Archived - Government of Canada Helps Newfoundland and Labrador Through Hard Times

May 25, 2016 – Ottawa, Ontario – Department of Finance Canada

Canada is a strong country characterized by hard work and a strong sense of community. Helping our neighbours get back on their feet is just one example of how Canadians take care of each other.

The province of Newfoundland and Labrador is currently facing considerable economic challenges as a result of the significant, sustained decline in global oil prices. The Government of Canada is helping residents through these challenges by deferring provincial loan payments on the federal Repayable Floor Loan of $266,668,300, until April 1, 2022.

This deferral will build on assistance that the Government of Canada is providing to support the province through the current period of extraordinary challenges. This support includes an advance fiscal stabilization payment of $31.7 million to Newfoundland and Labrador in 2015–16. It also includes the designation of the Employment Insurance (EI) economic region of Newfoundland and Labrador as an eligible region for extended EI regular benefits of 5 weeks for all eligible claimants, and up to an additional 20 weeks for long-tenured workers. These are significant actions that will directly help middle class families and those families working hard to join the middle class.

• Backgrounder on Repayable Floor Loans

Annie Donolo
Press Secretary
Office of the Minister of Finance
613-369-5696

Jack Aubry
Media Relations
Department of Finance Canada
613-369-4000