2020 Fall Economic Statement

November 30, 2020

Today, Chrystia Freeland delivered the government’s 2020 Fall Economic Statement, which outlines the Liberal government’s measures to fight and defeat COVID-19, to support Canadians through the crisis, and to rebuild Canada’s economy.

Canada entered this crisis in a strong fiscal position, which has allowed our government to take decisive action to support people and businesses as we weather this storm. Since the beginning of this global crisis, our Liberal government has continued doing everything it takes to keep Canadians safe, protect jobs, support our communities, and help businesses bridge through to better times.

Canadians know we are in for a hard winter, but better days are coming. The Liberal government has a plan to get through this, and to build back better once the virus is beaten.

When the virus is under control and our economy is ready for new growth, we will deploy an ambitious stimulus package to jumpstart our recovery, and support and grow the middle class. This will include support for those hit hardest by the pandemic, including seniors, women, young people, Black and racialized Canadians, Indigenous peoples, persons with disabilities, and new Canadians.

Here are a few important highlights:

Protecting Canadians’s health, and supporting Canadians through the pandemic:

  • Ensuring every Canadian can be confident they will have access to an effective vaccine, for free, once it’s ready
  • Working with provinces and territories to set new, national standards for long-term care and providing $1-billion for a new Safe Long-term Care Fund that will help keep our seniors protected
  • Investing in our emergency health response, including rapid testing, personal protective equipment, and more
  • Investing $150 million to improve ventilation in public buildings and help reduce the spread of COVID-19
  • Supporting jobs and businesses with an extended 75% wage subsidy, and a new stream of credit supports for hard-hit sectors including tourism, hospitality, and arts and culture
  • Providing direct rent and mortgage support (up to 90%) until June 2021 for businesses and organizations affected by COVID-19 with the Canada Emergency Rent Subsidy and the Lockdown Support
  • Providing immediate relief to low and middle-income families through the Canada Child Benefit
  • Reducing student debt by eliminating interest on the federal portion of Canada Student Loans and Canada Apprentice Loans for 2021-22

And when the virus is under control, building a more resilient economy:

  • Laying the groundwork for a Canada-wide child-care system
  • Putting climate action at the centre of the Liberal government’s plan to create one million jobs
  • Bolstering training support for those hardest hit by the pandemic, including marginalized communities and racialized Canadians
  • Providing grants to homeowners to help them make energy-efficient improvements to their homes

This recovery plan will help ensure no one is left behind — and as we work to build back better, it will also help ensure that the economy that comes after this pandemic is more innovative, inclusive and resilient than the one that preceded it.

As Chrystia Freeland said today, “We will do whatever it takes to help Canadians stay healthy, safe, and solvent. 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.”

Read Chrystia Freeland’s full speech

Read the full details on the Fall Economic Statement