WHO SHOULD PAY FOR COVID DEBT?

 


The budget is now tentatively scheduled for late April.  This is a critical budget for the government because expectations (and hopes) among Canadians are very high and rising. Recent polls show that a majority of Canadians believe that a Liberal government would do the best job in managing the government’s post COVID finances

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CANADIANS DON’T NEED AN AUSTERITY BUDGET

 

Getting a vaccination probably remains the top priority of most Canadians especially in the middle of a very scary third wave generated by COVID variants. Notwithstanding a new stay at home order, there is some emerging hope that by the summer the situation will be much better and by September anyone who wants a vaccine will have it.

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PLANNING “THE MOST SIGNIFICANT (BUDGET) OF OUR LIFETIME”

 

In Mid-January, the Finance Minister, Chrystia Freeland, announced new budget consultations with Canadians to assist her in preparing her spring budget. According to Minister Freeland, the 2021 budget “will be among the most significant of our lifetime.”

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TWO-THIRDS UPDATE, ONE-THIRD BUDGE

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Fiscal Monitor for April –June 2020


June 2020
The federal government recorded a deficit of $33.6 billion in June 2020, compared to a surplus of $1.3 billion in June 2019. This deterioration primarily reflects the impact of the COVID-19 on economic growth and the temporary COVID-19 support measures in June 2020. Budgetary revenues decreased by $7.9 billion (28.5%), program expenses increased by $27.9 billion (114.4%), while public debt charges declined by $0.9 billion (41.3%) from year earlier levels. 

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CHALLENGES FOR POST COVID BUDGET PLANNING



In the July 8, 2020 “Economic and Fiscal Snapshot”, the Government presented revised fiscal projections for 2019-20 and 2020-21 only.  It stated that “given the unprecedented degree of uncertainty clouding the economic outlook, providing an economic and fiscal forecast beyond 2021 with an appropriate degree of confidence is not possible at this time and would potentially be misleading”.

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