The Canadian government is preparing to spend big in its post-COVID economic stimulus package – very big.
In reports from Ottawa, the nation’s federal government is prepared to earmark C$100 billion (US$ 58 billion) to help give the economy a boost in what is “the largest economic relief package for our country since the Second World War”, according to Finance Minister Chrystia Freeland.
Business sectors to benefit from the package include the travel and tourism industries which have been very hard hit by the pandemic.
Companies in both of these sectors in addition to those in the arts will be able to apply for business loans of up to C$1 million to be paid back over a decade.
By March of next year it is understood Canada’s national deficit will exceed C$380 billion as a result of the Trudeau government stimulus plan.
Lower income families have also been told they will get ‘up to’ C$1,200 for each minor under the age of 6.
Canada is currently battling a fierce second wave of COVID-19 cases which last month led to the number of total nationwide infections doubling to almost 377,000.
To date over 12,000 Canadians have died from COVID related causes.
Speaking of the stimulus package, Freeland said Monday that “(W)hen the virus is under control and our economy is ready for new growth, we will employ an ambitious stimulus package.”
She added that a further C$1 billion will also be set aside to guarantee coronavirus vaccine purchases, saying that “Canada has secured the most diverse vaccine portfolio in the world.”
The money will be used over the next three years leaving Canadians with their largest budget drop off since the country was rebuilding in the wake of the Second World War.