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Canada’s deficit to be more than $381 billion

Finance Minister Chrystia Freeland has announced another $100 billion in stimulus spending to help the country recover from the COVID-19 pandemic.

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Canada will post a deficit of more than $381 billion this fiscal year, as total debt is expected to be near $1.2 trillion.

And Finance Minister Chrystia Freeland has announced another up to $100 billion in stimulus spending to help the country recover from the COVID-19 pandemic.

The short-term stimulus package is valued at $70-$100 billion over roughly three years.

The government said the stimulus spending — mainly based on environmental issues — will launch after a coronavirus vaccine is distributed.

When the virus is under control and our economy is ready for new growth, we will deploy an ambitious stimulus package to jump-start our recovery,” Freeland said in an economic update in the House of Commons today.

“Spending roughly three to four per cent of GDP, over three years, our government will make carefully judged, targeted and meaningful investments to create jobs and boost growth.”

She said a $1-billion fund will be set up to help provinces and territories improve COVID-19 infection control in long-term care facilities.

The Liberal government is also proposing a temporary support in 2021 of up to $1,200 for each child under six for low and middle-income families eligible for the Canada child benefit (CCB).

Freeland said the Liberals are also laying the groundwork for a Canada-wide early learning and child care system, with more details in next year’s federal budget.

“”I say this both as a working mother and as a minister of finance — Canada will not be truly competitive until all Canadian women have access to the affordable child care we need to support our participation in our country’s workforce,” Freeland said.

Freeland also promised to reduce debt by eliminating interest on the federal portion of Canada student loans and Canada apprentice loans for next fiscal year.

It also pledges $1.5 billion to speed up the process of lifting all long-term drinking water advisories in First Nations communities.

The government will also spend $2.6 billion over the next seven years for home energy retrofit grants of up to $5,000 and spend more than $3 billion to plant two billion trees.

“We are all tired. But we also know vaccines, and a better day, are coming. To get to that day, we must first help each other get through the winter,” she said.

In an earlier statement the Liberals said the projected debt will be $1.2 trillion by March 2021, up from $765 billion a year earlier.

“A trillion dollars in debt is a sadly historic milestone and our kids and grandkids will be stuck with these bills,” said Aaron Wudrick, Federal Director for the Canadian Taxpayers Federation.

“It’s inexcusable that the Trudeau government has gone more than 20 months without so much as presenting a budget because Canadians deserve a credible plan to get runaway spending under control.

“Alarmingly, there are no fiscal targets, and the government actually pledged to add another $100 billion in debt after the pandemic ends, effectively committing to spend money before it even knows what to spend it on.

“There doesn’t seem to be any place where the Trudeau government has even tried to save money and there’s no tax relief. A pandemic isn’t a free pass to cynically increase spending on everything, especially when taxpayers are struggling.”

The government is predicting ongoing deficits are expected to be at least $121 billion in the red next year and $24 billion in deficit five years from now.

“All of this federal debt will have to be paid back and that’s especially concerning for Alberta taxpayers who have been paying more than our fair share of Ottawa’s spending for decades,” said Franco Terrazzano, the CTF’s Alberta Director.

“Albertans need tax relief, we don’t need a bigger tax bill from Ottawa.”  

Dave Naylor is the News Editor of the Western Standard
dnaylor@westernstandardonline.com
TWITTER: Twitter.com/nobby7694

Dave Naylor is the News Editor of the Western Standard and the Vice-President: News Division of Western Standard New Media Corp. He has served as the City Editor of the Calgary Sun and has covered Alberta news for nearly 40 years. dnaylor@westernstandardonline.com

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Opposition MPs ask government to ‘show them where the money is coming from’

“Say it’s $10 billion by July. There is no accountability for that.”

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The Liberal’s latest pandemic relief plans may actually be billions of dollars higher than estimated, says Blacklock’s Reporter.

The Department of Finance was in a “continued race to push money out the door,” said one MP.

Bill C-2 proposes benefits including lockdown subsidies for employers and workers estimated at $7.4 billion. The cost covers payments retroactively from October 24 to next May 7, though the bill allows cabinet to extend subsidies to July 2.

“The issue of course that we’re looking at here is accountability,” said Conservative MP Greg McLean (Calgary Centre) at the Commons Tuesday finance committee.

“If there’s an obvious extension, how do we hold the government accountable for that extension when it’s more money going out the door, more on top of the $7 billion you’re already planning to spend?

“Say it’s $10 billion by July. There is no accountability for that.”

Department of Finance managers said they did not know the cost to taxpayers if the program runs to July 2, 2022.

“I can’t answer that at this stage,” said Max Baylor, senior director with the department.

“It would presumably depend on the parameters.”

“I don’t know if it’s because things have been lax during COVID but this is something you need to get right for the country,” said McLean.

Bill C-2 was “just a blank chequebook,” he said.

“I know the government has had a blank chequebook for far too long,” McLean said.

Conservative MP Pierre Poilievre (Carleton, Ont.) questioned the bill’s impact on deficit projections.

“My question relates to the cost,” said Poilievre.

“How is the government paying the $7 billion associated with this proposal?”

No official answered, though 10 departmental witnesses appeared before the finance committee.”

“If they have anyone over there who is concerned about where the money comes from, that person could speak up,” said Poilievre:

  • MP Poilievre: “Clearly they’re getting the money from somewhere. Anyone here from Finance Canada?”
  • Director Baylor: “I can provide a high-level response but I’m afraid I won’t be able to answer directly…”
  • MP Poilievre: “Where is the money coming from?”
  • Director Baylor: “That is within the government’s broader macro-economic framework and I’m not responsible. I can’t speak to that.”
  • MP Poilievre: “You don’t have anyone? It’s just that we’re being asked to vote in favour of another $7 billion in spending. The obvious question is, where is it coming from?”
  • Director Baylor: “I appreciate the question, but I can’t answer that question.”

New Democrat MP Daniel Blaikie (Elmwood-Transcona, Man.) called the testimony “a waste of time” and complained the finance committee could not get straight answers to its questions.

“We’ve been here almost four hours and I haven’t gotten one thing I would classify as an answer to a question,” said Blaikie.

“I’ve asked for a breakdown of the budget. I don’t know if they really don’t have that answer or are on a mission of obfuscation.”

“You have to conclude that our civil servants who ought to be treating the legislature with respect aren’t being upfront about some of these questions, or you have to conclude the people who are running the country never bothered to ask them. Neither one is a very good outcome for Canadians.”

Finance Minister Chrystia Freeland called Bill C-2 the last emergency appropriation for pandemic relief spending. Freeland is to release a fiscal update on deficit figures next Tuesday.

Parliament last May 5 voted to increase the federal debt ceiling to a record $1.831 trillion. It represented a 57% increase from the previous $1,168,000,000,000 limit under the 2017 Borrowing Authority Act.

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Flights from Vancouver to Kamloops priced more than $1,200 over Christmas

BC flight prices have skyrocketed over the Christmas season following flood damage to highways.

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Following substantial flooding in November, which led to savaged highways and infrastructure, many of those planning to visit family out of town for Christmas are forced to fly — and some will be paying exorbitant prices for it.

For example, a WestJet round trip — listed on Expedia — from Vancouver to Kamloops, BC on December 22, with a return flight on December 27 is listed at $1,264 as of Wednesday morning.

The normally 30-minute flight includes a nearly four-hour layover in Calgary.

On TripAdvisor, the same round trip is priced similarly.

Those planning a round trip from Vancouver to Kelowna, BC on the same dates will save a few hundred bucks in comparison to those headed for Kamloops. For example, one round trip with WestJet from Vancouver to Kelowna — December 22-27 — is listed at $741 on Wednesday, although it includes a six-hour layover in Edmonton.

Normal flight times between the locales are 55 minutes.

Prices on WestJet’s website are comparable. On Air Canada’s site, all are currently sold out for the aforementioned dates and locations.

However, those travelling between Vancouver and Kelowna can find cheaper trips on Swoop if they fly out of Abbotsford, BC. On Wednesday morning, a non-stop round trip from Abbotsford to Kelowna, departing on December 22 and returning on December 29, is priced under $300.

Reid Small is a BC-based reporter for the Western Standard
rsmall@westernstandardonline.com
Twitter.com/reidsmall

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Top Ontario doc says separating vaxxed and unvaxxed best way to get COVID under control

Ontario has had more than 626,000 cases of COVID-19 which has left more than 10,000 people dead.

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One of the ways to bring the COVID-19 pandemic under control is to stop “the mixing of unvaccinated and vaccinated,” says Ontario’s chief medical officer.

“Basic means of protecting individuals is stopping the mixing of unvaccinated and vaccinated,” said Dr. Kieran Moore at a Tuesday press conference.

“And if our cases continue through and after the holidays we would make recommendations of government to continue the certification process in play. But we’ll continue to review the data. We do have a very robust testing strategy in Ontario for the winter months as we’ve released previously. We’ve purchased … 11 million rapid antigen test for all students in Ontario.”

Moore was asked whether COVID-19 is “something we’re just going to have to learn to live with” and whether it would ever go away.

“We have a long ways to go with the World Health Organization and other international organizations to try to decrease the number of individuals in which this virus can mutate and/or spread,” he said.

“But I do see a time when we’ll have low, endemic rates and it will turn out to be like influenza or other winter respiratory viruses where there’s a seasonality to it, where it does have an intermittent impact on our health-care system and like influenza, you need an annual vaccine to protect against it.”

Ontario has had more than 626,000 cases of COVID-19 which has left more than 10,000 people dead.

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