Trudeau enlists Canadians' help to fund Ukraine's war effort

Canadian Prime Minister Justin Trudeau on Friday attended the Triennial Congress of Ukrainian Canadians, where he announced more help for Ukraine, including "sovereignty bonds," more sanctions, military assistance, humanitarian aid, and more.

The event, held in Winnipeg, Manitoba by the Ukrainian Canadian Congress (UCC), is a policy forum "where the priorities for the community are discussed and decided," according to their website.

"The Ukrainian government needs financial resources in order to support Ukrainians and withstand Russia's ongoing attacks. Since the start, we've been working with international partners to effectively flow money to Ukraine. Canada has been leading the charge, both in terms of the scale of support and how quickly it has been provided," said the Liberal PM to the crowd.

"The Government of Canada has provided approximately $2 billion in loans to the Ukrainian government this year," he said, claiming that "there are a lot of Canadians who would like to see us do more and to be able to do more."

With all of this money leaving the country to Europe while inflation soars, many Canadians are struggling to afford the cost of living.

Food bank usage has hit an all-time high, according to a new report from Food Banks Canada. In a single month, the country's food banks received 1.5 million visits, a 35 percent increase since 2019.

According to the most recent National Rent Report, listing prices saw an annual increase of 15.4 percent in September, making the new average cost of rent $2,043. Rent was also up 4.3 percent from the previous month, making it the highest month-to-month increase since the National Rent Report began publishing data in 2018.

Conservative leader Pierre Poilievre blames this crisis on Trudeau's "half-trillion" deficits flooding the market with "easy cash, so gas, groceries & rent is all more expensive."

"Well, we want to give all Canadians a chance to directly support Ukraine. So today, we are announcing that Canada will be offering a new government backed Ukrainian sovereignty bond," Trudeau continued.

"Canadians will now be able to go to major banks to purchase their sovereignty bonds, which will mature after five years with interest… These funds will go to support the Government of Ukraine so they can continue to support the Ukrainian people."

In a statement released from the PM's office, it was clarified that "the equivalent proceeds from this five-year bond will be channeled directly to Ukraine through the International Monetary Fund's (IMF) Administered Account. This builds on the Government of Canada’s $2 billion in financial assistance to Ukraine this year."

"To increase pressure on Putin's regime," Canada will also be imposing new sanctions on "individuals and entities complicit in Russia's invasion of Ukraine," targeting senior officials of energy companies, including those of the majority Russian state-owned Gazprom, police officers, prosecutors, judges, and prison officials engaged in "human rights violations." According to the statement, these new measures will add to the over 1,400 individuals and entities already sanctioned by the Canadian government for supporting Russia's actions.

"The 39 armored combat support vehicles (ACSVs) we announced for Ukraine in June have started to arrive in Europe, where training for the Ukrainian forces is underway, with the last expected to be delivered end of November," the statement continued. 

Since February, Canada has allocated more than $600 million in military assistance to Ukraine, according to the PM's office.

"We will continue to help Ukraine meet its urgent requirements for military and defense equipment," the statement reads.

Trudeau also announced the allocation of $55 million to several humanitarian organizations, including the International Federation of Red Cross and Red Crescent Societies, the International Organization for Migration, and the United Nations High Commissioner for Refugees "to support winterization initiatives." 

"This includes providing shelter and distributing essential items such as blankets, clothing, heating appliances, and fuel," the statement said.

"Canada is also moving forward with previously budgeted $15 million in funding for demining support to Ukraine, including the procurement of urgently needed demining equipment for the State Emergency Service of Ukraine through Global Affairs Canada’s Weapons Threat Reduction Program and the Peace and Stabilization Operations Program," Trudeau's office continued.

On Friday, Conservative Senate leader Don Plett decried the fact that Canada's largest port, the Port of Vancouver, is ranked 368th out of 370 ports around the world for efficiency. This has greatly impacted the nation's ability to become more profitable in trade.

"In recent years, port efficiency has taken on a new level of urgency in the context of global disruptions and rampant inflation," said Plett during a senate session. "The inefficiency of Canada's largest port, coupled with the shortcomings of a real system… are undoubtedly huge barriers to exporters and farmers, and to Canada's overall trade competitiveness." 

In June 2020, the Bank of Canada Governor Tim Macklem testified to the House Finance Committee that there wouldn't be inflation.