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Canada to deliver 2020 fiscal update on Nov. 30: finance minister

11/23/2020 | 03:35pm

OTTAWA (Reuters) - Canada will provide a "full" update on federal spending on Nov. 30, Finance Minister Chrystia Freeland said on Monday, as the government pledged to support people and businesses through a surging second wave of COVID-19.

Speaking in the House of Commons, Freeland said the fiscal update would outline its pandemic measures as well as ways to "ensure that the post-COVID economy is robust, inclusive and sustainable".

Ottawa did not present a budget in the spring, as it normally does, saying that it was too difficult to predict how much support would be needed to help the country through the pandemic.

The fiscal document will "give you an update on our plan to continue doing whatever it takes to support you through this crisis, and ensure a strong economic recovery after we've beat COVID-19," Liberal Prime Minister Justin Trudeau said on Twitter shortly after the announcement.

Both Freeland and Trudeau have been warning in recent weeks that there are limits to federal spending, while at the same time promising significant help for Canadians during a second-wave, which is forcing new lockdown measures across the country.

Canada has spent more than C$200 billion ($151.7 billion) in aid programs, racking up the biggest budget deficit in 75 years.

In September, the government made sweeping commitments for future investments in the so-called Speech from the Throne, in particular for more childcare to help get women back into the work force, and to "build back better" by promoting policies that cut carbon emissions.

(Reporting by Steve Scherer; Editing by Chizu Nomiyama and Nick Zieminski)

By Steve Scherer

© Reuters 2021
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