Federal Government’s COVID-19 Economic Response Plan

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March 18, 2020 – This morning the federal government announced economic support Canadians during the COVID-19 pandemic, including:
1. GST credit – $400 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
-$305 million

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

10. 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

11. Emergency support fund – $5 Billion
-more info to come

Please read the economic response plan by clicking below:

 

Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses

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.