The COVID-19 outbreak has had an immense impact on everyone. In response, the Prime Minister has announced a new set of economic measures to help stabilize the economy during this challenging period, by providing direct support to individuals, businesses, and sectors of the economy. It is easy to feel overwhelmed by the inflow of information right now, and whether something has been implemented that could help you out in these times of need. Thankfully, the Government of Canada has created a page on their website which organizes the benefits by who they apply to and how to access them, making it easier to digest. We have included a summary of these groups below. If you see something that applies to you, please visit the following link for more information on the benefit, and how you can access it: Canada's COVID-19 Economic Response Plan
The benefits are broken down as follows:
Individuals and families
People facing loss of income
People who need it most
Students and recent graduates
Avoiding layoffs and rehiring employees
Access to credit
Support for self-employed individuals
Supporting financial stability
Agriculture, agri-food, aquaculture, fisheries
Cultural, heritage and sports
Non-profit and charitable
As always, we suggest you work closely with a financial advisor to see how these measures will work for you.
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