The COVID-19 pandemic is carving a path of destruction through government finances across the country as federal, provincial and territorial budgets lie in ruins.
Governments of all stripes have turned on the spending taps to keep economies afloat, as arguments over debt and deficits now seem comical and barely relevant by comparison.
But get set for a second wave of fiscal destruction to slam yet another level of government as Canadian municipalities get pounded by the pandemic.
From coast to coast, cities and towns are warning of disappearing revenues and rising costs. “We’re experiencing a financial pressure estimated at $65 million each and every week this crisis goes on,” said Toronto Mayor John Tory, adding the city is dipping into