Canada Unveils First Full Fiscal Stimulus Plan to Boost Economic Recovery
With the coronavirus showing no signs of abating, fiscal stimulus measures continue to be announced around the world, with the latest one coming out of Canada. In the previous session, the Canadian finance minister unveiled spending plans worth CAD 101.4 billion to boost the economic recovery already underway and tackle climate change.
Unlike most other leading economies, this is the first time in two years that Canada has announced such a comprehensive fiscal plan. It includes an extension of wage and rent subsidies and emergency aid until September, in addition to supporting a new childcare program and boosting the production of COVID-19 vaccines.
The fiscal stimulus plan also extends support to the hard-hit tourism sector as well as to indigenous communities and Black entrepreneurs. The budget also offers a break on student loan interests even as it will charge a luxury tax on the purchase of some expensive goods, such as high end cars, yachts and private jets.
While addressing the Parliament on this issue, Finance Minister Chrystia Freeland observed, “It’s about healing the economic wounds left by the Covid recession. And it’s about creating more jobs and prosperity for Canadians in the days — and decades — to come. We must punch our way out of the Covid recession. That means ensuring lost jobs are recovered as swiftly as possible, and hard-hit businesses rebound quickly.”
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