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:
- GST credit – up to $300 single adults – $600 for couples
- Child Tax benefit Top up – $300 per child added on top of
what you receive already.
- Student loan payments deferred
-6 month timeframe
-no interest accrual
- Indigenous community based support fund
- $200 million provided for community resources
-Sexual assault/transition homes
- 10% wage subsidy for small-medium sized businesses for employees.
-$25,000 per employer
- Ensured Mortgage Protection Program
-50 billion provided
-special payment arrangements
- Bank Supports
-auto loans – deferral of payments possible
-contact bank directly
-speak to your institutions
- Personal Income Tax
-payment before September. 1st/2020 – extended deadline for income tax payments owed
-Filing deadline for Income Tax – June.1st/2020
- 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
- Emergency support fund – $5 Billion
-more info to come
*Supply chains from groceries will maintain fair prices for Canadians