Canada's COVID-19 Economic Response Plan

Canada's COVID-19 Economic Response Plan

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  1. GST Tax Credit

- Average increase will be close to $400 for single, and close to $600 for couples

 

  1. Canada Child Benefit (CCB)

- Increase the maximum annual CCB payment to qualifying families by an extra $300/child as part of their May payment (only for 2019-20 benefit year)

 

  1. Student Loans

- A 6-month interest-free moratorium on the repayment         

 

  1. Indigenous Communities

- $305 million for a new distinctions-based Indigenous Community Support Fund

 

  1. Community Aid

- $50 million to women's shelters and sexual assault centres

- $157.5 million to address the needs of homeless people through Reaching Home    Program  

 

  1. Small & Medium Enterprises (SMEs)

- Temporary wage subsidy equal to 10% of remuneration paid, up to a maximum subsidy of $1,375/employee and $25,000/employer

 

  1. Insured Mortgage Purchase Program (IMPP)

- Government will purchase up to $50 billion of insured mortgage pools through CMHC

- Provide flexibility for homeowners facing financial hardship to defer mortgage payments on homeowner CMHC-insured mortgage loans

- CMHC will permit lenders to allow payment deferral immediately

 

  1. Financial Institutions

- To work with customers to provide flexible solutions, on a case-by-case basis for managing personal auto loans and/or home mortgage loans

 

  1. Individual Income Tax

- Extend the tax filing deadline for individuals to June 1, 2020

- Allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts owing on or after March 18, 2020 and before September 2020

 

  1. Emergency Care Benefit of up to $900 bi-weekly for up to 15 weeks

- To support workers, including the self-employed, who are sick, quarantined, or who have been directed to self-isolate but do not quality for EI sickness benefit

- To support workers, including the self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent or other dependents who are sick, but do not qualify for EI sickness benefits

- One week waiting period for EI waived, starting from April

 

  1. Emergency Support Benefit

- Delivered through the Canada Revenue Agency (CRA) to provide up to $5 billion to support workers who are not eligible for EI and who are facing unemployment

 

For details, please visit:

https://www.canada.ca/en/department-finance/economic-response-plan.html

 

Posted By:Cynthia

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