During this time of crisis and as we pull together as a family, co-workers, community and a country and support one another, let us maintain our strength, our safety and our health.
The government of Canada is providing us with support through an Economic Response Plan. It is aimed at helping individuals and businesses who face financial hardship given current developments.
Tax relief measures
o Deferral of the individual income tax return filing due date to June 1, 2020
o Deferring income tax payments until September 1, 2020. No interest or penalties will accumulate during this period. This measure will apply to all taxpayers
o Providing support for low- and modest-income families who need immediate financial assistance given the circumstances.
o Increasing the maximum annual Canada Child Benefit (CCB) for families with children for the 2019–2020 benefit year. The proposal increases the benefit by $300 per child.
o Implementing a six-month freeze on interest payments related to the repayment of Canada Student Loans.
Emergency support and enhanced benefits
o Waiving the mandatory Employment Insurance (EI) one-week waiting period for individuals in quarantine due to COVID-19, effective March 15, 2020.
o Introducing the Emergency Care Benefit (ECB), which will provide up to $900 in bi-weekly payments for up to 15 weeks.
o Workers and self-employed individuals who are quarantined or sick with COVID-19 but who do not normally qualify for EI benefits.
o Individuals who are taking care of a family member who is sick with COVID-19 but who do not normally qualify for EI sickness benefits.
o Parents with children who require care or supervision due to school closures and who are unable to earn employment income, irrespective of whether they qualify for EI or not.
o Aiding homeowners through the Canada Mortgage and Housing Corporation (CMHC) and other mortgage insurers, with options that may include payment deferral, loan re-amortization, capitalization of outstanding interest and other special arrangements.
For Businesses
o Providing a temporary wage subsidy to eligible small employers for three months to support businesses facing revenue losses and help prevent layoffs.
o Deferring taxes due between today and September 2020 until September 1, 2020 for all businesses.
o Recently reducing the Bank of Canada’s interest rate to 0.75% to support the Canadian economy in response to the economic toll of COVID-19 and recent sharp reduction in oil prices.
Please see the link below for more details on the top programs and additional programs available.
https://www.canada.ca/en/department-finance/economic-response-plan.html
If you have any questions, please do not hesitate to contact our office at 647-288-1394.
From our family at B&A Financial Group to yours, stay strong, stay safe and stay healthy!
Philip Boland, Michelle Apollinaro & Bernard Szeto