Canada’s Finance Minister Bill Morneau has provided a grim look at how the Covid-19 pandemic has impacted the country fiscally so far.
In an update report today, Morneau said Canada expects to have a $343 billion deficit in 2021.
Spending could top $612 billion by the end of next year too – that’s almost double what was spent this year.
Earlier today Prime Minister Justin Trudeau tempered the impacts, saying things would have been far worse if the government hadn’t helped Canadians via costly programs like the CERB and Wage subsidy.
Canada’s total debt could reach $1.06 trillion in 2021.
The COVID-19 Economic Response Plan is the most comprehensive and substantial peacetime investment in Canada’s history: helping families and businesses through this challenging time. Read the full Economic and Fiscal Snapshot here: https://t.co/AtsRJul1Vb pic.twitter.com/tFQxXW9qqP
— Bill Morneau (@Bill_Morneau) July 8, 2020



