The Code ensures that borrowers are provided with timely and comprehensive information and are protected against unfair treatment by creditors, and is geared towards promoting permanent and sustainable arrangements, whether forbearance or resolution and closure solutions.
The likelihood of new fiscal stimulus was an important consideration – others included: First, the Canadian dollar has declined significantly since October, which means that the non-resource sectors of our economy are receiving considerably more stimulus than we projected then. Let’s remember that it typically takes up to two years for the full effect of a lower dollar to be felt.