weekly rennie bulletin: economic initiatives - may 8, 2020

POLICY BULLETIN - 8 MAY 2020

your rennie bulletin

what you need to know about the latest COVID-19 initiatives in canada

• In response to the anticipated disruptions caused by the spread of COVID-19, Canada’s federal government, the government of British Columbia, local governments, the Bank of Canada, and other institutions are taking steps to help mitigate the negative effects. • rennie will publish a summary of the latest policy changes, financial market interventions, and other relevant actions introduced in the preceding week or weeks. • This summary includes all announcements between April 24th and May 8th, 2020.

government of british columbia The provincial government has announced BC’S RESTART PLAN , with the following services/establishments/sectors being permitted to “re-open” in the following months, contingent on satisfactory province-wide heath outcomes being achieved over time: dentistry, physiotherapy, registered massage therapy, chiropractors, physical therapy and speech therapy • The retail sector • Hair salons, barbers and other personal service establishments • In-person counseling • Restaurants, cafes, and pubs, as long as there are sufficient distancing measures • Museums, art galleries, and libraries • Office-based worksites • Recreation and sports • Parks, beaches, and outdoor spaces • Transit services • Child care MAY • Health services including elective surgeries,

government of canada Trudeau announced $240 million for ONLINE PRIMARY CARE and mental health supports The first CHILD CARE BENEFIT boost of $300/child will be paid in May. This programme change was announced in April. A SUPPLY COUNCIL will be formed to ensure continued access to necessary medical supplies (masks, sanitizer, etc.). Vancouver-based AbCellera has received $175 million from the government of Canada for ANTI-BODY RESEARCH . The AGRI-FOOD INDUSTRY will receive approximately $250 million (with more money to be added to this if deemed necessary). Up to $50 million will be earmarked for a SURPLUS FOOD PURCHASE PROGRAM . As part of this, the government will buy large quantities of certain products at risk of going to waste (like potatoes or poultry) and redistribute them to organizations addressing food insecurity. The federal government and provincial governments are collaborating on a WAGE TOP-UP PROGRAM aimed at front-line workers. The program is worth up to $4 billion ($3 billion will come from the federal government), with provinces determining which workers deserve the top-up. The WAGE SUBSIDY PROGRAM will be extended beyond June (further details to come the week of May 11, 2020). local government In Surrey, developers will be provided a 50% break on DEVELOPMENT-RELATED FEES . This applies to new and “in- stream” projects with a construction value of greater than $25 million in the city centre area. Fees that will be discounted include: application fees for rezoning, development and development variance permits, servicing agreements and building permits.

JUNE •

Hotels and resorts

• Some overnight camping will be allowed in parks • Film industry, beginning with domestic production

JULY • Movies and symphonies, but not large concerts

SEPTEMBER • Post-secondary education, with a mix of online and in- class • Kindergarten to Grade 12 classes

For further information please contact Ryan Berlin (rberlin@rennie.com) or Andrew Ramlo (aramlo@rennie.com). The information set out herein (the “Information”) is intended for informational purposes only. RAR & RMS has not verified the information and does not represent, warrant or guarantee the accuracy, correctness and completeness of the information. RAR & RMS does not assume any responsibility or liability of any kind in connection with the information and the recipient’s reliance upon the information. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information may change any time without notice or obligation to the recipient from RAR & RMS.

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