COVID-19: Financial Support for People.Canada Emergency Response Benefit (CERB) ::: People facing loss of income.
Governmet will provide a taxable benefit of $2,000 every 4 weeks for up to 16 weeks to eligible workers who have lost their income due to COVID-19. The CERB is available to workers who meet all of the following conditions:
*live in Canada and are at least 15 years old
*stopped working because of COVID-19 or are eligible for EI regular or sickness benefits
*have not voluntarily quit their job
*had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application.
On April 15, government announced changes to the eligibility rules to:
*Allow people to earn up to $1,000 per month while collecting the CERB.
*Extend the CERB to seasonal workers who have exhausted their EI regular benefits and are unable to undertake their regular seasonal work because of COVID-19.
*Extend the CERB to workers who have recently exhausted their EI regular benefits and are unable to find a job because of COVID-19.
**Those who already receive the CCB do not need to re-apply.
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.
Note: If you expect to receive benefits under the Goods and Services Tax credit or the Canada Child Benefit, we encourage you not to delay filing your 2019 income tax return to ensure that your entitlements are properly determined.
Suspend repayment and interest on Canada Student Loans and Canada Apprentice Loans
All student loan borrowers will automatically have their loan repayments and interest suspended until September 30, 2020. Students do not need to apply for the repayment pause.
This moratorium applies to the federal portion of student loans. Borrowers should check with their provincial or territorial student loan provider to see if payment is required on the provincial or territorial portion.
Reduced minimum withdrawals for Registered Retirement Income Funds ::: For Seniors
We reduced the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25 per cent for 2020.
Government launched an Insured Mortgage Purchase Program, in which we will purchase up to $150 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation.
This action will provide long-term stable funding to banks and mortgage lenders, help facilitate continued lending to Canadian consumers and businesses, and add liquidity to Canada's mortgage market.
Special Goods and Services Tax Credit Payment
Government is 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.