Key points
The deficit is expected to reach $343 billion, resulting in a total debt of approximately $1.2 trillion.
A budget or full fiscal update will be released in the fall.
Changes will be announced to CEWS to stimulate rehiring and provide support to businesses during reopening.
No new major incentives or expansions were announced.
In a subsequent CTV interview, the Minister of Finance was asked how it would be paid for and whether taxes would be raised. The answer was no.
Revenue and expenditure projections
1 This represents those charges applied through the federal backstop, excluding the Output Based Pricing System. All these proceeds will be returned to their province/territory of origin including through Climate Action Incentive payments and other climate action supports.
Note:
1 EI benefits include regular EI benefits, sickness, maternity, parental, compassionate care, fishing and work-sharing benefits, and employment benefits and support measures. The remaining EI costs relate mainly to administration and are part of operating expenses.
2 Of the total Canada Emergency Response Benefit, the portion of payments made by ESDC, estimated to be $3.3 billion in 2019-20 and $32.9 billion in 2020-21, are expected to be charged to the EI Operating Account and reflected in EI benefits.
3 Other fiscal arrangements includes the Quebec Abatement (Youth Allowances Recovery and Alternative Payments for Standing Programs); payments under the 2005 Offshore Arrangements; fiscal stabilization payments to Alberta and Saskatchewan; and established terms for repayable floor loans.
4 This will be included as a transfer payment in the Public Accounts of Canada.
5 This will be included as a transfer payment in the Public Accounts of Canada.
6 This includes capital amortization expenses.