32.53°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

u-s-trade-representative-expects-interim-cusma-options-by-year-end
CanadaJul 22, 2026

U.S. trade representative expects interim CUSMA options by year-end

The Trump administration expects to present interim options for the Canada–United States–Mexico Agreement (CUSMA) before the end of the year, U.S. Trade Representative Jamieson Greer told a Senate committee in Washington. According to Greer, the proposals would take the form of interim arrangements with Canada and Mexico after the United States decided earlier this month not to continue CUSMA in its current form. As a result, the agreement will now be subject to an annual review process. Greer's comments come amid renewed trade tensions between Ottawa and Washington. U.S. President Donald
16-arrested-as-kamloops-rcmp-seize-weapons-loaded-shotgun-and-more-than-one-kilogram-of-drugs
BCJul 22, 2026

16 Arrested as Kamloops RCMP Seize Weapons, Loaded Shotgun and More Than One Kilogram of Drugs

Kamloops RCMP's Proactive Enforcement Team arrested 16 people and seized a large quantity of weapons, drugs and other illegal items during a two-day targeted enforcement operation conducted on July 3 and 4. According to an RCMP news release, officers focused on identified crime hotspots and individuals already known to police through intelligence-led enforcement efforts. During the operation, police seized 16 prohibited or dangerous weapons, including bear spray, brass knuckles, batons, knives and an axe. Officers also recovered a replica firearm and a loaded 12-gauge shotgun. Superintendent P
IndiaJul 22, 2026

Sonam Wangchuk says he will end hunger strike if government assures no action against student protesters

Social activist Sonam Wangchuk has said he is prepared to end his 24-day hunger strike over the alleged NEET-UG examination paper leak if the central government provides a written assurance that no punitive or retaliatory legal action will be taken against students who participated in the examination reform movement. According to a letter issued by Wangchuk, the assurance would protect student protesters involved in demonstrations demanding reforms to the examination system following the NEET-UG controversy. Wangchuk said Union ministers J.P. Nadda and Jitendra Singh met him on Tuesday night a
congo-ebola-outbreak-death-toll-reaches-999-health-ministry-reports
WorldJul 22, 2026

Congo Ebola outbreak death toll reaches 999, health ministry reports

The Ebola outbreak in the Democratic Republic of the Congo has claimed 999 lives, according to official figures released overnight into Wednesday by the country's Ministry of Health. The ministry said that, as of Sunday, 2,473 Ebola cases had been recorded since the outbreak was declared on May 15. Officials reported that 999 people had died from the disease. According to the Ministry of Health, the outbreak is caused by the Bundibugyo strain of the Ebola virus, for which there are currently no approved vaccines or treatments. Officials have said the outbreak has become the fastest-growing Ebo
raja-warring-seeks-resignation-of-punjab-cm-education-minister-over-repeated-exam-paper-leak-cases
IndiaJul 22, 2026

Raja Warring seeks resignation of Punjab CM, Education Minister over repeated exam paper leak cases

Punjab Congress president Amarinder Singh Raja Warring has demanded the resignation of Chief Minister Bhagwant Mann and Education Minister Harjot Singh Bains, alleging the state government has failed to prevent repeated examination paper leaks in Punjab. In a statement issued on Wednesday, Warring said several major paper leak incidents have been reported during the Mann government's tenure. He cited the Punjab Group-B recruitment examination, which he said was leaked about six months ago, along with alleged leaks involving the Class 12 English examination, the Punjab State Teacher Eligibility

Related News