Economic Fall Statement 2020

The Fall Economic Statement 2020

The Fall Economic Statement 2020 was announced on November 30, 2020 and promises new funding to help Canadians through the Covid-19 pandemic. The government is announcing several new measures that will see Canadians through the pandemic to ensure a robust economy. Here are a few highlights:

  • The Canada Emergency Wage Subsidy will be increased to a maximum rate of 75% beginning December 20, 2020 and extended until March 13, 2021. The Canada Emergency Rent Subsidy and Lockdown Support will remain at the current rates until March 13, 2021. Both programs will run until June 2021.
  • Families with young children will receive temporary support of up to $1,200 in 2021 for each child under the age of 6 who are entitled to the Canada Child Benefit
  • The Canada Summer Jobs funding will be increased by approximately $447.5 million in new investments in the program next year. The new funding will allow for an extra 40,000 of new job placements for students compared to last year.
  • There is also additional compensation for Supply-managed Farmers who have been negatively impacted by the Canada-United States-Mexico Agreement. In addition to the $250 million already paid to the Dairy Farm Investment Program and the $345 million delivered through direct payment to dairy farmers in 2019-20, the government is announcing that dairy farmers will receive $1.4 billion in payments over three years. Furthermore the government is also announcing $691 million for 10-year programs for supply-managed chicken, egg, broiler hatching egg and turkey farmers.