03/25/2020
Below are some helpful links and information from the federal government about the current Covid_19 outbreak and measures being put in place to help those affected during this trying time.
As a result of outbreak, the Government of Canada will temporarily pause ⏸️ the repayment of student loans. Effective March 30, your repayments will be suspended for six months interest-free.
For more information: https://bit.ly/3dvLXgr
The deadline to file your individual income tax and benefit return has been extended from April 30th to June 1st, 2020. The deadline to pay any 2019 balance has been extended to September 1st, 2020. This means all 2019 balances paid by September 1st, 2020 will not incur any penalties and interest. However, if you expect to receive benefits such as GST or Child Tax Credit payments it’s important to file early to ensure you continue receiving these payments.
http://ow.ly/Bsbi50yS28q
We understand that this is a difficult time for Canadians and that those who are unable to work as a result of COVID-19 have access to the financial support they need. Some individuals can’t work because of illness, quarantine or are caring for a family member, but may not be eligible for Employment Insurance (EI) sickness benefits. To support those affected by COVID-19 that are not eligible for EI, or that require additional assistance, we will be issuing relief payments through the new Emergency Care Benefit. This $900 payment will be issued to eligible individuals every two weeks, for up to 15 weeks. Application for the Benefit will be available in April 2020, and require Canadians to attest that they meet the eligibility requirements. To apply for the benefit, those affected can go online in My Account or call a dedicated phone line. They can choose to have the payment directly deposited into their bank account or have a cheque mailed to the address on file. Also, we are establishing the Emergency Support Benefit to provide up to $5B in to support workers who are not eligible for EI and facing unemployment.
To support workers and help businesses keep their employees, the government has proposed legislation to establish the Canada Emergency Response Benefit (CERB). This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic. The CERB would be a simpler and more accessible combination of the previously announced Emergency Care Benefit and Emergency Support Benefit.
We are providing financial support to those affected by COVID-19. Some of our measures include:
➡️ Goods and Services Tax Credit (GSTC): The Government is proposing to provide a one-time special payment by early May 2020 through the Goods and Services Tax credit doubling the maximum annual payment amounts for 2019-20. The average boost to income from this measure will be close to $400 for single individuals and close to $600 for couples.
➡️ Canada Child Benefit (CCB): The Government is proposing to increase the maximum annual Canada Child Benefit payment amounts, only for the 2019-20 benefit year, by $300 per child. Overall increase for families receiving CCB will be approximately $550 on average. These families will receive an extra $300 per child as part of their May payment.
➡️ Registered Retirement Income Funds (RRIFs): The Government is proposing targeted help by reducing required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020, in recognition of volatile market conditions and their impact on many seniors’ retirement savings.
For more information: http://ow.ly/Etfv50yPZup
This page to provide updates on the fiscal measures taken by the Agency to help Canadians manage their tax and benefit affairs as the Coronavirus disease (COVID-19) situation evolves.
