Federal Government to Provide Economic “Snapshot” Update July 8

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Today, Prime Minister Justin Trudeau announced that Finance Minister Bill Morneau will provide a fiscal update to Parliament on July 8. The federal government originally planned to release the 2020 Budget on March 30, but it was postponed due to COVID-19.

The Prime Minister referred to the update as an “economic and fiscal snapshot” rather than a full economic update or a detailed budget. He indicated the update will focus on the measures taken to combat the COVID-19 pandemic, the impact of COVID-19 on the Canadian economy, and how Canada’s recovery compares to other countries.

Mr. Trudeau said that a federal budget will only be brought forward once the economy has stabilized.

Other News

Canada and Ontario are investing $10 million in emergency assistance for beef and hog farmers. The funding will cover increased feeding costs for cattle and hogs due to COVID-19 related processing delays and redirect surplus pork products to help those in need.

Applications for the Canadian Seafood Stabilization Fund will be accepted starting June 22, 2020. The funds will be distributed as follows:

• Atlantic provinces – Atlantic Canada Opportunities Agency (ACOA): $38,140,000
• Quebec – Canada Economic Development for Quebec Regions (CED): $9,142,000
• Western Canada – Western Economic Diversification Canada (WD): $9,018,000
• The Department of Fisheries and Oceans will reserve $6.2 million to address emerging industry pressures.

Camping will gradually restart in National Parks starting on June 22, 2020.