Canada’s Emergency Funds for the Economic Impact of the COVID-19 Pandemic.
Canadians affected financially by the Coronavirus pandemic, help is on the way; temporal increase in Canadian Child Tax Benefit, GST Credit, EI, wage subsidies, mortgage deferral,…
Supported by Canadian opposition parties, PM Trudeau announces today, $85 Billion Coronavirus Aid Package – $27 Billion in direct support and $55 Billion in tax deferral.
1. GST Credit – $400 single adults – $600 for couples.
2. Canadian Child Tax Benefit Top up – $300 per child added to what you currently receive. Beginning in May 2020.
3. Student loan payments deferred for a 6 month time frame, 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 up to $25,000 per employer.
7. Ensured Mortgage Protection Program -50 billion provided payment deferrals, special payment arrangements.
8. Bank Supported auto loans payment deferral possible if you contact contact bank directly.
9. Personal Income Tax payment before September 2020. Extended deadline for income tax payments, filing deadline for Income Tax delayed to June 2020.
10. Emergency Care Benefit, quarantined or caring for sick family member, self-employed loss of income, entitled to a $900 bi weekly for 15 weeks, payment via direct deposit. Will not require medical documentation starting April 11.
Emergency support fund of $5 Billion.
More information coming up.
