Additional Financial Measures

In addition to helping homeowners manage their finances through deferred mortgage payments and adjustments, the Canadian Government has also come to the aid of families who may be struggling currently.

To help those currently struggling, the following measures are being taken or have already been implemented:

  • Income Tax Payments: The Canada Revenue Agency will allow all taxpayers to defer payments for any income tax amounts that are owing between March 18, 2020 and September 2020 until August 31, 2020. No interest or penalties will accumulate on these amounts during this period.
    • Taxpayers who are required to remit quarterly instalments may benefit from up to 5 months of tax deferral.
  • Income Tax Filing: Income tax return filing has been extended one month from April 30, 2020 until June 1, 2020.
    • If you receive and rely on the GST credit or the Canada Child Benefit, it is still ideal to file sooner to ensure that the entitlements for the 2020-2021 benefit year are not delayed.
    • For trusts with a December 31, 2019 year end, the tax return filing due date has been extended to May 1, 2020 (from March 30, 2020)
  • Registered Retirement Income Funds (RRIFs): The required minimum withdrawals from RRIFs will be reduced by 25% for the 2020 tax year.

In addition, the Canada Revenue Agency is adapting their Outreach Program in order to better support individuals during COVID-19. This service allows the CRA to offer assistance to ensure individuals understand their tax obligations and to help them obtain the benefits and credits to which they are entitled.

EMERGENCY FUNDS DURING COVID-19

  • GST Credit: $400 for single adults, $600 for couples
  • Child Tax Benefit Top-Up: An additional $300 per child
  • Student Loan Payment Defferal:
    • 6 month timeframe
    • No payments
    • No interest accrual
  • Indigenous community based support fund
  • $200 million provided for community resources such as:
    • Shelters/homeless needs
    • Sexual abuse/transition house needs
  • UPDATED 03/27/2020: Wage Subsidy:
    • Up to 75% retroactive to (March 15, 2020) for small to medium-sized busineses for employees.
    • No details on qualification, caps, or time period
  • Small Business Loans
    • Up to $40,000 government backed
    • Interest free for one year
    • Up to $10K could be forgiven
    • More details to come
  • 10% wage subsidy for small to medium sized busineses for employees
    • $25,000 per employer
  • Ensured Mortgage Protection Program
    • $50 billion provided
    • Payment deferrals
    • Special payment arrangements
  • Bank Supports
    • Auto loans
    • Deferral of payments possible
    • Contact bank directly
    • Speak to your institutes
  • Emergency Support Fund
    • $5 billion - more information to come
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