Fall 2020 Economic Update – A Summary of Canada’s Economic Statement from Minister of Finance
“We are resilient people. We are resourceful people. And we have a plan.”
Canada’s Deputy Prime Minister and new Minister of Finance, the Honourable Chrystia Freeland, presented her government’s Fall Economic Statement (FES) on Monday, November 30th. The FES titled “Supporting Canadians and Fighting COVID-19” provided the first real glimpse at the cost of the federal support measures over the last nine months, and projected cost of stimulus budgeted for 2021-2024.
Canada’s deficit at the end of March, 2021 is projected to be $381.6 billion, but could be greater depending upon the future shutdowns and COVID-19 infections. As a percentage of GDP, the federal debt will grow to 50.7% from 31.2%.
The FES outlined the government’s measures to fight and defeat COVID-19; to support Canadians through this crisis; and to rebuild Canada’s economy. The FES touched on the government’s:
- – Continuing, extending and/or modifying existing comprehensive federal support measures
- – Procurement and effective delivery of COVID-19 vaccinations
- – Tax measures that continue with its theme of fairness
- – Introduction of an ambitious planned stimulus roadmap to jumpstart the economy once COVID-19 has been beaten.
Click the link below to download read the full 3 page summary to learn more about the tax impacts and benefits to you and your family, brought to you by our Advanced Wealth Planning department.
If you have any questions about how this relates to you or your investment portfolio and financial plan, please give us a call at 778 655 2410 or email us at thewonggroup@wprivate.ca
