Resources for Individuals & Families
The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak. Below are initiatives currently in place by the Governement of Canada.
Increasing the Canada Child Benefit:
We are providing 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 Canada Child Benefit do not need to re-apply.
For more information please visit: Increasing the Canada Child Benefit
Special Goods and Services Tax Credit Payment:
The government is providing a one-time special payment by early May 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.
For more information please visit: Special Goods and Services Tax Credit Payment
Extra Time to File Income Tax Returns:
The goverment is deferring the filing due date for the 2019 tax returns of individuals. For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020. They will also allow any new income tax balances due, or instalments, to be deferred until after August 31, 2020 without incurring interest or penalties.
For more information please visit: Extra Time to File Income Tax Returns
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. 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 allows flexibility to be available − when needed − to those who need it the most.
For more information please visit: Mortgage Support
Canada Emergency Response Benefit (CERB):
The Government of Canada will provide a taxable benefit of $2,000 a month for up to 4 months to:
- workers who must stop working due to COVID19 and do not have access to paid leave or other income support.
- workers who are sick, quarantined, or taking care of someone who is sick with COVID-19.
- working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures.
- workers who still have their employment but are not being paid because there is currently not sufficient work and their employer has asked them not to come to work.
- wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.
For more information please visit:Canada Emergency Response Benefit (CERB)
Canada Student Loans:
Effective March 30, the government will be placing a six-month interest-free moratorium on the repayment of Canada Student Loans for all student loan borrowers. No payment will be required and interest will not accrue during this time. Students do not need to apply for the repayment pause.
For more information please visit: Canada Student Loans