Canada Announces Massive Stimulus For Economy + Emergency Cash Transfers

[Economy 52,928]

https://www.bnnbloomberg.ca/trudeau-promises-82b-in-economic-supports-in-covid-19-fight-1.1408173

 

Canada's has announced a Massive $82 Billion stimulus package worth over 4% of GDP

 

Measures include:

 

- $55 Billion in tax deferrals

- increased child benefit payouts

- up to $800 bi-weekly ($1600/month) for unemployed who do not qualify for EI benefits

- assistance to financial institutions so they can provide mortgage payment and other loan defferals for up to 6 months

- wage subsities for small businesses

- direct support for most impacted sectors such as tourism sector and airlines (details still to be announced)

 

Still livestreaming with more information

[Economy 52,928]

They had also passed temporary funding bonuses to healthcare sector to deal with increased demand but that's seperate to this package

[Economy 52,928]

@OBEY @Teal Ambition @JustinTrudeau we are being taken care of

 

I hope if they extend EI benefits as well it applies to ppl who applied before the extention cuz my lay off happened before the shenanigans and the benefits only lasted like 12 weeks cuz unemployment rate was low and benefits are tied to unemployment rate

[OBEY 57,109]

Go Trudeau ! Finally he's waking up  

[Economy 52,928]

8 minutes ago, OBEY said:

Go Trudeau ! Finally he's waking up  

U know... These kinds of things need to be thought-out, discussed and are more complicated than they seem on the surface

 

Ppl that expected measures in 24h were never being fair and realistic

 

I prefer to wait an extra week for economic stimulus that was discussed, planed and targeted than to just throw a plan in 2 days in panic that isn't as effective

 

Even during crisis where u wanna put emergency needs ahead of money, it's still prudent to try to be efficient and not just waste tax dollars throwing it in things that won't be effective

 

Things didn't start getting bad in Canada till 1.5-2 weeks ago... I think the timing is more than reasonable I don't think he was "sleeping"

 

Not to mention it needs to be coordinated with Government it's not him alone that decides this

 

Some measures like working with financial companies in collaboration to allow payment defferals on stuff like mortgages would also require communication first etc

 

Its not stuff that happens in a day

[HorusRa2 5,005]

We stan Canada today. 

[Economy 52,928]

7 minutes ago, HorusRa2 said:

We stan Canada today. 

I know the US is putting together some $1.2 Trillion stimulus together as well

 

Even proportionally speaking to population size, that's an even bigger package

 

Canada population is just under 40 million and economy $2 Trillion

 

So the US is around 9X larger

 

$82 billion X 9 = $738 billion...

 

Adjusted for currency on top of that... Our stimulus is like the US doing $500 to $550 Billion in stimulus

 

So the US stimulus is actually double the size of ours

 

[HorusRa2 5,005]

Just now, Economy said:

I know the US is putting together some $1.2 Trillion stimulus together as well

 

Even proportionally speaking to population size, that's an even bigger package

 

Canada population is just under 40 million and economy $2 Trillion

 

So the US is around 9X larger

 

$82 billion X 9 = $738 billion...

 

Adjusted for currency on top of that... Our stimulus is like the US doing $500 to $550 Billion in stimulus

 

So the US stimulus is actually double the size of ours

 

I'm under the assumption that this is the starting point. I fully expect a republican senate and democratic house to negotiate that number to be much lower by the time they've completely passed the stimulus package.

 

Call me pessimistic but we're also talking about the same party that is trying to nominate Joe Biden, who coincidentally, demanded Trump enforce the Defense Production Act....when Trump enforced the Defense Production Act a half hour ago (and Bernie was calling for it last night). They will negotiate until the stimulus package is much less than it was originally proposed. 

[Economy 52,928]

1 minute ago, HorusRa2 said:

I'm under the assumption that this is the starting point. I fully expect a republican senate and democratic house to negotiate that number to be much lower by the time they've completely passed the stimulus package.

 

Call me pessimistic but we're also talking about the same party that is trying to nominate Joe Biden, who coincidentally, demanded Trump enforce the Defense Production Act....when Trump enforced the Defense Production Act a half hour ago (and Bernie was calling for it last night). They will negotiate until the stimulus package is much less than it was originally proposed. 

Oh true. 

 

Yeah ours was already passed so this is the set number

 

One thing they are talking about adding on top of this stimulus is extending EI benefits. I hope they do cuz since I got laid off and hiring is basically frozen ATM that would help me loads

 

My parents will benefit from increase child benefits since my youngest sister is still a minnor

 

Oh and they still have 9 years left in mortgage, if the mortgage defferal isn't hard to apply for this should help them as well cuz my dad's hours were reduced

[Modern Ecstasy2 2,202]

Feeling really grateful to be Canadian during these times.

Hopefully my parents can apply for the mortgage deferral; they still have a number of years left I’m pretty sure.

[HorusRa2 5,005]

5 minutes ago, Economy said:

Oh true. 

 

Yeah ours was already passed so this is the set number

 

One thing they are talking about adding on top of this stimulus is extending EI benefits. I hope they do cuz since I got laid off and hiring is basically frozen ATM that would help me loads

 

My parents will benefit from increase child benefits since my youngest sister is still a minnor

 

Oh and they still have 9 years left in mortgage, if the mortgage defferal isn't hard to apply for this should help them as well cuz my dad's hours were reduced

I really hope that you and your family keep things together during this time. 

Trump just announced a suspension of evictions and foreclosures through the end of april so I really hope that our govt looks out for its people. The longterm effects of people losing their houses because of this crisis would be devastating. I bought my house 2 years ago. If I have to declare bankruptcy or have my home foreclosed on me, I don't even know what the future looks like (My spouse works for Universal, which is closed, with pay for right now and I work at a short term vacation rental company that's bleeding money by the day). I'm afraid that if this keeps going the way it is for months that we both may end up unemployed. It's just a scary time. 

[Economy 52,928]

3 minutes ago, Modern Ecstasy2 said:

Feeling really grateful to be Canadian during these times.

Hopefully my parents can apply for the mortgage deferral; they still have a number of years left I’m pretty sure.

We still need more details on how this is gonna work

 

How do u apply for it? How easy is it to get it? Is the amount ur entitled to decided on a case by case basis depending on ur situation?

 

The Federal sounds like a good idea. It gives people imediate cost of living relief but institutions will still get their money just later

 

But they are gonna need to explain the details of how this is gonna work cuz they still havent

[ShayCristoforo 10,607]

This is all hugely assistive. It's a scary time right now, but yes being in Canada is still a blessing. There are some countries that completely ignore covid and/or have little to no resources  

[Economy 52,928]

Just now, HorusRa2 said:

I really hope that you and your family keep things together during this time. 

Trump just announced a suspension of evictions and foreclosures through the end of april so I really hope that our govt looks out for its people. The longterm effects of people losing their houses because of this crisis would be devastating. I bought my house 2 years ago. If I have to declare bankruptcy or have my home foreclosed on me, I don't even know what the future looks like. 

Hopefully. The biggest help for me is if they enhance or extend EI benefits since finding work now will be like impossible and for my parents the mortgage deferrals would help the most. The Chile benefit increases I imagine won't be massive so it's more like a little bonus for families

 

And U bought a house? Nice. Here in Canada young ppl can't cuz our housing crisis has reached gigantic proportions. U have no idea how bad it is here. By almost every measure Canada ranks near the top of most unaffordable housing

 

Even with our higher minimum wages and better social security programs our homeless rate managed to surpass the US some years ago. Our average home price is now double the US

 

Sorry for ranting off topic. The housing crisis is extremely frustrating to young ppl like me. It makes it impossible to start a future

 

It's good for my grandparents in Toronto whose house it's worth $1.4 Million or for my parents whose small house near slums is now worth over $600,000 despite being old, kinda small and in a bad area

 

But for my generation that did not get into the market 15-20 years ago or more, these rents and home prices are agravating

 

Our 20 year housing boom is about to surpass Switzerlands and Japans housing booms that crashed in the 1990s which are the longest in history

 

Hopefully if theres 1 benefit of this economic crisis is that it will take heat off market but I'm not optimistic

[ilocorB 548]

This is such a relief for all of my friends that are musicians and/or work in closed bars and restaurants. I lost my job so I will try to see if i’m allowed to receive money since i don’t know if i can because i receive loans and bursaries from my province (i am a student)