to help workers whose income has been hit by the coronavirus.

The Government of Canada took immediate action to help Canadian businesses affected by the global COVID-19 pandemic , from helping keep That is why today the Deputy Prime Minister and Finance Minister, the Honourable Chrystia Freeland , announced the government’ s intention to introduce new

The update comes in the wake of optimistic reports suggesting promising vaccine candidates could roll out early in the new year — and as COVID-19 caseloads continue to grow alarmingly in some parts of the country. Numbers have reached record highs in some regions, prompting new or extended restrictions and business closures.

The measures in today's economic statement are expected to include:

  • Support for airlines and the tourism and hospitality sector, hit hard by heavy losses due to border closures and lockdowns. The sources suggest the update will include assistance for airlines, hotels and restaurants, and for the companies that supply them.
  • Money to help long-term care homes stop the spread of infections.
  • Support to help women return to work.
  • Stimulus spending for infrastructure projects tied to the government's promise to reduce greenhouse gas emissions as part of the economic recovery.

Record deficit projected

The government has not tabled a budget for this fiscal year, but in July delivered what it called a "fiscal snapshot" that projected the deficit would hit a record $343.2 billion.

What the fiscal update does and doesn’t tell us about the coronavirus vaccine roll-out

  What the fiscal update does and doesn’t tell us about the coronavirus vaccine roll-out When it comes to the details on how the government plans to move coronavirus vaccines from factory to the pharmacy, the fiscal update is short on specifics. Read more: Canada hints at ‘major’ coronavirus recovery plan but still no brakes on spending “We are living through a very virulent second wave of the coronavirus and I think we all know that winter will be difficult,” Finance Minister Chrystia Freeland told reporters on Monday.

The COVID-19 pandemic has spread with alarming speed, infecting millions and bringing economic activity to a near-standstill as countries imposed tight Policymakers must consider innovative measures to deliver income support to these workers and credit support to these businesses.

The Honourable Chrystia Freeland , Canada ' s Minister of Foreign Affairs and Member of Parliament for Facebook is showing information to help you better understand the purpose of a Page. See actions taken by the people who manage and post content.

The Trudeau Liberals last delivered an actual budget in March 2019, when they were still in their first mandate.

The Trudeau government has pushed back at calls to deliver an economic forecast since the current health crisis began, maintaining that the pandemic made it impossible to accurately predict economic growth or the scope of necessary emergency spending.

Conservative Leader Erin O'Toole said the government's delays in procuring rapid testing and vaccines have put workers and the economy in a "risky" situation.

"There is no plan for the economy if we don't have rapid testing and vaccines as swiftly as possible," he said during a news conference in Ottawa Sunday.

"We're already seeing small businesses teetering on the edge. That is leading to the uncertainty and the concern out there about the wellbeing of tens of thousands of Canadian families that have invested everything in their restaurant or their autoshop or a range of businesses that are close to bankruptcy."

Ottawa signals plans to create Canada-wide child care system, collect digital sales taxes

  Ottawa signals plans to create Canada-wide child care system, collect digital sales taxes Finance Minister Chrystia Freeland today announced the first steps in a multi-year strategy to build a Canada-wide child care system to cut costs for families and encourage more women with kids to join the workforce. She also unveiled a plan to levy a digital sales tax to raise revenue for the cash-strapped federal government.To pay for this proposed program — and to collect more revenue to cover a ballooning budget deficit — Freeland also unveiled the government's plan to levy sales taxes on digital companies.

Liberal plan to save .5-billion a year questioned by budget watchdog. Thursday’s PBO report said the Justin Trudeau’s selection of Chrystia Freeland to be Canada ’ s new finance minister cements her place as As the prime minister drafts a new governing agenda to revive the economy from its

Many economists have warned that lockdown measures around the world will accelerate job losses — that' s already showing up in unemployment numbers in several The coronavirus pandemic ' s hit to economic activity has led many institutions to slash their forecasts for the global economy .

NDP Leader Jagmeet Singh said today's update is the perfect opportunity to announce "bold measures" to address the needs of the Canadians most severely affected by the pandemic.

"The COVID-19 pandemic has shown how fragile the services that were supposed to help people are, and the importance of strengthening our social safety net so that no one is left behind," he told CBC News.

NDP pushes for child care support

The NDP is calling on the federal government to fund child care services that would allow more parents to return to work safely. It's also pressing the government to launch a universal pharmacare program.

Green Party Leader Annamie Paul said it's not enough for the government to present a "laundry list" of spending today. With a vaccine expected next year, she said, it must present a green recovery plan with economic and social investments.

"With a glimmer of hope on the horizon, it is vital that we seize this moment to prepare a green recovery plan that will engage every possible innovation, technology and resource at Canada's disposal to enhance our ability to face challenges," she said.

On the edge of a bleak pandemic winter, Freeland offers a vague plan for recovery

  On the edge of a bleak pandemic winter, Freeland offers a vague plan for recovery A pandemic recovery plan can't really get started until the pandemic ends. Still, the sketch of a recovery plan Finance Minister Chrystia Freeland offered yesterday leaves a lot of detail to the next budget."We know the winter ahead will be hard," the finance minister said. "But we also know that spring will follow winter.

The Green Party is calling for a guarantee that any supports the Liberals offer carbon-intensive sectors are "responsible and conditional." It also wants to see larger investments in projects and sectors that speed up progress toward a net-zero emissions economy.

Business hopes to see long-term growth plan

Business groups say they hope to see a plan today that charts a course through the ongoing crisis to long-term economic recovery and growth.

Canadian Chamber of Commerce president and CEO Perrin Beatty said he wants to see a shift from broad supports to smaller, more targeted federal programs to help the most vulnerable Canadians and sectors, including the restaurant, accommodation, arts and entertainment and retail sectors.

He said he hopes to see a plan that will boost Canada's business investment and competitiveness — and not a suite of "unaffordable" new permanent programs.

"Even as we navigate our way through this second wave of the pandemic, Canada needs its government to set the conditions for a strong, business-led recovery. Canadian families and businesses continue to pay a high price because of COVID-19, and the hard work of getting Canada's economy ready for recovery must start now with a clear and coherent plan," he said in a media statement.

Kelly McParland: Freeland and Trudeau bury the word 'austerity' under an avalanche of spending

  Kelly McParland: Freeland and Trudeau bury the word 'austerity' under an avalanche of spending Finance Minister Chrystia Freeland’s Monday economic update was a triumph for Prime Minister Justin Trudeau. In committing Canada to unprecedented levels of debt-financed spending, now and in the future, Trudeau fixes the agenda not only for his government but those to come later. No future prime minister can credibly pledge to balance the budget when Ottawa has committed to hundreds of billions in spending for which it lacks the money, much less whittle down a debt pegged to hit $1.4 trillion by March. Austerity, the Liberals favourite curse word, is as dead as disco. You can’t austere yourself out of $1.4 trillion.

a person standing in front of a store: Business organizations say they want to see a fiscal update focused on boosting growth. © Evan Mitsui/CBC Business organizations say they want to see a fiscal update focused on boosting growth.

Cash-strapped municipalities are also looking for good news in today's statement.

Federation of Canadian Municipalities president Garth Frizzell said he hopes to see "clear successor arrangements" to the safe restart agreement, which saw the federal government set aside $19 billion for the provinces to help them weather the second wave and drive job growth post-pandemic.

"The fall economic statement is an opportunity to build on the federal-municipal partnership that has kept Canadians safe, and essential front line services running strong, since the beginning of the pandemic," he said.

"They rely on us to keep doing that through 2021, and that's why municipalities need to see a clear commitment that the federal government will continue to work with us to ensure support for municipal operating and transit costs."

Fiscal guardrails will be ‘anchored’ by the time recovery plan rolls out: Freeland .
The fall economic statement laid out the rough shape of a coronavirus recovery plan that could see the feds spend between $70 billion to $100 billion on growth.In an interview with The West Block's Mercedes Stephenson, Freeland said while the fall economic statement she presented in her first formal fiscal document since taking over the finance portfolio this summer didn't offer specifics on those targets, those will be clear when the plans kicks off.

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