Canada's COVID-19 Economic Response Plan
- GST Tax Credit
- Average increase will be close to $400 for single, and close to $600 for couples
- 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)
- Student Loans
- A 6-month interest-free moratorium on the repayment
- Indigenous Communities
- $305 million for a new distinctions-based Indigenous Community Support Fund
- 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
- 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
- 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
- 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
- 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
- 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
- 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
