MONEY FOR YOU from the government – latest updates on emergency benefits for individuals, families, businesses, seniors

By April 22, 2020Uncategorized

I haven’t sent one of these updates in a while because every day, literally, the government made new announcements contradicting the previous day’s announcements so it was nearly impossible to keep up to date.

Below you will find updated information regarding all the emergency programs you may be eligible for. If you have any questions, I will try and answer but this information already may be out of date by the time you read this.

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

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Individuals and Households:

  1. Personal income tax return filing deadline is June 1st 
  2. Personal income tax payable due August 31st
  3. City of Toronto – property tax and utility payments grace period for 60 days
  4. City of Vaughan – property tax payments can be delayed until June 1st without penalties or interest
  5. Ontario government programs:
    1. Electricity rates dropped to lowest rate (off-peak) for all 24 hours, 7 days a week
    2. ALL PARENTS ARE ELIGIBLE FOR $200 per child aged 0-12 – apply here: https://www.iaccess.gov.on.ca/FamilyAppWeb/public/index.xhtml
    3. Apply for emergency assistance online if you don’t have enough money for food and housing: https://www.ontario.ca/page/apply-emergency-assistance
    4. Ontario Works and ODSP – If you are on Ontario Works or ODSP, additional funding may be available, you can apply online or call your local office if you need more assistance: http://www.officelocator.mcss.gov.on.ca/?lang=en
    5. Rent – Info for landlords and tenants: https://www.ontario.ca/page/renting-changes-during-covid-19
    6. Seniors – Ontario is doubling the Ontario Guaranteed Annual Income System payments, no need to apply, will receive automatically
    7. OSAP – no need to make student loan payments until Sept 30, 2020, no interest will be added.
    8. For more info: https://www.ontario.ca/page/covid-19-support-people
  6. Mortgage payments and Line of Credits: Banks will work directly with individuals on a case by case basis, they will be offerring a 6 month deferral on mortgage payments. Contact your bank directly. BEWARE of this as interest will accrue on the deferrals. The deferred payments will be added to the principal and interest will be payable on the amount. Interest on interest.. beware.
  7. Auto-Loans and Credit Card Payments – on a case by case basisbanks and loan and credit card companies will work with individuals directly to put in place ‘skip a payment’ programs.
  8. CERB – Canada Emergency Response Benefit 
    1. You can now apply for this in CRA My Account: https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html
    2. $2,000 per month TAXABLE INCOME
    3. To be eligible, you must have had at least $5,000 of income (EI, self-employment, employment) in 2019 or in the past 12 months and are no longer working
    4. (If you were employed and laid off, apply for EI using your ROE, do not apply for CERB)
    5. CERB is for people who are self-employed, or otherwise not able to access EI
    6. You can still earn $1,000 per month of other income while receiving the CERB
    7. You need to re-apply each month
  9. GST Credits – for those that already qualify, an additional $400 will be paid to single adults and $600 for couples. NO need to apply for this.
  10. Canada Child Benefits – additional $300 per child, NO need to apply.
  11. Senior Citizens – minimum required withdrawls from RRIFs will be reduced by 25%
  12. Student Loans – 6 month moratorium on Canada Student Loans without interest
  13. CANADA EMERGENCY STUDENT BENEFIT (CESB)
    1. Provide students with $1,250 per month from May until August
    2. Have to be currently enrolled in post-secondary education or starting in September or graduated in December 2019
    3. Can earn up to $1,000 of other part-time job income while receiving the CESB
    4. Delivered through CRA (set up CRA My Account: https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html)

Businesses:

  1. Self-employed and Corporations HST: 
    1. All HST payments can be delayed until June 30th
  2. Corporations will have until September 1st to pay any tax payments or installment payments
  3. CEWS – Canada Emergency Wage Subsidy
    1. Application available April 27th
    2. Apply through My Business Account (get this set up ASAP): https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/business-account.html
    3. Will cover 75% of an emloyee’s salary, up to $847 per week
    4. Must have a drop in revenue of at least 15% in March, and 30% in April and May
    5. Will cover March 15 to June 6 payroll
  4. 10% Wage Subsidy
    1. Will last for 3 months
    2. Allow employer to reduce amount required to be paid to CRA for income tax deducted from employee’s pay
  5. CEBA – Canada Emergency Business Account
    1. Interest-free loans up to $40,000 for small businesses and not-for-profits
    2. Must have had payroll between $20,000 and $1,500,000 in 2019
    3. Apply directly through your bank or credit union
    4. If you repay the balance of the loan on or before December 31, 2022, up to 25% ($10,000) of the loan will be forgiven.
  6. BCAP – Business Credit Availability Program
    1. $10 billion in credit to businesses through Business Development Bank of Canada and Export Development Canada
    2. Program is now available through your bank/credit union, contact your bank directly
  7. CECRA – Canada Emergency Commercial Rent Assistance
    1. Will provide loans/forgiveable loans to commercial property owners who in turn will lower or forgo the rent of small businesses for April, May and June
    2. IF YOU ARE A SMALL BUSINESS OWNER PAYING COMMERCIAL RENT – please contact your loandlord about this program!
  8. For more info: https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses

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