Canadian Prime Minister Justin Trudeau announced Can$27 billion in direct aid Wednesday to help workers and businesses cope with the economic impact of the coronavirus pandemic.
He said tax payments worth an estimated Can$55 billion could also be deferred until August. The combined amount equals three percent of this G7 nation's gross domestic product (GDP). "This wide-ranging support will help ensure Canadians can pay for rent and groceries, and help businesses continue to pay their employees and their bills during this time of uncertainty," said a statement.
The funds will be disbursed through social programs such as employment insurance and a child tax benefit, including a Can$900 bi-weekly income support for workers who must stay home and do not have access to paid sick leave.
Wednesday's announcement builds on billions in funding already announced to bolster Canada's public health response, prop up Canada's banking system and to help stabilize the economy.