Recent Announcements & Other Programs
Trudeau unveils $27-billion in aid, $55-billion of tax deferrals in coronavirus response
Prime Minister Justin Trudeau has unveiled a sweeping $27-billion emergency aid package that offers immediate and direct help to Canadians and businesses, plus $55-billion in tax deferrals, to help them survive the severe economic downturn caused by the coronavirus pandemic.
The massive stimulus package will inject cash into businesses to keep workers on the payroll even if they have been sent home and bolstering federal benefits and employment insurance programs.
"The measures we are announcing today will provide up to $27-billion in direct support to Canadian workers and businesses, plus $55-billion to meet liquidity needs for Canadian businesses and households through tax deferrals to help stabilize the economy," he said. "This $82-billion in support represents more than 3 per cent of Canada's GDP."
Bankers Acceptance Purchase Facility
In order to support the continuous functioning of financial markets, the Bank of Canada (Bank) is announcing its intention to launch the Bankers' Acceptance Purchase Facility (BAPF). The Bankers Acceptance market is one of Canada's core funding markets and a key source of financing for small- and medium-size corporate borrowers.
Standing Term Liquidity Facility
In the coming weeks, the Bank of Canada will launch the Standing Term Liquidity Facility (STLF). Announced in November 2019, the STLF complements the Bank's current tools for the provision of liquidity and will strengthen the Bank's efforts to enhance the resilience of the Canadian financial system. Under the STLF, the Bank could provide loans to eligible financial institutions in need of temporary liquidity support and where the Bank has no concerns about their financial soundness.
Canada's big banks to allow mortgage payment deferrals
Canada's big six banks will allow mortgage payment deferrals for up to six months as part of extraordinary measures to help customers struggling with the financial impacts of the novel coronavirus pandemic.
More information from each financial institution (information courtesy of County of Brant)