Description: The CEO of Royal Bank, Dave McKay, is advising the government to take it easy on more stimulus spending. Even though the Covid-19 pandemic has meant tough times for many, bringing on federal spending like the CERB, other Canadians have bumped up their savings over the last year. Personal savings stand at roughly $180 billion higher than normal, and with vaccinations promising a return to something like normal, McKay sees Canadian’s savings as big fuel for the the economy. Government help may be unwanted and unneeded.
Date: April 8, 2021
1) How have your own personal finances been impacted by the pandemic?
2) Have you or your classmates been able to save money due to the closures in the economy?
3) Page 3 of Wiley’s Understanding Financial Accounting discusses the complexity of financial accounting for the Government of Canada. Take a look online at the latest Public Accounts of the Government of Canada (the financial statement) and discuss with your classmates how the statements may change for the fiscal year ending 31 March 2021. In short, how has Covid-19 changed the results? https://www.tpsgc-pwgsc.gc.ca/recgen/cpc-pac/2020/pdf/2020-vol1-eng.pdf