Canadian Federal Government Extends Wage Subsidy to December

As many Canadians return to work following the easing of restrictions across the country, the federal government has decided to extend the duration of its wage subsidy program to December.

On Monday, Prime Minister Justin Trudeau announced the federal government’s extension of the wage-subsidy program, after boosting its budget to $82.3 billion last week. The wage subsidy program covers up to 75% of an employee’s wages, up to a maximum of $847 per week for companies and non-profits which meet the eligibility criteria.

Initially, the wage subsidy program was rolled out in order to mitigate the economic fallout faced by many Canadian businesses amid the mandatory shutdowns stemming from the coronavirus pandemic. However, more Canadians opted for the Canada Emergency Response Benefit (CERB) instead, and the demand for the wage subsidy program declined as a result.

As of July 5, the CERB has paid out nearly $54.8 billion to 8.25 million eligible Canadians, with the budget being boosted to $80 billion. Given that the CERB is slated for phase-out by the fall, the wage subsidy program will likely see an increase in applications as many Canadians are looking to return to work, according to Finance Minister Bill Morneau.

Information for this briefing was found via Bloomberg and Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Nearly 25% Of Household Income In The US Comes From Coronavirus Government Payments

As the US economy crumbled under the weight of the pandemic, unemployment numbers soared, and...

Sunday, August 2, 2020, 11:30:00 AM

Trudeau Begins Plans for CERB Phase-Out, Government Aid To Be Replaced by Employment Benefits

The Canadian federal government has stated it will begin to phase out the Canadian Emergency...

Sunday, August 2, 2020, 04:01:00 PM

Federal Government’s CERB Payments Have Led Increased Consumer Spending

It appears that the Canadian federal government’s stimulus spending has persevered the economy through the...

Friday, June 26, 2020, 05:03:00 PM

US Treasury Set to Borrow Record $2.99 Trillion in Second Quarter

As the US economy is in the middle of fighting its invisible war against the...

Tuesday, May 5, 2020, 01:22:00 PM

America’s Budget Deficit Soars to Record $1.7 Trillion

Although the Covid-19 pandemic is beginning to show signs of tapering off across the US...

Wednesday, April 14, 2021, 10:23:00 AM