|
|
|
Canada unveils new financial program to stimulate economy
|
|
|
|
Top Stories |
|
|
|
|
IANS | 01 Dec, 2020
The Canadian government has unveiled a new financial program to boost
the country's economy amid the raging coronavirus pandemic.
Titled
"Supporting Canadians and Fighting Covid-19", the 237-page fiscal
update launched on Monday offers a revised look at the Canadian economy
and the impact of the ongoing pandemic-induced recession on the
country's economic outlook, reports Xinhua news agency.
"The
coming months will be difficult and ongoing fiscal support will remain
necessary deep into 2021 in order to protect jobs and prevent widespread
permanent losses in our economy," the Canadian government said in a
statement.
Details of the stimulus program worth C$70 billion to
C$100 billion will be budgeted over the next three fiscal years starting
from April 1, 2021.
The country's national deficit is projected
to hit at least C$381.6 billion for this fiscal year, up from the
forecast of C$343.2 billion in July.
The government's immediate
priority is to do whatever it takes to help Canadians and businesses
stay safe and solvent amid the pandemic challenge, Deputy Prime Minister
and Finance Minister Chrystia Freeland said at the Canadian House of
Commons Monday afternoon.
"We will invest in every necessary and
helpful public health measure. And we will support Canadian families and
Canadian businesses, in a deliberate, prudent and effective way," she
said, adding that the government plans to make the post-pandemic economy
"more innovative, inclusive and resilient than the one that preceded
it".
"Spending roughly 3 to 4 per cent of the GDP, over three
years, our government will make carefully judged, targeted and
meaningful investments to create jobs and boost growth," she said.
The
risks associated with not providing enough economic support right now
outweigh those involved in spending too much, the Minister said, adding
that the government will keep monitoring the employment rate, total
hours worked and the level of unemployment in the economy to determine
when to end the stimulus spending.
The updated program includes several policy announcements.
The
Canadian government is moving ahead with a promise to require
international digital companies such as Netflix to collect and remit
federal sales tax on digital sales.
It is also planning restrictions on stock option deduction.
A
plan to offset the cost of energy retrofits for homeowners will receive
C$2.6 billion over seven years, and an existing program to build
electric vehicle charging stations will receive an additional C$150
million.
The government is also increasing the maximum Canada
Emergency Wage Subsidy rate from 65 per cent to 75 per cent, starting
December 20 and continuing until March 13, 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|