Government Assistance

The Government of Canada has announced a number of economic initiatives to assist Canadians and businesses during this difficult time.

In an ongoing effort to provide our members with the latest information, we've compiled a guide to the financial resources currently available to you through the federal government. 

For Individuals & Families

• Increasing the Canada Child Benefit
  • An extra $300 per child for 2019-2020, delivered as part of the scheduled CCB payment in May.
• Special Goods and Services Tax credit payment
  • One-time special payment through the GST credit to low to modest-income families in May. 
• Extra time to file income tax returns
  • Tax filing date has been deferred until June 1, 2020
• Mortgage support
  • If you are experiencing financial hardship please contact your bank to see how they may be able to assist, as many are offering mortgage deferral options. 

• The NEW Canadian Emergency Response Benefit (CERB) - Applications now open.
  • You may be eligible to receive up to $2,000 a month for up to 4 months. The application system opens Monday, April 6. Click here to learn more and apply. 
  • NEW: April 15, 2020:  Support for seasonal workers.
    • To help more Canadians benefit from the CERB, the government is announcing changes to the eligibility rules to:
      • Allow people to earn up to $1,000 per month while collecting the CERB.
      • Extend the CERB to seasonal workers who have exhausted their EI regular benefits and are unable to undertake their regular seasonal work as a result of the COVID-19 outbreak.
      • Extend the CERB to workers who have recently exhausted their EI regular benefits and are unable to find a job or return to work because of COVID-19.

      • These changes will be retroactive to March 15, 2020 . More details will be posted on the portal shortly.

• Improved access to Employment Insurance Sickness benefits
  • The one-week waiting period has been waived for new claimants. 

• Reduced minimum withdrawals for Registered Retirement Income Funds (RRIF)
  • Required monthly withdrawals from RRIF's has been lowered by 25% for 2020

• A moratorium on the repayment of Canada Student Loans
  • 6-month interest-free moratorium on the repayment of Canadian Student Loans, effective March 30, 2020. 

• Extending the Work-Sharing program
  • Maximum duration of Work-Sharing program doubled from 38 to 76 weeks
     
• Temporary Changes to Canada Summer Jobs Program
   
• Temporary 10% Wage Subsidy
   
• Canada Emergency Wage Subsidy - Extended an additional 12-weeks to August 29, 2020. 

  • As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75% of employee wages for up to 24 weeks, retroactive from March 15, 2020, to August 29, 2020.

    This wage subsidy would enable you to re-hire workers previously laid off as a result of COVID-19, help prevent further job losses, and better position you to resume normal operations following the crisis.

• Establishing a Business Credit Availability Program
• Offering a guarantee on loans
• The new Canada Emergency Business Account
• A new loan guarantee for small and medium-sized enterprises
• A new co-lending program for small and medium-sized enterprises

• Launching an insured Mortgage Purchase Program
• Bank of Canada actions
• Lowering the Domestic Stability Buffer

• More time to pay income taxes
  • Businesses can defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020.
• Deferral of Sales Tax Remittance and Customs Duty Payments
  • applicable to businesses and self-employed individuals

*As always, please check back to https://www.canada.ca/en/department-finance/economic-response-plan.html for the most up-to-date information.