Canadian prime minister has announced several measures to help people sail through Coronavirus pandemic.
If you have to quarantine yourself and you do not have employment insurance or paid leaves, you will be paid emergency care benefit ($900) every 2 weeks for up to 15 weeks.
Workers, including the self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent, but do not quality for EI sickness benefits.
Parents with children who require care or supervision due to school closures, and are unable to earn employment income, irrespective of whether they qualify for EI or not.
Canada will boost child benefit to help with the increase in childcare costs as schools remain closed.
Canada may also add more to your GST Credit in coming months – every adult who qualifies will get up to $300, and every child up to $150.
Canada has announced pause on your loan repayment for six months, interest free.
Small Business Owners Subsidy for Wage payment
If you own a small business, Canadian government will provide you with a temporary wage subsidy for 3 months so you can keep your workers on the payroll during these uncertain and challenging times.
Justin Tradeau said that you do not have to lay off a worker due to COVID-19.
The subsidy will be equal to 10% of salary paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
Home Mortgage Payments
Canadian government has not given any concrete package for home loans. They have only spoken to private large banks and they have ‘assured’ that they will provide relief to ‘needy’ people for upto 6 months home mortgage payments.
The ‘needy’ is a relative term and will vary case-by-case.
The Government, through CMHC (Canada Mortgage and Housing Corporation), is providing increased flexibility for homeowners facing financial difficulties to defer mortgage payments on homeowner CMHC-insured mortgage loans. CMHC will permit lenders to allow payment deferral beginning immediately.
Tax Return filing dates Extended
Canada Revenue agency will extend the 2019 tax filing due dates to June 1, 2020.
People who want to claim Coronavirus package benefits are recommended to file early though. Canadian government will use your tax return data and income level to send the benefits to you.
Government is also deferring any tax amount that you owe (new tax) starting Mar 18, 2020 until Aug 31, 2020. No interest or penalties will accumulate on these amounts during this period.
Your electronic signatures will also be accepted on forms T183 or T183CORP.