Fall Economic Statement 2020

Lisa C. Community, COVID-19, Settlement & Community News, Updates

The Fall Economic Statement is a plan that’ll support you and  build a stronger and more resilient. Economy. Some of the key measures include:

  • For parents who are eligible for the Canada Child Benefit, the government is proposing to provide them with immediate relief by introducing temporary additional support of up to $1,200 for each child under the age of 6.
  • For students, the government is proposing to reduce their debt by eliminating interest on the federal portion of their Canada Student Loans and Canada Apprentice Loans for 2021-2022.
  • For small business owners and the workers they employ, the government has extended the Canada Emergency Wage Subsidy until June of next year, and is going to raise it back to a maximum of 75%.
  • For businesses that were hit hard – like those in the tourism, hospitality, travel, and arts and culture sectors – the government is creating a credit availability program with 100% government-backed loan support and favourable terms for businesses that have lost revenue as people stay home to fight the spread of the virus.

To learn more about these and other measures outlined in the Fall Economic Statement, click here.

Word of the Day:

Hospitality: the friendly treatment, reception and entertainment of guests or visitors. The hospitality sector or industry includes lodging (hotels), food and drink service (restaurants and bars), event planning, theme parks, and transportation, etc.