Support for Canadian entrepreneurs comes from many sources and both the federal and provincial governments offer incentives to build and foster successful start-ups.
Finance Minister Bill Morneau has released a “fiscal snapshot” on federal spending and the overall economic impact of the COVID-19 pandemic.
In response to the COVID-19 pandemic, Canada’s provincial governments have provided measures to support the federal economic response plan. This summary outlines the business and employer programs province-by-province.
Beyond the federal measures introduced in the wake of COVID-19, Canada’s provinces are also offering a range of support to help employees and individuals navigate the ongoing pandemic. Here’s a summary of the provincial responses for employees and individuals coast to coast.
On June 17, 2020, Finance Minister Darlene Compton tabled PEI’s 2020-21 budget. The estimates provided in Budget 2020 show a deficit of $3.7 million for the 2019-2020 fiscal year.
On June 15, 2020, Finance Minister Donna Harpauer tabled Saskatchewan’s 2020-21 budget. For 2020-21, the government has projected revenues of $13.6 billion (a decrease of 8.3% from last year) and expenses of $16.1 billion (an increase of 7.2% from the prior year’s budget) resulting in a deficit of approximately $2.4 billion. Due to the uncertainty caused by the COVID-19 pandemic, the government has not provided projections for future years.
The Province of Ontario has announced a series of tax changes and financial measures to build on the federal government’s COVID-19 Economic Response Plan.
On March 19, 2020, Finance Minister Scott Fielding tabled Manitoba’s 2020-21 budget (Budget 2020). The provincial government forecasts strong revenue growth in 2020-21 with a projected increase of $712 million, or 4.2% from last year.