Trudeau is up.
"I have some news share over the Canada-U.S. border," Trudeau says. PM spoke to Trump. Canada and the U.S. will temporarily restrict all non-essential travel over the border. Travellers will no longer be permitted to cross for recreation & tourism. Trucking to continue.
"We're recommending everyone work from home," Trudeau says in French. He acknowledges it's not so simple for waiters, cab drivers, tourism-related workers, etc.
Trudeau announces an $82 billion aid package - which represents 3% of GDP.
Trudeau announces Emergency Care Benefit for people who have to stay home. People who are ill, placed in quarantine or have to self-isolate or those who have to take care of a family member with COVID-19. Like EI, but separate from that program - open to all.
The emergency care benefit will be paid every two weeks up to 14 weeks.
To protect jobs, Ottawa is offering small businesses a temporary wage subsidy equivalent to 10% of salary. "This will help employers to keep their workers on the payroll," Trudeau says.
Trudeau says if people have to pay on their tax return - they will have until August 2020 to pay.
Trudeau announcing that the government will temporarily boost the Canada Child Benefit (CCB) in the coming months.
The GST credit for low-income Canadians is also getting a temporarily boost. $300 more on that cheque with $150 more for every child.
Six-month interest-free moratorium on Canada Student Loans. Doubling the "Reaching Home" program for the homeless, boosting funding for shelters to help people who can't self-isolate at home. Fund for Indigenous communities.
For businesses. Trudeau says Export Development Canada will provide support (Morneau announced $10B last week). For farmers and food producers, Trudeau says they will also boost Farm Credit Canada.
So, $27 billion in direct support and $55 billion to meet "liquidity needs" of businesses and households.
"I know it's a hard time but that's exactly why we need to keep supporting each other. Our government is here for you and your fellow Canadians are here for you too," Trudeau says.
Trudeau pauses to grab his coat from inside. "Nice and sunny but a little brisk," he says.
How long will the border be closed? Trudeau says we're so interconnected - they want to ensure the smooth flow of goods and essential materials and medication. "We will work in close coordination on an ongoing basis to ensure that continues."
Trudeau says the border will be closed for as long as it needs to be closed.
Headed for a recession? "We're focused on making sure people not getting income or revenue have the money to support their families through this difficult times," Trudeau says. He says fundamentals of the Canadian economy are strong - in weeks or months things will bounce back.
Emergencies Act? Restricting travel domestically? Trudeau says that the government is looking at all options & tools. "The emergency measures act is a significant step - not one we feel we need today - but we're not closing the door if necessary."
"Right now we're using all the other tools we have to keep Canadians," Trudeau says on the possible use of the Emergencies Act.
Trudeau says many workers qualify for EI, and that money will flow. Many workers don't qualify for EI so we're putting in place "exceptional measures" that will flow money to them every two weeks, Trudeau says.
"People need to self-isolate, need to stay home," Trudeau says. The $27B aid package will help people stay home - including those who don't have access to EI.
Why not send cheques directly to everybody? Trudeau says the programs announced today are targeted a people who will lose their income - and don't have access to a pension, EI, etc.
"We are working with the U.S. so the measures can come into effect very quickly. It will be happening very soon," Trudeau says of when the border will close to non-essential travel. CBSA has the resources to "meet that challenge," Trudeau says.
Roxham Rd? Trudeau says every measure is being taken to ensure that border crossing is "properly controlled," and the people who cross are being put in quarantine for 14 days.
Parliament? Trudeau says House Leader and Sen. Marc Gold are working with the opposition. "There's broad cooperation, openness ... I'm confident Canadians of all parties will pull together to get Canadians the help they need," he says in French.
Trudeau says Sophie is still dealing with flu-like symptoms and headaches. He and the children are fine.
To recap: Provide additional assistance to families with children by temporarily boosting Canada Child Benefit payments. This measure would deliver almost $2 billion in extra support
Introduce an Emergency Care Benefit of up to $900 bi-weekly for up to 15 weeks to provide income support to workers who must stay home and do not have access to paid sick leave.
This Emergency Care Benefit is for: Workers, including the self-employed, who are sick, quarantined, or who have been directed to self-isolate but do not qualify for Employment Insurance (EI) sickness benefits
also available to: Workers, including the self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent or other dependents who are sick, but do not qualify for EI sickness benefits.
The government is also introducing an Emergency Support Benefit delivered through the Canada Revenue Agency to provide up to $5 billion in support to workers who are not eligible for EI and who are facing unemployment.
Moreover, Ottawa will also provide additional assistance to individuals and families with low and modest incomes with a special top-up payment under the Goods and Services Tax (GST) credit. They project this measure would inject $5.5 billion in the economy.
Ottawa extending tax deadline & when payments are due. "Extend the tax filing deadline for individuals to June 1, and allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020."
Help for small businesses, charities and non-profits. "Provide eligible small businesses a 10 per cent wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer."
For retirees: "Reduce minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25 per cent for 2020 in recognition of volatile market conditions and their impact on many seniors’ retirement savings."
For students: "Implement a six-month, interest-free, moratorium on Canada Student Loan payments for all individuals who are in the process of repaying these loans."
The list of support and benefits is long - the government has updated its website with more details: canada.ca/en/department-…
Finance Minister Bill Morneau stresses this is the "first phase" of an aid package for Canadians. More to come - depending on need.
"We're working to make sure no one gets left behind," Morneau says. People self-isolating, in quarantine or looking after someone sick: up to $450 a week for people who don't have access to EI (people in gig economy, cultural sector, many others, etc.)
Importantly, Morneau says people will not need medical documentation to qualify but they will be asked to sign a "simple declaration."
Emergency Support Benefit is an EI-like program for people who don't have access to EI when they lose their job. Payments will be at a "comparable level" to what is offered through EI.
Morneau says OAS and GIS payments (pensions for the elderly) will continue as usual without any interruption.
"We're prepared to additional financial support as necessary," Morneau says. "We know businesses in some sectors are more affected than others like air transportation and the oil and gas sector." He says gov't working on a plan for them.
Morneau says the government is working on an orphan well remediation program - important for Alberta, Sask.
Morneau says he spoke to the CEOs of major grocery chains: supply chains are still functional and they will not price-gouge customers.
Morneau is asking on the Opposition parties in the House and the Senate to "work with us - there can be no delay."
Governor of the Bank of Canada Stephen Poloz is announcing a series of measures to shore up the country's banking system (much of this announced last week) - to ensure liquidity and access to capital for businesses. Some BG here: cbc.ca/news/politics/…
Why hasn't Canada cut the overnight bank rate to 0% like the Fed in the U.S.? Poloz says we have our own monetary policy here of course. He says the Bank is reviewing the fiscal package just announced - will re-evaluate. April 15 is the next announcement date for rates.
Morneau says people who wish to stay home & don't have access to income will be able to tap the Emergency Support Benefit program.
Where are you at with changes to the fiscal stabilization fund for provinces like Alberta, Sask., and Newfoundland? "We will work with provinces as they come to us with their issues," Morneau says.
Morneau says individuals will be able to go on-line to the CRA site to apply for some of these benefits in the coming days.
