The Government of Canada announced a new set of economic measures to help stabilize the economy during this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan , will provide direct support to Canadian workers and businesses.

Support for Canadian workers includes income support for those who need it most and deferred tax filing dates.

Support for businesses includes:
  • Additional support through Export Development Canada (EDC) through loans, guarantees or insurance plans.
  • Three month temporary wage subsidy for eligible small employers.
  • Income tax deferral with no interest or penalties.
  • Introduction of the Business Credit Availability Program (BCAP) that will provide more than $10 billion of additional financing to customers facing economic challenges.
  • Launch of the Insured Mortgage Purchase Program (IMPP) which will provide long-term stable funding to banks and mortgage lenders.

An additional $55 billion was also announced to meet liquidity needs of Canadian businesses and households through tax deferrals to help stabilize the economy. Combined, this $82 billion in support represents more than 3 per cent of Canada’s GDP.