Your Finances and COVID 19

We want you to know that we understand that amidst this global pandemic you may be experiencing higher than usual stress levels. Although we may not have the answers to health questions, we can address some of your financial concerns. 

Canada's six biggest banks (Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank) have announced offers of financial assistance, including by allowing some delay mortgage payments for as much as half a year.

Today, Tuesday, March 18, 2020, our Prime Minister announced what steps they are taking to manage our financial concerns. The following actions are not exhaustive as the government will continue to monitor how to best help Canadians.

Individuals that don't have access to Employment Insurance:

There are new measures to enable people who do not have access to EI pay (comparable to what you would receive in EI) every two weeks for 14 weeks. 

Two programs that will be put into place:
1. Emergency Care Benefit - for people who are ill, placed in quarantine, have to self-iisolate have to care for a loved one who has COVID 19 but fail to qualify for EI
2. Covid 19 Emergency Support Benefit - for people who lose your job or if you are self-employed and you have to close your shop
Tax Deferrals

Canadians should have access to these funds within two weeks.

More details (https://www.ctvnews.ca/health/coronavirus/how-to-apply-for-ei-sickness-benefits-and-the-new-emergency-worker-fund-1.4858089)

For Small Businesses:

To help you retain staff, the Government of Canada is rolling out a subsidy that pays up to 10% of salaries for a period of three months.

Tax Season: 

• If you have filed your taxes and you owe money to the government you will have until August 2020 to pay your balance.
• The tax filing deadline has been pushed to June 1st (it was April 30th prior to the announcement).
• More details to come for more tax implications for those in the vulnerable sector and/or affected most by the virus.

Parents:
​Canada Child Benefit will be increased in the coming months to counteract higher childcare costs.

GST Boost:
In May there will be an increase in the GST credit for lower-income folks to offset the sales tax they pay. Every qualifying adult will receive up to $300 + $150 for every child.

Student Loans:
Six-month interest-free repayment pause for student loans

Homeless People and Shelters:
A doubling of funds to Reaching Home Program
Boost funding for shelters

First Nations
Distinction-Based Indigenous Community Support Fund

Additional Support to Businesses:
Export Development Canada will provide support to Canadian companies affected by the global situation
Boosts Farm Credit Canada for farmers and primary food producers
​
Stay well.