As news and information continues to rapidly evolve surrounding the COVID-19 virus, many Albertans may be wrestling with the financial fallout of this pandemic.
To help alleviate confusion regarding the benefits that are currently available, we have included some quick links and highlights from Canada’s economic response plan below.
If you have specific questions regarding your individual economic situation and the best strategies for your future, our financial experts are here to help. Contact us toll-free at 1.877.944.1177 or through our online contact form.
For those experiencing income loss…
Albertans who have experienced income loss as a result of the COVID-19 pandemic may be entitled to different financial assistance programs.
- If you have income loss, have paid into Employment Insurance (EI) and have worked at least 600 hours in the past 52 weeks, you may be eligible for EI benefits.
- If you are not eligible for EI and have experienced income loss as a direct result of COVID-19, you may be entitled to the Canada Emergency Response Benefit (CERB). This CERB provides a payment of $2,000 for a 4-week period for up to 16 weeks. To receive this benefit, eligibility requirements must be met. Note: You cannot apply for CERB if you have already applied for EI.
For students…
To assist students with the financial challenges posed by this virus, the government has placed a six-month interest-free moratorium on the repayment of Canada Student Loans and Canada Apprentice Loans.
For families…
To help families cover expenses during this time, there has been an increase to the Canada Child Benefit. Eligible recipients will receive an additional $300 more per child.
For individuals and families…
This government is providing a one-time, special payment through the Goods and Services Tax credit for low and modest income families. The average anticipated amounts for single individuals is around $400 and $600 for couples.
For homeowners…
The Government, through the Canada Mortgage and Housing Corporation, is providing increased flexibility for homeowners facing financial difficulties. Impacted borrowers may be eligible to receive mortgage payment deferrals for up to 6 months. To learn if you are eligible, contact your bank or mortgage lender.
For taxpayers…
To provide greater flexibility to Canadians during this time, the filing date for individual taxpayers has been extended until June 1, 2020.
For seniors…
To assist senior citizens with the financial impacts of COVID-19, the government has reduced the required minimum withdrawals from Registered Retirement Income Funds by 25% for 2020.
For businesses…
There are a number of different support programs in place to mitigate the economic impacts on businesses and business owners. Some of these include:
- The Canada Emergency Wage Subsidy Program, which offers a 75% wage subsidy for qualifying businesses.
- The Temporary 10% Wage Subsidy: a three-month measure to allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency.
- The Work-Sharing Program is being extended from 38 weeks to 76 weeks for employers affected by COVID-19.
- Businesses can defer, until after August 3, payment of any income tax amounts that are owed on or after March 18th and before September 2020.
For more information and specific questions contact us. We can help.