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Federal government releases its fiscal snapshot

Due to the COVID-19 pandemic, the federal government did not release its 2020-21 budget on March 30 as scheduled. Instead, it opted to postpone the budget for a future date.To bridge the gap, it promised to offer a “fiscal snapshot”  of the current economic impact of COVID-19.

That fiscal snapshot was released on July 8, 2020, and offers Canadians an overview of the fiscal spending that has occurred to date. The following economic figures were provided by the government:

  • A projected federal deficit of $343.2 billion (originally forecast at $34.4 billion, pre-COVID)
  • Federal debt of $1.2 trillion
  • Federal debt-to-GDP ratio of 49.1% in 2020-21 (31.1% in 2019-20)

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