6.72°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

BCOct 28, 2026

Boat Catches Fire in Vancouver’s False Creek, Two People Escape Unharmed

A boat caught fire in False Creek in Vancouver late Tuesday night. Police said they received a report of the incident at around 11:30 p.m., following which Vancouver Fire Rescue and Coast Guard crews quickly arrived at the scene to help extinguish the blaze. According to Constable Darren Wong, an initial investigation suggests the fire was caused by a technical malfunction in a generator on board the boat. Fortunately, both people aboard the vessel safely escaped the incident without sustaining any injuries. Police clarified that the incident does not appear to be suspicious or the result of a
CanadaOct 28, 2026

Cross-Border Tobacco Smuggling Racket Busted in Canada, Four Individuals Face Serious Charges

The Canada Border Services Agency (CBSA), in a joint operation with the RCMP in Saskatchewan, has uncovered a cross-border tobacco smuggling operation and laid serious criminal charges against four individuals. According to the CBSA, the group allegedly used the railway network to smuggle approximately 116,000 kilograms of illegal tobacco from the United States into Canada and between different provinces between October 2020 and April 2024. All four accused are residents of Ontario: 47-year-old Harminder Grewal of Brampton, 49-year-old Avikesh Sharma of Mississauga, 48-year-old Johnny Gamboa o
WorldOct 28, 2026

At Least 64 Killed in Spain High-Speed Train Collision

At least 64 people have been killed in a devastating collision involving two high-speed trains in Spain. Rescue workers continued searching through the wreckage on Wednesday for more bodies. The incident marks the country’s second major deadly rail accident this year. Following the crash, injured passengers and survivors were evacuated from the trains. Hundreds of ambulances, helicopters and other emergency response vehicles were deployed at the scene. According to preliminary information, a private Iryo train had stopped near Toledo after a signalling fault, reportedly on the instructions o
canada-wont-rush-into-trade-deal-with-the-u-s-pm-carney
CanadaOct 28, 2026

Canada Won’t Rush into Trade Deal with the U.S.: PM Carney

Prime Minister Mark Carney has ruled out the possibility of an imminent trade deal with the United States. Speaking to reporters on Parliament Hill today, Carney made it clear that Canada is not currently in a position to reach a trade agreement with U.S. President Donald Trump’s administration. Carney said Ottawa would only consider a deal if it clearly served Canada's interests, stressing that the federal government would not rush into an agreement. His remarks come just days before the U.S. midterm elections next week, following signals from Trump that a trade deal with Canada could be wi
ucp-leaders-wont-be-allowed-to-advocate-albertas-separation-from-canada-danielle-smith-announces
AlbertaOct 28, 2026

UCP Leaders Won’t Be Allowed to Advocate Alberta’s Separation from Canada, Danielle Smith Announces

Alberta Premier Danielle Smith has announced that anyone seeking a position on the United Conservative Party (UCP) board will have to sign a pledge opposing provincial separation at the party’s annual general meeting next month. Smith said Albertans voted overwhelmingly to remain part of Canada in last week’s referendum, and the party must respect the result. Current board members are also expected to honour the commitment. Candidates running under the UCP banner in next year’s provincial election will also be required to respect the referendum results. The move is aimed at keeping separ

Related News