Canadians will get a clearer picture today of what it's cost to keep the economy afloat during the pandemic. The federal government has played down expectations for the fiscal and economic update, dubbing it a "snapshot" to scale back expectations for longer-term projections. But there will be no distracting from the stark figures presented to Canadians, with a senior government source confirming to Jon Erlichman that the feds will reveal a deficit in excess of $300 billion. A couple quick points of reference: as of June 25, total direct spending on COVID-19 measures had reached $174.1 billion, according to the Finance Department's most recent presentation to lawmakers. And if we think back to the feds' last formal deficit forecasts, back in the fiscal update of December 2019, the government was ballparking a deficit of $28.1 billion for 2020-21.

Some basic questions that will help frame our coverage today: Will Finance Minister Bill Morneau signal a strategy to rein in spending? Will some of the emergency programs be phased out? What about the potential cost ahead to stimulate the economy, as opposed to the survival spending we've seen thus far?

We'll have in-depth coverage throughout the day with some of Canada's top economic and fiscal minds; we’re also looking forward to speaking with the finance minister at approximately 2:45 p.m. ET and Conservative Party of Canada Leader Andrew Scheer at 4:15 p.m. ET

DAVIDSTEA FILES FOR CCAA

DavidsTea has joined the growing list of retailers that can’t withstand the financial pressures of COVID-19 any longer, announcing this morning it will file for protection under the Companies’ Creditors Arrangement Act (CCAA). The company says this will allow it to expedite a transition to focusing on wholesale and online sales. CEO Herschel Segal added in a statement that DavidsTea will pursue a “significant reduction in [its] brick & mortar presence”.

GOLD ABOVE US$1,800

The spot price of gold broke through US$1,800 per ounce this morning, extending a run that's seen prices soar 22 per cent since mid-March as investors flock to the perceived safe haven in a world awash in monetary intervention. The TSX materials subgroup has jumped 52 per cent over the same span. We'll take a closer look at the underlying equities' performance this morning.

NAFTA MEETING EX-TRUDEAU

U.S. President Donald Trump hosts Mexico's president at the White House today for what was meant to be a celebration of the coming into force of the new North American Free Trade Agreement before Prime Minister Justin Trudeau decided to opt out. We'll watch and listen for any fallout from that decision today.

OTHER NOTABLE STORIES

-Just Energy will be on our radar today after the company concluded its longstanding strategic review with a decision to remain independent. The electricity and gas provider is also planning a recapitalization that will include raising $100 million in an equity sale and bringing four new directors onto its board.

-Jason Kenney’s government has unveiled plans to create an arm’s-length agency called Invest Alberta Corporation, whose mission would be to attract “high-value, job-creating investment” to the province.

-AMC Entertainment shares have been up more than 10% in pre-market trading. The Wall Street Journal is reporting the big movie theatre operator is closing in on a financing arrangement that would spare it from filing for bankruptcy protection.

-Some M&A in the U.S. insurance industry last night: Allstate announced a friendly deal to buy National General for US$4 billion (US$34.50 per share).

NOTABLE RELEASES/EVENTS

-Notable earnings: Goodfood Market, Bed Bath & Beyond

-9:00 a.m ET: Parliamentary Budget Officer releases costing note "Net wealth tax on Canadian resident economic families"

-11:00 a.m. ET: Prime Minister Justin Trudeau addresses Canadians from West Block on Parliament Hill

-~1:40 p.m. ET: Finance Minister Bill Morneau releases fiscal update

-2:05 p.m. ET: U.S. President Donald Trump meets with Mexico President Andres Manuel Lopez Obrador in the Oval Office

-3:35 p.m. ET: Trump, AMLO sign joint declaration in the Rose Garden

-Statistics Canada releases study "The decline in production and investment in Canada's oil and gas sector and its impact on the economy"

-Auditor General of Canada releases Spring reports

Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe