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ARTICLE · 10 JULY 2020

2020 Economic And Fiscal Snapshot

Crowe Soberman LLP
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On July 8, 2020, Finance Minister Bill Morneau delivered an update in the form of an economic and fiscal snapshot which provided a detailed account of the government spending ...

CanadaFinance and Banking
Silvia Jacinto, BComm, MTax
Silvia Jacinto, BComm, MTax
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The numbers that matter.

On July 8, 2020, Finance Minister Bill Morneau delivered an update in the form of an economic and fiscal snapshot which provided a detailed account of the government spending on pandemic-related support programs. What follows are some of the highlights. 

$343B Deficit Projection

The deficit for 2020-21 is expected to increase to $343.2 billion from the $34.4 billion pre-pandemic projection made in December 2019.

A large percentage of that additional deficit is attributed to the $212 billion in support measures the federal government is rolling out to individuals and businesses in response to the pandemic. In addition to pandemic program spending, the economic slowdown has added approximately $81.3 billion to the deficit for 2020-21.

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