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COVID-19 Relief

We thought it would be beneficial to gather info on all the financial aid put out over the past few months to help Canadians deal with the Covid Pandemic. We know this is a difficult time and hope this post can help you or someone you know. Please feel free to share. 

For Individuals:  

  • Canada Child Benefit Increase:  Up to $300 per child.  No need to apply.  Automatic eligibility.
  • Special Goods and Services Tax Credit:  One-time special payment $400 for singles and $600 for couples.  No need to apply.  Automatic eligibility.
  • Mortgage Support:  Banks have committed to work with customers do allowed deferrals.  Contact your financial institution.  
  • Canada Emergency Response Benefit (CERB):  Taxable benefit of $2,000/month for 4 months for eligible workers.   The eligibility has been expanded.   Apply through EI or Service Canada.   
  • Tax Returns:  Deadline extended to June 1.  Balances & installments due deferred until after August 31, 2020 without interest & penalties. 
  • Temporary Salary Top-Up for Low Income Essential Workers.  Details to be released soon.
  • Canada Emergency Student Benefit (CESB):  $1,250/month available May – Aug.  Details to be released soon.  
  • Reduced minimum RIF withdrawals for RRIFs:  25% reduction as long as you haven’t already withdrawn you minimum for 2020.   Talk to us.  

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For Businesses:

  • Canada Emergency Response Benefit (CERB):  taxable benefit of $2,000/month for 4 months for eligible workers who are self-employed.  The eligibility has been expanded.  Apply through EI or Service Canada.
  • Canada Emergency Wage Subsidy:  For employers who suffered a drop in gross revenues of at least 15% in March, and 30% in April and May.  Covers 75% of an employees wage up to $847/week.  Apply through CRA’s My Business Account portal.  
  • Temporary 10% Wage Subsidy:  Allows eligible employers to reduce the amount of payroll deduction required to be remitted to the CRA up to $1,375 for eligible employee.  Subsidy is calculated manually when completing payroll remittances.
  • Canada Emergency Business Account:  Interest free loan up to $40,000 for employers with between $20,000 and $1,500,000 in total payroll in 2019.  Contact your financial institution to apply.  

Reference:  https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html, www.canada.ca/coronavirus-CERB

This summary may be incomplete.  If you know of anything we missed, let us know!

Photo by John Schnobrich on Unsplash