Canada’s COVID-19 Economic Response Plan

Canada’s COVID-19 Economic Response Plan

The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak. Read to check how you can avail of some assistance.

On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and businesses.

Emergency Funds for COVID-19:

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

*Supply chains from groceries will maintain fair prices for Canadians

PLEASE SEE WEBSITE ON HOW TO APPLY FOR PROGRAMS:

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

www.canada.ca Canada’s COVID-19 Economic Response Plan – Canada.ca