Need help coping with the financial impact of COVID-19? Here’s how the federal government intends to support Canadians through this pandemic.*
They’ll see their annual Canada Child Benefit (CCB) increase by $300 per child. (But this is only for the 2019-2020 benefit year.)
Canadian banks are working with their customers on a case-by-case basis in relation to providing COVID-19 support. Please contact your bank or financial institution to discuss mortgage deferral.
The Canada Mortgage and Housing Corporation (CMHC) and other mortgage insurers are allowing homeowners impacted by COVID-19 to defer up to six monthly mortgage payments.
They can receive the Canada Emergency Response Benefit (CERB). This benefit offers $2,000 per 4-week period. It’s offered to eligible Canadians.
Take a look at the Government of Canada’s page to see if you qualify or are eligible for this benefit.
Eligible Canadians can receive the Goods and Services Tax Credit (GSTC), which means an average boost of $400 for single individuals and $600 for couples. If you’re an eligible Canadian who’s currently receiving this credit, then you’ll continue to get it until the end of September 2020.
The Canada Emergency Student Benefit (CESB) offers a taxable benefit of:
This benefit is available from May to August 2020.
Plus, you may be eligible to receive the Canada Student Service Grant (CSSG) if you’re volunteering to help your community with COVID-19 response. The CSSG offers a one-time payment (between $1,000 and $5,000) based on the number of volunteer hours you work.
They’ll get a six-month interest-free pause on the repayment of Canada Student Loans.
The Canada Emergency Wage Subsidy offers a 75% wage subsidy to eligible employers. This can help employers re-hire staff or avoid layoffs.
* For updates on when these actions will take effect, please visit the Government of Canada’s page on the COVID-19 Economic Response Plan.
Visit your provincial or territorial government’s website for information on how they’re providing COVID-19 support: