16.85°C Vancouver

Jul 8, 2020 7:34 PM -

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

Share On
fiscal-snapshot-federal-deficit-projected-to-be-343-2-billion-in-2020-21
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

Latest news

AlbertaJun 10, 2026

Towns orders removal of Alberta separation billboard after public complaints

The Town of Taber has ordered the removal of a digital billboard promoting Alberta separation after receiving multiple complaints from members of the public. The electronic sign displayed the message, “Send Ottawa a message! Choose Alberta.” According to a letter from Chief Administrative Officer Derrin Theobald, residents raised concerns about the political content being displayed on the billboard. Town officials said the sign is located on municipal land and does not comply with local land-use regulations. The municipality has directed that the billboard be removed as a result. The issue
teens-body-recovered-from-b-c-lake-after-weekend-boat-capsize
BCJun 10, 2026

Teen's body recovered from B.C. lake after weekend boat capsize

A 17-year-old boy from Prince George has been found dead after a boat capsized on Stony Lake near Quesnel over the weekend, according to RCMP. Quesnel RCMP said the youth's body was recovered by divers on Tuesday, three days after the incident was reported. Police said officers were called to the lake on Saturday following reports that a vessel carrying four people had overturned. Three occupants were able to reach shore safely. According to RCMP, the 17-year-old operator of the boat did not resurface after the capsize and could not be located at the time of the incident. No further details ab
BCJun 10, 2026

Former Surrey mayor calls for independent investigation into SPS chief’s dismissal

Former Surrey mayor Doug McCallum is calling for an independent police investigation into the dismissal of Surrey Police Service Chief Norm Lipinski and the resignations of two Surrey Police Board directors. McCallum said no one is above the law, including councillors and mayors, and argued that if any rules were broken, those responsible should face appropriate legal consequences. He also said the investigation should not be conducted by the RCMP, citing concerns about perceived conflicts because current Surrey Police Board chair Rob Stutt is a former RCMP member. According to public statemen
carney-congratulates-modi-on-becoming-indias-longest-serving-continuously-serving-prime-minister
CanadaJun 10, 2026

Carney congratulates Modi on becoming India’s longest-serving continuously serving prime minister

Canadian Prime Minister Mark Carney has congratulated Indian Prime Minister Narendra Modi on becoming the longest-serving continuously serving prime minister in India’s history. According to statements released by Indian government officials, Modi completed 4,399 consecutive days in office on Wednesday, surpassing the previous record of 4,398 days held by India’s first prime minister, Jawaharlal Nehru. In his message, Carney said Canada and India are working to renew and strengthen their bilateral partnership and expressed interest in continuing cooperation aimed at supporting economic gro
majithias-anticipatory-bail-plea-adjourned-to-june-11-in-majitha-police-station-case
IndiaJun 10, 2026

Majithia’s anticipatory bail plea adjourned to June 11 in Majitha police station case

Senior Shiromani Akali Dal leader Bikram Singh Majithia appeared before a court in Amritsar in connection with his application seeking protection from arrest and anticipatory bail in a case registered at Majitha Police Station. Following a hearing on Tuesday, the court scheduled further consideration of the matter for June 11. During the proceedings, the Special Investigation Team (SIT) probing the case informed the court that advocate Bikramjit Bath was present with Majithia on the day of the incident in his capacity as legal counsel and that investigators had found no evidence of his involve

Related News