Updates on Economic Support for Canadians and Businesses

 

Emergency fund and Economic Responses to COVID-19 (March 27, 2020)

  1. GST Credit – one-time $400 single adults or $600 for couples by early May 2020
  2. Child Tax Benefit extra $300 per child to be delivered as part of the CCB payment in May 2020
  3. Student loan payments deferred – Effective March 30 2020, 6-month interest-free for all students
  4. $305 million Indigenous community-based support fund
  5. $200 million provided for community resources for shelters / homeless needs and Sexual assault / transition homes
  6. Revised 3-months 75% wage subsidy for small and medium sized businesses for remuneration pay between March 18 to June 2020.
  7. 50 million Insured mortgage protection programs to provide long term stable funding to banks and mortgage lenders.
  8. Bank supports to defer loan. Contact bank directly
  9. Personal income tax to extend deadline for income tax owing until after August 31 2020 and extend filing deadline to June 1 2020. GST/HST payments will be deferred until June 2020
  10. Emergency Care Benefit for quarantined or caring for sick family member

-Providing $900 bi-weekly for up to 15 weeks, starting April 2020

-Payment via direct deposit and will not require medical documentation

  1. Emergency support fund $5 billion
  2. New Canada Emergency Response Benefit

-Providing $2,000 a month for up to 4 months, backdated to March 15, 2020

-workers who have lost their job, who are sick, quarantined, or taking care of someone who is sick, and parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures.

-the new CREB also includes workers who have no income due to COVID-19 slowdown, but who haven’t yet been officially laid off. It will cover employees, contract workers and self-employed workers who would not otherwise be eligible for Employment Insurance.

  1. New guaranteed bank loans up to $40,000 for small businesses which will be interest-free for the first year. Under certain conditions, up to $10,000 of the loans could be non-repayable

https://www.canada.ca/en/department-finance/economic-response-plan.html

https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

Our office will continue serving our clients via digital and drop-off documents, supplemented by online and telephone discussion (face-to-face meeting suspended).

 

Comments are closed