Vital updates:

• The Parliamentary Budget Office (PBO) has released new figures indicating that the federal deficit for the year is on track to hit $328.5 billion as a result of COVID-19, including an estimated $225.9 billion in emergency aid in response to the pandemic. Relative to the size of the economy, the deficit amounts to 15 per cent of gross domestic product (GDP), making it the largest over 50-plus years of comparable data.
• The Financial Consumer Agency of Canada (FCAC) has made information available on mortgage deferrals to help consumers understand their options as the mortgage deferrals introduced in the initial stages of the COVID-19 pandemic begin to expire. As mortgage deferrals begin to expire, FCAC encourages consumers who foresee challenges in making their payments to speak with their lender about available relief options. Some consumers may be eligible for extended relief from their financial institution on a case-by-case basis. Other options for consumers include extending their amortization period (the length of time they have to pay off their mortgage in full) or opting for an early renewal to benefit from a lower interest rate.
• How comfortable are you attending in-person events? The GNCC is conducting a survey to assess our members’ current attitude towards events held in person. The GNCC has been holding all of its own events virtually since March. The survey contains 3-6 questions, depending on your answers, and should take no more than 1-2 minutes to complete.

Reading recommendations:

• Closed borders halt Canada’s population growth during pandemic, Shelly Hagan, BNN Bloomberg
• Vaccine Chaos Is Looming, Sarah Zhang, The Atlantic