Canadian Federal Programs amidst COVID-19
Insulators International Staff — Thu, Mar 19, 2020 @ 14:03 PM
Blog created on March 19 at 2 p.m. EST: This is an update regarding the March 18 Canadian federal government response regarding the Emergency Funds being supplied to Canadian citizens during the global coronavirus (COVID-19) pandemic.
- Goods and Services Tax (GST) credit: $400 for single adults and $600 for couples
- Child Tax Benefit: $300 per child added on top of what individuals already receive
- Student loan payments are deferred for a six month time frame, and no interest will accrued during this time
- The Indigenous community based support fund will total $305 million, although the actual distribution is yet to be announced.
- $200 million will be provided for community resources, such as shelters and homeless needs as well as sexual assault and transition homes
- 10 percent wage subsidy for small/medium sized businesses for employees; $25,000 per employer
- Ensured Mortgage Protection Program to include 50 billion people provided payment deferrals and special payment arrangements
- Bank support will include measure to defer and alleviate loans, these are on a per institution basis and individuals should contact your bank directly
- Personal Income Tax: The filing deadline has been extended to June 1, 2020 and the payments for owed tax will be extended to Sept. 1, 2020
- An Emergency Care Benefit will be developed for those quarantined or those caring for sick family member providing direct deposit of $900 bi-weekly starting in April
- Emergency Support Fund: anticipated to be at $5 billion of relief, but more information and details will be shared in the coming days
It was also noted that groceries and supplies will be maintained at fair prices for Canadians in an effort to keep the economy and people stable throughout this crisis.
Thank you to International Vice President Paul Faulkner and International Vice President Wade Logan for reporting updates for our Canadian Brothers and Sisters.