Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Canada to fast-track C$2.2 billion for infrastructure to cash-strapped municipalities

Stock MarketsJun 01, 2020 04:35PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: FILE PHOTO: Canada's Prime Minister Justin Trudeau 2/2

By Kelsey Johnson and Steve Scherer

OTTAWA (Reuters) - Canada's cash-strapped municipalities will receive C$2.2 billion ($1.62 billion) in fast-tracked federal infrastructure funding to help cover funding shortfalls in budgets battered during the COVID-19 pandemic, Prime Minister Justin Trudeau said on Monday.

The one-time payment will be delivered in June through the federal Gas Tax Fund, Trudeau told his daily press briefing. As of Monday, Canada had 91,351 cases of COVID-19, the respiratory disease cause by the novel coronavirus, and had reported 7,305 deaths, according to official data.

Municipalities will have flexibility to use the funding to meet local needs, including for projects like boosting access to high-speed broadband or improving roads and water systems, Trudeau said.

"From testing clinics to programs for seniors, cities and towns provide essential services, so it's crucial that they have the resources they need," he told reporters.

The Federation of Canadian Municipalities, a national lobby group, asked the federal government in April for C$10 billion to $15 billion in emergency funding over the next six months to help cover revenue drops and added costs from the coronavirus pandemic.

Asked about that request, Trudeau told reporters the C$2.2 billion in funding was "a start" and the federal government was working with the provinces to find more ways to help.

Many municipalities in Canada have deferred property taxes to help residents whose finances were hard hit by the crisis, and their other sources of revenue have declined during the lockdown.

British Columbia, Canada's westernmost province, said on Monday that it would halt evictions due to unpaid rent for businesses eligible for the federal rent relief program but whose landlords had failed to apply.

The move comes as the province reopens its economy, and will "(put) small businesses in the best position we can to come back and participate in the restart," Carole James, the province's finance minister, said.

Canada to fast-track C$2.2 billion for infrastructure to cash-strapped municipalities
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email