Federal Offerings

COVID-19 is having a dramatic impact on our lives. All levels of government are working to provide new and improved financial benefits for those in need. These are changing at a frantic pace and the government is working hard to respond to these new realities. Information is being updated on the Federal Government website, Canada.ca, on a daily basis. In the meantime here is some information that might be useful for you, your friends or other family members.

For the most up-to-date information you should check Canada’s COVID Response website

Federal Support for Individuals and Families:

https://www.canada.ca/en/department-finance/economic-response-plan.html

Increasing the Canada Child Benefit:

Providing up to an extra $300 per child through the Canada Child Benefit (CCB) for 2019-20. This will mean approximately $550 more for the average family.

This benefit will be delivered as part of the scheduled CCB payment in May.

Those who already receive the CCB do not need to re-apply.

Special Goods and Services Tax credit payment:

We are providing a one-time special payment starting April 9 through the Goods and Services Tax credit for low- and modest-income families.

The average additional benefit will be close to $400 for single individuals and close to $600 for couples.

There is no need to apply for this payment. If you are eligible, you will get it automatically.

Extra Time to file income tax returns:

The filing due date for 2019 income tax returns for individuals has been deferred until June 1, 2020. Any new income tax balances due, or instalments, are also being deferred until after August 31, 2020 without incurring interest or penalties.

Mortgage Support:

Canadian banks have committed to work with their customers on a case-by-case basis to find solutions to help them manage hardships caused by COVID-19. This includes permitting lenders to defer up to six monthly mortgage payments (interest and principal) for impacted borrowers. Canadians who are impacted by COVID-19 and experiencing financial hardship as a result should contact their financial institution regarding flexibility for a mortgage deferral. This gives flexibility to be available − when needed − to those who need it the most. You are encouraged to visit your bank’s website for the latest information, rather than calling or visiting a branch.

Canada Emergency Response Benefit:

What is the Canada Emergency Response Benefit?

If you have stopped working because of COVID-19, the Canada Emergency Response Benefit (CERB) may provide you with temporary income support. The CERB provides $500 a week for up to 16 weeks.

Questions and Answers on the Canada Emergency Response Benefit