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$82 Billion to help Canadians during COVID-19…

The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak.

On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and businesses.

Below is a summary of the very long report released today. The full report can be found by clicking the link at the bottom of this story.

Emergency Funds for COVID-19:

  1. GST credit – up to $300 single adults – $600 for couples
  2. Child Tax benefit Top up – $300 per child added on top of
    what you receive already.
  3. Student loan payments deferred
    -6 month timeframe
    -no payments
    -no interest accrual
  4. Indigenous community based support fund
  5. $200 million provided for community resources
    -Shelters/homeless needs
    -Sexual assault/transition homes
  6. 10% wage subsidy for small-medium sized businesses for employees.
    -$25,000 per employer
  7. Ensured Mortgage Protection Program
    -50 billion provided
    -payment deferrals
    -special payment arrangements
  8. Bank Supports
    -auto loans – deferral of payments possible
    -contact bank directly
    -speak to your institutions
  9. Personal Income Tax
    -payment before September. 1st/2020 – extended deadline for income tax payments owed

-Filing deadline for Income Tax – June.1st/2020

  1. Emergency Care Benefit
    -Quarantined or caring for sick family member
    -Providing $900 bi weekly
    -Payment via direct deposit
    -Will not require medical documentation
    -Starting early April
  2. Emergency support fund – $5 Billion
    -more info to come

*Supply chains from groceries will maintain fair prices for Canadians


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