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Fiscal Snapshot: Federal deficit projected to be $343.2 billion in 2020-21

BY The Canadian Press, Jul 8, 2020 12:34 PM - REPORT AN ERRORLAST UPDATED ON Jul 8, 2020 7:37 PM

Minister of Finance Bill Morneau rises during a meeting of the Special Committee on the COVID-19 Pandemic in the House of Commons on Parliament Hill in Ottawa, on Wednesday, June 17, 2020. The federal Liberals will lay out today how they see the COVID-19 affecting federal finances for the fiscal year, detailing an estimated deficit and a projected path for the economy. THE CANADIAN PRESS/Justin Tang

The Liberals are projecting the deficit will soar to $343.2 billion in 2020-2021 due to pandemic relief programs.

That is a historic level and 43-billion-dollars beyond even the highest private sector predictions.

Finance Minister Bill Morneau says the government expects nearly two-million Canadians will remain out of work this year as the COVID-19 pandemic drags down the economy.

In the event of a second wave of infections, the government is forecasting a deeper and longer-lasting negative impact on the economy.

The COVID-19 fiscal snapshot: By the numbers

Estimated federal deficit for 2020-21: $343.2 billion

Direct federal aid to individuals and businesses as a result of COVID-19: $212 billion

Number of Canadians who were laid off or had their hours cut as a result of COVID-19 between February and April: 5.5 million

Number of Canadians who applied for the Canada Emergency Response Benefit: 8.16 million

Amount government paid out in Canada Emergency Response Benefit as of June 28: $53.53 billion

Number of students who applied for Canada Emergency Student Benefit: 601,356

Amount government paid out in Canada Emergency Student Benefit as of July 2: $1.42 billion

Number of Canadians whose jobs were supported by the Canada Emergency Wage Subsidy: 3 million

Expected unemployment rate by the end of 2020: 9.8 per cent

Expected unemployment rate in 2021: 7.8 per cent

29: Number of times the government uses the word "unprecedented" in its fiscal snapshot documents

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