Canada

(i) 3 June 2020, The BoC maintained its targets at 0.5% for the Bank Rate (penalty rate) and 0.25% for both the deposit rate (interest on reserves) and the overnight rate target; (ii) 28 October 2020, The BoC announced that it will maintain its overnight rate target at the lower bound (interest on reserves) rate of 0.25% until "the 2% inflation target is sustainably achieved. In our current projection, this does not happen until 2023"; (iii) 28 October 2020, The BoC announced that its quantitative easing program (QE) will continue purchasing government securities, though "total purchases will be gradually reduced to at least CAD4 billion per week," a reduction from the previous rate of CAD5 billion per week; (iv) 9 December 2020, The BoC announced that the policy rate will remain at the current levels until the inflation objective is achieved; (v) no amount/estimate; 20 January 2021, the BoC reiterated that the policy rate will remain at the "effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved" and clarified that "In our project, this does not happen until 2023. To reinforce this commitment and keep interest rates low across the yield curve, the Bank will continue its QE program until the recovery is well underway"; (vi) No amount/estimate: 21 April 2021, The BoC announced that it was keeping its interest rate targeting corridor between 0.25% and 0.5%; it also announced a reduction in its purchases of government securities to CAD3 billion per week; (vii) 14 July 2021, the BoC announced its quantitative easing operations were being adjusted to a target of CAD2 billion per week;

(i) The Office of the Superintendent of Financial Institutions (OSFI) announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets to 1%, effective immediately. This action will allow Canada’s large banks to inject CAD300 billion of additional lending in to the economy; (ii) No amount/estimate: 31 August 2020, the Office of the Superintendent of Financial Institutions (OSFI) extended regulatory flexibility for insurers for 6 more months, including relaxing requirements for insurers regarding capital requirements for premiums or insured loans that are delinquent or for which a payment deferral has been given.

Tax support: Income tax payment deferral until after August--CAD55 billion; Sales tax remittance and customs duty payments deferral--CAD30 billion; No amount/estimate: Flexibility for individual and corporate taxpayers (tax payment deferral until September).

No amount/estimate: Canada Emergency Response Benefit (CERB) provides a taxable benefit of CAD2,000 every 4 weeks for up to 16 weeks to eligible workers who have lost their income due to COVID-19.

(i) Support for individuals: Canada Emergency Response Benefit (CERB) - CAD80.473 billion; Temporary Enhanced Canada Child Benefit - CAD1.997 billion; Temporary enhanced GST Credit - CAD5.515 billion; Canada Student Loan Payments - CAD190 million; Waiving employment insurance waiting period for people in imposed quarantine--CAD5 million; (ii) Support for student and recent graduates: Youth employment and skills development programs--CAD 1.008 billion; Canada Emergency Student Benefit--CAD5.250 billion; Canada Student Service Grant--CAD900 million; (iii) One-time payment to OAS and GIS recipients--CAD2.509 billion; New Horizons for Seniors Program expansion--CAD20 million; Lower RRIF minimum withdrawal--CAD495 million; United Way contribution--CAD9 million; (iv) Support for Vulnerable Groups: Indigenous Community Support Fund--CAD380 million; Support for the On Reserve Income Assistance Program--CAD270 million; Support for people experiencing homelessness (through Reaching Home) - CAD157.5 million; Support for women’s shelters and sexual assault centres including on reserve - CAD50 million; Protecting and supporting Indigenous women and girls fleeing violence--CAD29 million; Kids Help Phone--CAD8 million; Support for food banks and local food organizations--CAD100 million; Support for charities and non-profits serving vulnerable people--CAD350 million; Support for persons with disabilities--CAD865 million; Support for Red Cross--CAD100 million; Wage subsidy for staff of the non-public funds, Canadian forces--CAD6 million; (v) No amount/estimate: Starting 5 October 2020, the Canada Recovery Sickness Benefit will provide CAD500 per week for up to 2 weeks for those that miss work from having COVID-19; (vi) No amount/estimate: Starting 5 October 2020, the Canada Recovery Caregiving Benefit will provide CAD500 per week for up to 26 weeks for caregivers; (vii) No amount/estimate: Starting 12 October 2020, the Canada Recovery Benefit provides CAD500 per week for up to 26 weeks for those unemployed but not eligible for employment insurance; (viii) No amount/estimate: 28 January 2021, The Department of Finance proposed legislation to allow employment insurance recipients to claim child care and disability support deductions as COVID-19 income support recipients. Employment insurance (EI) and Quebec parental insurance plan (QPIP) recipients are currently unable to deduct child care and disability support expenses against the EI and QPIP income, which this bill would temporarily reverse; (ix) 3 March 2021, The Department of Financed announced that the government will extend current rate structures until 5 June for emergency wages (in Measure 05B4), rent subsidies, and lockdown support. As of 21 February, rent subsidies paid are CAD1.6 billion to 129,000 organizations; (x) As of 4 July, 2021, the rent subsidy and Lockdown support has been extended to 25 September 2021 at an estimated cost of CAD1.9 billion. The Canada Recover Benefit and Canada Crecover Caregiving Benefit are also being extended until 25 September 2021 at an estimated cost of CAD2.5 billion. Temporary, additional changes to employment insurance to make it more accessible as the economy recovers are estimated to cost CAD3.9 billion.

(i) Canada Emergency Wage Subsidy (CEWS)-CAD83.6 billion; 10% temporary wage subsidy--CAD2.08 billion; Canada Emergency Business Account (CEBA) 25% incentive--CAD13.75 billion; Support for Indigenous businesses and Aboriginal financial institutions--CAD307 million; Financial relief for Fist Nations through the First Nations Finance Authority--CAD17 million; Enhancements to the Work-Sharing Program--CAD12 million; Canada Emergency Commercial Rent Assistance (CAD2,974 million less Provincial contributions of CAD569 million = CAD2,405 million); Women Entrepreneurship Strategy--CAD15 million; Support for Federal Bridge Corporation--CAD3 million; (ii) Support for sectors: Air transportatoin--CAD331 million; Food inspection--CAD20 million; Firms that hire temporary foreign workers--54 million; Broadcasting industry--CAD35 million; Emissions reduction fund for oil and gas sector--CAD750 million; Farmers, food businesses, and food supply--CAD453 million; Fish and seafood processors--CAD63 million; Fish harvesters--CAD469 million; Academic research community--450 million; Supporting safe jobs and safe operations of junior mining companies--CAD50 million; No amount/estimate: Increased payments of 50% to 75% to AgriStability to support farmers that face significant revenue declines; (iii) No amount/estimate: 20 July 2020, the Finance Ministry announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) that would extend it to 19 December 2020, make the subsidy eligible to a broader range of employers by including those with a revenue decline of less than 30%, and introduce a top-up subsidy up to an additional 25% for employers most adversely affected; (iv) 20 July 2020, A one-time non-taxable payment of up to CAD600 to approximately 1.7 million eligible disabled individuals (CAD600 x 1,700,000 = CAD1.02 billion); (v) No amount/estimate: 31 July 2020, the Department of Finance announced an extension of rent relief for small businesses by one month through the Canada Emergency Commercial Rent Assistance; (vi) The CEWS was extended to June 2021; since the program's start in March 2020 the program has paid CAD64.28 billion in claims (in (i) the approved amount was CAD83.6 billion); On 3 March 2021, the Department of Finance said CEWS payments are now CAD66 billion; (vii) As of June 2021 the CEWS has been extended to 25 September 2021 and estimated cost of CAD10.1 billion.

Advertising campaign for government COVID-19 response plan--CAD10 million; COVID-19 communications and marketing--CAD50 million; Support for Indigenous economies and Indigenous tourism--CAD133 million; Parks Canada Rent Relief & Revenue Replacement--CAD74 million; Granville Island Emergency Relief Fund--CAD17 million; Emergency Support Fund for cultural, heritage, and sport organization to address financial needs of affected organizations so they can continue to support artists and athletes--CAD500 million; Canada's national museums--CAD26 million; National Arts Centre--18 million; Cleaning up former oil and gas wells--CAD1.72 billion; Safety measures in forest operations--CAD 30 million.