The Canadian federal government has passed some measures into law and proposed additional measures intended to stabilize the economy and provide support for Canadian workers and businesses.
For complete details, please visit Canada.ca - Economic Response Plan or visit the resource library on our website to view the Update on Canadian Government's response to COVID-19.
We’ve summarized the various programs with more detail provided on the Canada Emergency Response Benefit (CERB).
Should you need help navigating the benefits available, please reach out to Debi # 905-332-2735 or debi.cientanni@rbc.com.
Support for individuals
- Canada Emergency Response Benefit (CERB) is available to those who have been forced to stop working for reasons related to COVID-19. For example, you’ve been let go from work or your hours have been reduced to zero, maybe you are quarantined or sick or maybe your child’s daycare facility is closed and you must stay home. CERB is a taxable benefit of $2,000 per month for up to 4 months during the period March 15th to October 3rd 2020 Qualifying criteria, you must:
- Have reported $5,000 or more from employment or self-employment income during 2019 or in the 12 months prior to your date of application (Non eligible dividends count as income)
- Be a resident of Canada and at least 15 yrs old
- Forced to stop working due to COVID-19
You can apply for this benefit online at CERB - Application or by calling #1-800-959-2019 or #1-800-959-2041 available 21 hours a day and 7 days a week
- Reduced RRIF minimum payments for 2020
- We have reached out to all clients’ impacted by this
- Improved access to Employment Insurance (EI) sickness benefits
- Medical certificate waived
- Student Loans
- Payments suspended until September 30, 2020
- No accrual of interest
- Additional Canada Child Benefit (CCB)
- One time additional payment
- Additional Goods and Services Tax Credit (GSTC)
- One time additional payment
- Income tested
Support for businesses
- Canada Emergency Wage Subsidy
- 75% temporary wage subsidy program
- Business Credit Availability Program
- Canada Emergency Business Account (CEBA)
- Interest free loans up to $40,000
- EDC Business Credit Availability Program Guarantee
- 80% guarantee by EDC
- BDC Co-Lending Facility for small and medium sized business
- 80% term loan by BDC with 20% loan from the financial institution
- Canada Emergency Business Account (CEBA)
- GST/HST remittance deferral
- Potential deferral to June 30, 2020
- Customs duty payments deferral
- Payments deferred to June 30, 2020