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Finance Minister Bill Morneau expects direct govt spending of the govt to help Canadians deal with COVID-19 (not including cost of deferring taxes) will be over $105 Billion #cdnpoli #coronavirus #COVID19
#NEW 1st look we have had at early govt estimates for costs of #COVID19 programs according to Finance Bill Minister Morneau:
CERB - $24 Billion
Wage subsidy - $71 Billion
Deferred taxes - $85 Billion,
Loans to businesses - $25 Billion
So far: $205 Billion
#cdnpoli #coronavirus
This does not include things like healthcare costs, or transfers to provinces, or other programs and announced (and obviously unannounced). These are also short term numbers that - percentage of loans will be paid back and taxes paid in future.
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Mercedes Stephenson
@MercedesGlobal
Thanks @troyreebglobal very proud of our amazing team nationally and here in the Ottawa Bureau @davidakin @AbigailBimman @mikelecouteur @silverjes @BryanMGlobal @crystaloag
Also huge props to our online team @amandacconn @bbritneff @LeslieYoung @scoopercooper @brianhillGlobal and our incredible techs: Frank Boldt, @Globalcamdude, Steve Alexander, Luigi Della Penta, Rob Kazemzadeh, Mike Haslett; our engineers Peter and Tony and our amazing admin JL!
And @newsmark is a hero to many in the bureau and across the networks. Mastermind behind my home shot.
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Mercedes Stephenson
@MercedesGlobal
#Breaking PM says that business will be able to show a 15% reduction in income instead of 30% and can also use Jan and Feb to show a loss of revenue to apply for the wage subsidy program #cdnpoli #COVID19 #coronavirus
The PM will also be leaving Rideau Cottage to attend Cabinet in person today for the first time since his wife Sophie was diagnosed with COVID-19 in March.
Charities will be able to include or exclude govt funding in calculating loss
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Mercedes Stephenson
@MercedesGlobal
PM Trudeau announces Canadian companies will produce up to 30,000 ventilators that will be made in Canada. #cdnpoli #coronavirus #COVID19
"We’re expecting 500,000 masks from 3M tomorrow, and we’re working as fast as we can to get them to our frontline workers." PM Trudeau
Last night govt proactively shared their legislation on wage subsidy with the opposition, says Prime Minister Trudeau #cdnpoli
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