Government Supports
To all my clients,
My thoughts are with everyone impacted by the COVID-19 coronavirus outbreak, especially those whose loved ones are fighting the illness. We are starting to see some signs that things could improve soon, depending of course on everyone doing their part. This is also a reminder that I am available to help with anything you may need during these challenging times. The government has implemented a few things to help people that are affected more than others. Here is a rundown of the supports available.
Canada Emergency Response Benefit (CERB)
If you have stopped working because of COVID-19, the Canada Emergency Response Benefit (CERB) may provide you with temporary income support. The CERB provides $500 a week (taxable) for up to 16 weeks.
This is for people facing unemployment, are sick or in directed self-isolation or are unable to work.
The benefit will be available to people:
Residing in Canada, who are at least 15 years old;
Who have stopped working because of COVID-19 and have not voluntarily quit their job or are eligible for EI regular or sickness benefits;
Who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and
Who are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. For subsequent benefit periods, they expect to have no employment or self-employment income.
You can apply Online or at 1-800-959-2041
Mortgage Support
Canadian banks have committed to work with their customers on a case-by-case basis to find solutions to help them manage hardships caused by COVID-19. This includes permitting lenders to defer up to six monthly mortgage payments (interest and principal) for impacted borrowers. Canadians who are impacted by COVID-19 and experiencing financial hardship as a result should contact their financial institution regarding flexibility for a mortgage deferral. This gives flexibility to be available − when needed − to those who need it the most. You are encouraged to visit your bank’s website for the latest information, rather than calling or visiting a branch.
Extra time to file your income tax
The filing due date for 2019 income tax returns for individuals has been deferred until June 1, 2020. Any new income tax balances due, or instalments, are also being deferred until after August 31, 2020 without incurring interest or penalties.
Increased Child Tax Benefit
An extra $300 per child through the Canada Child Benefit (CCB) for 2019-20. This will mean approximately $550 more for the average family.
This benefit will be delivered as part of the scheduled CCB payment in May.
Those who already receive the CCB do not need to re-apply.
Apply for the Canada Child Benefit
Special GST payment
A one-time special payment starting April 9 through the Goods and Services Tax credit for low- and modest-income families.
The average additional benefit will be close to $400 for single individuals and close to $600 for couples.
There is no need to apply for this payment. If you are eligible, you will get it automatically.
Students and recent Graduates
All student loan borrowers will automatically have their loan repayments and interest suspended until September 30, 2020.
Students do not need to apply for the repayment pause.
This moratorium applies to the federal portion of student loans. Borrowers should check with their provincial or territorial student loan provider to see if payment is required on the provincial or territorial portion.
Here are the supports available for Business Owners:
Avoiding layoffs and rehiring employees
· Canada Emergency Wage Subsidy
· Extending the Work-Sharing program
Reduced and deferred payments
· More time to pay income taxes
· Deferral of Sales Tax Remittance and Customs Duty Payments until June
Access to credit
· Establishing a Business Credit Availability Program
· Canada Emergency Business Account
Supporting financial stability
· Launching an Insured Mortgage Purchase Program
· Bank of Canada actions
· Office of the Superintendent of Financial Institutions actions
Support for self-employed individuals
· Canada Emergency Response Benefit (CERB)
· Deferral of Sales Tax Remittance and Customs Duty Payments until June
· More time to pay income taxes
If you have any questions about these supports, feel free to contact me.
Stay safe and healthy.
