David Yurdiga, MP

Economic Measures

Economic Measures

The federal government is committing $50 million to help the agriculture sector put in place measures needed to maintain the 14-day mandatory isolation requirements for all workers arriving from abroad.
Details: https://www.canada.ca/en/agriculture-agri-food/news/2020/04/keeping-canadians-and-workers-in-the-food-supply-chain-safe.html

Through the Local Food Infrastructure Fund, the federal government has committed $100 million to support food banks and local food organizations:

  • $50 million to Food Banks Canada
  • $20 million divided evenly between Salvation Army, Second Harvest, Community Food Centres Canada, and Breakfast Club of Canada
  • $30 million to be awarded at a later date

http://www.agr.gc.ca/eng/agricultural-programs-and-services/local-food-infrastructure-fund-infrastructure-and-equipment-improvement-projects/supporting-people-experiencing-food-insecurity-in-canada-because-of-covid-19/?id=1585855025072

The Canadian government will provide an additional $5 billion in credit for farmers through Farm Credit Canada
Link: https://www.fcc-fac.ca/en/about-fcc/media-newsroom/news-releases/2020/lending-capacity-increases-to-alleviate-industry-financial-pressure.html
Policy Update: Advance Payments Program loans due by April 30th will be deferred by six months

The Government of Canada has announced an $82 Billion financial Aid Package to assist Canadians. Measures include:

  • $27 billion in direct support for workers and businesses
  • $55 billion for liquidity through tax deferrals
  • Creating Emergency Care Benefit – For the ill, quarantined, self-isolation, or caring for a family member, this will be for 14 weeks for those who don’t qualify for EI (Replaced by the Canada Emergency Response Benefit)
  • COVID-19 Emergency Support Benefit – For those who don’t qualify for EI or are self-employed and have to close down(Replaced by the Canada Emergency Response Benefit)
  • Wage Subsidies for small businesses – Covers 10% of employee salaries for 3 months(increased to 75%, retroactive to March 15th and will apply to any business (of any size) or non-profit that has seen revenues decline by 30%)
  • Temporary boost of CCB
  • GST cheques for low-income
  • Interest-free moratorium on Canada Student Loans for six months
  • A temporary boost in funding for shelters – for the homeless or people in domestic violence situations and have no where to self-isolate safely
  • The creation of an Indigenous Communities Support Fund
  • Increased assistance for businesses through EDC
  • An increase to Farm Credit Canada to help farmers
  • Creation of “The Canada Account” for vulnerable industries
  • Banks to provide flexibility on mortgages and other loans
  • Those owing tax will have until August 2020 to pay
  • Temporary reduction in minimum RRIF withdrawals
  • Insured Mortgage Protection program re-instated temporarily
  • Investment in orphaned well remediation to be announced in the coming days

Funding update:
$20 million to Canadian Food Inspection Agency to increase inspections
Link: https://www.canada.ca/en/food-inspection-agency/news/2020/04/government-of-canada-provides-20million-to-safeguard-canadas-food-supply-by-supporting-critical-food-inspection-services.html
$130 million for the northern territories to ensure food supply is maintained
Link: https://pm.gc.ca/en/news/news-releases/2020/04/14/prime-minister-announces-health-and-social-support-northern