SPECIAL REPORT – Federal Fiscal and Economic Snapshot 2020

Today, Minister of Finance Bill Morneau delivered a Fiscal and Economic Snapshot in the House of Commons. Given the ongoing COVID-19 pandemic, this is not a traditional economic update or budget document. Instead, it provides a picture of how much money has been spent since the pandemic began, deficit projections for the rest of the 2020-2021 fiscal year, and the GDP to debt ratio. The update is also significant as it is the first comprehensive spending update that Canadians or Parliament have received since the government was granted sweeping spending powers to quickly roll-out support programs for Canadian workers and businesses.