Financial Programs Offered Due To Covid-19

The Canadian government has taken careful and targeted steps aimed at its fight to mitigate the economic effects of the Covid-19 scourge. This support is for Canadians and Canadian businesses that are struggling in the Coronavirus season. Quite several provinces have closed schools and declared a state of emergency. This situation empowers the government to make certain orders affecting the general public. Some of these orders have seen the suspension of the rights of individuals and businesses.

With this in mind, it is also important to note that there are a couple of resources and help available to you to help out.

Federal assistance

Back on March 18, 2020, a federal economic package worth about $82 billion got launched to help Canadian businesses and workers through tough times.

This represents over three percent of the total GDP of the country. This funding aims to ensure that Canadians can buy groceries, pay rent while also making sure that businesses can pay their workers.

About $27 billion of the total amount got designated for the support of Canadian businesses and workers. Added to this, the government will provide about $55 billion in tax deferrals. This will allow households and businesses to delay the payment of their tax until a later time.

There is also the $1 billion COVID-19 response fund which got designed to support the health care systems of the territories.

About $500 billion in liquidity and credit is available for the support of businesses and people. The six major financial organizations in Canada are also working to ensure that small business and personal banking customers have flexible means to tackle their financial issues. They are doing their best to ensure that Canadians can handle childcare disruptions caused by the pandemic. This support includes mortgage payment deferrals for up to six months. There is also the opportunity for relief on some other credit products.

Other financial support available includes support for families and workers. Also included in this group include homeowners, vulnerable groups, businesses, and the likes.

Some resources created for financial support available for families and individuals include the following:

• Beginning from April 9th, the Canadian federal government began the distribution of a one-time payment of the Goods and Services Tax credit for low income earning families. This means an added $400 for individuals and $600 for couples.
• There will be an extra $300 for each child via the Canada Child Benefit (CCB). It’s scheduled for distribution in May.
• There has also been deference of the deadline for the 2019 taxes until the first of June. All added income tax balances due will also get deferred till the end of August. This will be with no penalties or interests.
• Individuals who have lost their sources of income or employment due to the pandemic may be eligible for a taxable benefit of up to $2,000 for four months. This is under the Canada Emergency Response Benefit (Benefit). Those who are sick and quarantined may also be eligible. This applies between the periods of March 15, 2020, and October 3, 2020.
• For individuals who have applied for sickness benefits or EI between March 15, 2020, and later, their claims will get processed via the CERB. For individuals applying for sickness benefits, the government has gone ahead to waive the period of waiting for quarantined new claimants. They have also waived the need to display a medical certificate before accessing the benefits.

Provincial and Territorial financial programs due to Covid-19

Territorial and provincial governments are also making available much-needed help during this Covid-19 period.

British Columbia

The British Columbia Emergency Benefit for workers comes as a one-time, tax-free $1,000 payment. It is for residents of B.C who have lost their jobs as a result of the pandemic. It applies to people who are eligible for EI and also non-eligible workers. Such people include freelancers and entrepreneurs. Others include people who have gotten laid off, taking care of sick members of the family. Finally, it applies to parents who have to stay at home to take care of their children as a result of the pandemic.

Ontario

The Government of Ontario offers help to children and families. Eligible guardians, parents, and caregivers get entitled to a payment of $200 for each child. This is for children between the ages of 0 to 12 for children and 0 to 21 for children and youth who have special needs. This funding got designed to help out with educational apps, workbooks, educational, and subscription services. Others are movies as well as other tools that support learning at home.

Quebec

Quebec offers Temporary Aid for Workers program which applies to workers who are sick with Coronavirus. Others include those who have been in contact with someone infected and have to self-quarantine and are not under the coverage of any other financial assistance programs or insurance. Eligible workers under this scheme get $573 each week for two weeks. If the health conditions persist, the financial aid may last as much as 28 days.

Prince Edward Island

Anyone who has lost his or her major source of income gets entitled to a one-time payment of $750. There is also provision for a $200 temporary allowance each week for workers who have seen a major drop in their working hours.

New Brunswick

A one-time payment of $900 is being provided b the Red Cross to workers who have become unemployed as a result of the Corona Virus. This program is to end on the 30th of April and should help in bridging the gap for those waiting for the federal assistance programs.

Yukon

There is a Paid Sick Leave Rebate for employers who pay their staff to self-isolate and take sick leaves.

On a final note, the government of Canada is not leaving any stone unturned to ensure that its people do not get crushed by the economic pressures due to COVID-19. This is why several measures are being rolled out and implemented targeted at different segments of the economy.

For the latest news and updates to the programs available, visit https://www.canada.ca/coronavirus.