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’ll receive the new Canada Emergency Response Benefit (CERB). This benefit offers up to $2,000 monthly, for up to 4 months. It’s offered to Canadians facing at least one of the following situations:
These families will get a one-time special payment via the Goods and Services Tax Credit (GSTC) by May 2020. This means an average boost of $400 for single individuals and $600 for couples.
They’ll get a six-month interest-free pause on the repayment of Canada Student Loans.
The Canada Emergency Wage Subsidy offers a 75 per cent wage subsidy to eligible employers for up to 12 weeks. This can help ensure employers have the financial ability to continue coverage for their employees.
* 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: