In a rustic as massive as Canada, it’s important that we preserve connections between individuals and our communities.

To this finish, the Deputy Prime Minister and Minister of Finance, the Honorable Chrystia Freeland, and the Minister of Transport, the Honorable Omar Alghabra, right now introduced monetary assist for Air Canada.

To learn from this assist, Air Canada will make sure that:

1. Regional communities retain air hyperlinks with the remainder of Canada due to the restart of service to airports quickly suspended by Air Canada;
2. Any Air Canada buyer who needs a refund will obtain one for sure pandemic-related cancellations;
3. Airline jobs, pensions and collective agreements are protected; and
4. Air Canada stays a buyer of the Canadian aerospace business.

The Authorities of Canada stays dedicated to supporting the individuals who work within the airline business and Canadian airways throughout this unprecedented and tough time for the business. The federal government can also be dedicated to supporting the gradual return of economic exercise to the aviation sector in Canada in a way that continues to prioritize the well being, security and safety of all. Canadians.

Negotiations are persevering with with different Canadian carriers over monetary assist and any settlement reached throughout these negotiations will embody a requirement that the airline additionally reimburse cancellations associated to the pandemic. Within the occasion that an airline doesn’t want authorities liquidity assist, the federal government stays open to serving to all airways repay coupons to their prospects.

This monetary assist introduced right now, within the type of repayable loans and fairness investments, will assist Air Canada climate the present financial downturn and shield 1000’s of jobs in Canada.

Quote

“From coast to coast to coast, it’s important that we preserve connections between individuals and our communities, massive and small. You will need to shield Canadian prospects. And sustaining a aggressive Canadian airline business, Canadian airways and 1000’s of fine jobs on this business is a precedence. That is assured by right now’s announcement with Air Canada.

– The Honorable Chrystia Freeland, Deputy Premier and Minister of Finance

“For our financial restoration and to construct again higher, we’d like a powerful Canadian airline business that creates good jobs, grows the financial system and helps join communities throughout Canada. As we speak’s announcement with Air Canada is one other necessary step in that course.

– The Honorable Omar Alghabra, Minister of Transport

Quick details

• Because the onset of the worldwide pandemic, the federal government has supported the airline business and different hard-hit sectors with a collection of focused assist measures, together with Canada’s Emergency Wage Subsidy. Up to now, employees within the airline business have acquired greater than $ 2.1 billion in help by way of the wage subsidy.
• As well as, within the Fall Financial Assertion 2020, the federal government introduced greater than $ 1 billion in assist for airports and small airways.
• Within the Fall Financial Assertion 2020, the federal government reaffirmed its dedication to making sure that Canadians obtain reimbursements as a situation of monetary help to main carriers.
• The airline business, together with airways, helps 235,000 jobs in communities throughout Canada.
• Authorities monetary assist for Air Canada is supplied by way of the Giant Employer Emergency Funding Mechanism (LEEFF). The Canadian Emergency Financing Company for Companies (CEEFC) is a federal Crown company, integrated in Could 2020 and 100% owned by the Canada Improvement Funding Company (CDEV), a mum or dad Crown company .