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Economic Fiscal Snapshot 2020
Dear Neighbour,
Since the beginning of the COVID-19 crisis, our government has been working hard to help Canadians weather this difficult time together.
Through rapid and broad support, we are protecting millions of jobs, providing immediate income support to families and helping keep businesses afloat.
On July 8, Minister of Finance, Bill Morneau present Parliament with the Economic Fiscal Snapshot 2020. It highlighted how we have been able to utilize Canada’s strong fiscal position in order to stabilize our economy and support Canadians during these challenging circumstances.
These supports have enabled millions of Canadians to receive an income, put food on the table, and keep a roof over their family’s heads.
By following public health requirements together, we have worked to flatten the curve, to reduce the spread of the virus, and to keep from overwhelming our health systems.
Canada’s COVID-19 Economic Response Plan is the most comprehensive and substantial peacetime investment in our country’s history. It represents almost 14% of Canada’s GDP in total support, including $230 billion in direct support to Canadians. These targeted investments have meant that Canadians and Canadian businesses are better positioned for recovery.
A look at the impact these investments have had on Canadians and businesses so far:
Millions of Canadians have lost their jobs, hours, or wages, and many businesses continue to face uncertainty as we carefully move towards recovery.
While certain sectors can now resume some job activities, other sectors, like the travel, restaurant, and hospitality industries in general will be slow to rebound.
Our future economic success will continue to be linked to public health outcomes. It remains our top priority to protect the health and safety of all Canadians.
Canada has risen to this challenge and faced this unprecedented situation head-on, while at the same time maintaining a low debt advantage. Our bottom line reflects the necessary actions we took to ensure all Canadians would get through these tough times.
Through programs such as the Canada Emergency Wage Subsidy, the Canada Emergency Response Benefit and the Canada Emergency Business Account, Canadians have been able to keep workers on the payroll, cover daily expenses and businesses have been able to stay afloat.
We took on this debt so Canadians individually would not have to and to ensure individuals and businesses have the support and resources they need as our economy continues its incremental and careful restart plan.
I want to stress: the cost of inaction would have been far worse for the health and safety of Canadians, with crushing economic losses for individuals and businesses
Nevertheless, the road ahead will be long and often uncertain, and our economic health will depend on our continued commitment to carefully follow all public health guidelines. We will continue to invest in Canadians, workers, our healthcare system, and the economy, now and into the future.
My office is also focused on ensuring that everyone has the most up-to-date information and that it is accessible. For daily updates, follow me on Facebook, Instagram and Twitter, or visit my website.
Yours sincerely,
Ron McKinnon
Member of Parliament for Coquitlam - Port Coquitlam
| Mon: | By appointment only |
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| Wed: | By appointment only |
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| Sat: | Closed. |
| Sun: | Closed. |
