Canada’s Finance Minister says stopping funding would be a “mistake.”
While the country continues to face the “second wave” of COVID-19 cases, both federal and provincial governments have committed to a continuation of grants and funding supports to help mitigate the financial impacts felt by Canadians.
In a high-profile speech at the Toronto Global Forum, on Oct. 28, Finance Minister Chrystia Freeland explained the importance of continued government support in a crisis, saying that stopping support would be an economic mistake. She explained Canada can afford extra spending at present time due to historically low interest rates.
“Our eventual recovery will be faster and more complete in direct proportion to how much we limit the economic scarring caused by the coronavirus recession.”Chrystia Freeland, Minister of Finance, Canada
On the same day, Ontario Premier Doug Ford announced a joint provincial-federal funding commitment of up to $1.05 billion through the new COVID-19 Resilience infrastructure stream. This stream will fund health and safety related projects to build, retrofit and/or renovate long-term care, education and municipal infrastructures.
The funding is part of the federal government’s Investing in Canada Infrastructure Program and reinforces the commitment of both the federal and provincial governments to protect the health and well-being of individuals and families during the pandemic. Eligible projects under the COVID-19 Infrastructure Resilience stream must begin by September 30, 2021 and be completed by December 31, 2021.
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