Ottawa has also signed letters of intent with five companies - Precision Biomonitoring, Fluid Energy Group Ltd., Irving Oil, Calko Group and Stanfield's - to produce additional test kits, hand sanitizer and protective apparel including masks and gowns.
Providing a third of these ventilators is Thornhill Medical, which is one of three Canadian companies the government has contracted to produce supplies.
"This subsidy will make a real difference in your lives and help everyone affected bridge to better times", he said at a news conference outside of his home.
News of an increase in medical supplies comes as front-line health-care workers have sounded the alarm over potential shortages of PPE.
Canadian Prime Minister Justin Trudeau said Sunday that he would remain in self-imposed isolation even though his wife, who had contracted the coronavirus, has recovered. He said there would be "serious consequences" for people trying to scam the system, but didn't elaborate on what that would look like.
"We have been making sure that we have money aside for a rainy day".
International Trade Minister Mary Ng also announced earlier this month that the government is temporarily eliminating tariffs and taxes on all goods imported by public health authorities.
Millions of masks and thousands of ventilators have been ordered by the federal government to shore up the national stockpile of supplies needed to treat and fight COVID-19.
Trudeau said the subsidy is to ensure Canadians have "money to buy groceries right now and a job to come back to later".
Governments across Canada showed signs of settling in for longer periods of physical distancing on Tuesday as they stepped up efforts to protect the country's most vulnerable residents from the ravages of the COVID-19 pandemic.
This move is estimated to result in $331.4 million in relief. Today's announcement will help strengthen our country's response to COVID-19, while reinforcing our preparedness in responding to future health challenges.