Canadian health officials said the death toll could hit 8,900 by mid-month.
Finance Canada provided little insight into when it would begin unwinding the CERB program in particular, saying only that it would "make necessary changes to the program later this summer so people can have the help they need while supporting the recovery".
The federal Liberals are to layout this afternoon how they see the virus affecting government finances for the fiscal year including an estimated deficit and a projected path for the economy.More news: Tesla 'very close' to stage 5 autonomous driving technological innovation, Musk claims
Spending levels are on a similar level to the spending during the Second World War. They will point to the size of our deficit for 2020-21.
The federal debt is set to pass $1 trillion, by the Finance Department's estimates.
Finance Minister Bill Morneau is to release what the government has styled a fiscal and economic snapshot. The Minister says that the federal government has used its strong fiscal position to stabilize the economy and support Canadians by putting in place the largest economic aid package in generations. The federal debt-to-GDP is expected to rise to 49.1 per cent from 31 per cent. Economists expect the economy to contract by 6.8 per cent in 2020, before rebounding by 5.5 per cent in 2021.More news: World Health Organization looks into possibility of airborne coronavirus transmission
"Our government knew that the cost of inaction would have been far greater", he said. But the road towards recovery remains long and uncertain. Today, and in the months to come, our economic health will largely depend on our public health.
This has been doled out through a number of aid programs for Canadians, such as the Canada Emergency Response Benefit ($53.53 billion), the Canada Emergency Student Benefit ($1.42 billion), the Canada Emergency Wage Subsidy ($18.01 billion) and various top-ups to benefits such as the GST, Old Age Security and Canada Child Benefits, as well as loans and grants for business of all sizes. "Representing almost 14 per cent of Canada's gross domestic product (GDP), the Plan includes more than $230 billion in measures to protect the health and safety of Canadians and provide direct support to Canadians, businesses and other employers, and up to $85 billion in tax and customs duty payment deferrals to meet liquidity needs of businesses and Canadian families".
Conservative leader Andrew Scheer, the leader of the opposition, called it a dire picture. Instead, Justin Trudeau once again put Liberals first.More news: Undermanned Nets sign veteran Jamal Crawford
During the news conference, Trudeau said that he speaks "reasonably regularly" with President Trump and that he planned to congratulate him on the new trade agreement between Canada, Mexico and the U.S.