Freeland will provide a liberal plan to revive Canada’s post-pandemic economy today

Government sources told CBC News that the plan will include new time-limited spending measures to support the hardest hit industries and vulnerable Canadians, setting the stage for the political priorities presented in the September throne speech.

CBC will have live coverage of today’s tax update starting at 4 p.m. ET. Watch it on CBC News Network, listen to it on CBC Radio One or stream it on CBC Gem or our CBC News app.

The update comes in the wake of upbeat reports suggesting promising vaccine candidates could be launched early in the new year – and as cases of COVID-19 continue to grow alarmingly in parts of the country. The numbers hit record highs in some regions, causing new or extended restrictions and business closures.

The measures in today’s economic declaration should include:

• Support for airlines and the tourism and hospitality sector, hard hit by heavy losses due to border closures and blockades. Sources suggest that the update will include assistance for airlines, hotels and restaurants and the companies that provide them.
• Money to help long-term care homes stop the spread of infections.
• Support to help women get back to work.
• Spending on infrastructure projects linked to the government’s promise to reduce greenhouse gas emissions as part of the economic recovery.

Record deficit expected

The government has not presented a budget for this fiscal year, but in July it delivered what it called a “fiscal snapshot” that predicted the deficit would reach a record $ 343.2 billion.

The Trudeau Liberals delivered an actual budget for the last time in March 2019, when they were still in their first term.

The Trudeau government has rejected requests to provide an economic forecast since the start of the current health crisis, arguing that the pandemic has made it impossible to accurately predict economic growth or the extent of the necessary emergency spending.

Conservative leader Erin O’Toole said the government’s delays in procuring rapid tests and vaccines put workers and the economy in a “risky” situation.

“There are no plans for the economy if we don’t have rapid tests and vaccines as quickly as possible,” he said at a press conference in Ottawa on Sunday.

“We are already seeing small businesses teetering on the edge. This is leading to uncertainty and concern out there for the well-being of tens of thousands of Canadian families who have invested everything in their restaurant or auto shop or a range of businesses who are close to bankruptcy. “

WATCH | What to expect from the long-awaited tax update:

David Cochrane of CBC News analyzes what Finance Minister Chrystia Freeland is expected to announce in Monday’s federal fiscal update, including details on the deficit and new pandemic spending. 1:16

NDP leader Jagmeet Singh said today’s update is the perfect opportunity to announce “bold measures” to address the needs of Canadians most severely affected by the pandemic.

“The COVID-19 pandemic has demonstrated how fragile are the services that were supposed to help people and the importance of strengthening our social safety net so that no one is left behind,” he told CBC News.

NDP pushes for childcare support

The NDP is asking the federal government to fund childcare services that would allow more parents to return to work safely. It is also pushing the government to launch a universal drug program.

Green party leader Annamie Paul said it is not enough for the government to present a grocery “shopping list” today. With a vaccine planned for next year, he said, he must present a green recovery plan with economic and social investments.

“With a glimmer of hope on the horizon, it is crucial to seize this moment to prepare a green recovery plan that involves every possible innovation, technology and resource available to Canada to improve our ability to meet challenges,” he said.

The Green Party calls for a guarantee that any support offered by liberals to carbon-intensive sectors is “accountable and conditional”. It also wants to see more investment in projects and sectors that accelerate progress towards a net-zero emission economy.

The company hopes to see a long-term growth plan

Corporate groups say they hope to see a plan today that plots a path through the ongoing crisis towards recovery and long-term economic growth.

Canadian Chamber of Commerce President and CEO Perrin Beatty said he wanted to see a shift from broad supports to smaller, more focused federal programs to help Canadians and the most vulnerable sectors, including the catering, housing, art industries. and entertainment and retail.

He said he hopes to see a plan that will increase investment and the competitiveness of Canadian businesses – and not a series of new “inaccessible” permanent programs.

“Even as we make our way through this second wave of pandemic, Canada needs its government to create the conditions for a strong business-led recovery. Canadian households and businesses continue to pay a high price due to COVID-19. and The hard work to prepare the Canadian economy for recovery must begin now with a clear and coherent plan, ”he said in a statement to the media.

Cash-strapped municipalities are also looking for good news in today’s release.

Federation of Canadian Municipalities President Garth Frizzell said he hopes to see “clear successor deals” to the safe restart agreement, which saw the federal government allocate $ 19 billion to provinces to help them get through the second wave. and drive post-pandemic job growth.

“The fall economic declaration is an opportunity to build on the federal-municipal partnership that has kept Canadians safe and essential frontline services running since the start of the pandemic,” he said.

“They are counting on us to continue doing so through 2021, which is why municipalities need to see a clear commitment that the federal government will continue to work with us to ensure support for municipal transit and operational costs.”