Trudeau's coronavirus bailout package won't help you (unless you're a bank)

On Wednesday morning, Trudeau wandered out of his self-isolation at Rideau Cottage looking as disheveled as ever, and announced an $82 billion spending, subsidy and loan package to limit the economic fall out caused by the coronavirus precautions to prevent the spread of the very infection Trudeau allowed to be imported into the country for far too long.

There are some measures to help workers who are going into isolation, like easier access to EI, top-ups of the Child Benefit, increased GST rebates for those who qualify and deferred tax payments until August and delayed tax filing until June.

Trudeau’s two main alleged job saving measures are being hailed as brilliant by many on the left and even by some on the right.

First, eligible small businesses can qualify for a temporary wage subsidy for three months. The subsidy will cover 10% of wages paid to a maximum of $1,375 per employee and $25,000 per employer. Then, banks are being backstopped by the feds to provide credit to help businesses survive a liquidity crisis.

These measures won’t help the hospitality industry and many restaurant workers receiving bigger GST cheques won’t have jobs to come back to when the pandemic is over.

Today I’ll explain why restaurants, pubs and bars need tax relief now, if they are to survive the coronavirus induced shut-down in their industry. I’ll also explain how the disappearance of our local restaurants will cause a hike on your home tax bill.

Instead of tax relief, on April 1, 2020, Canada’s April Fool in Charge is giving us all an increase in the carbon tax.