Chris Ball - Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses

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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:

Support for Individuals

Individuals and families	Temporary salary top-up for low-income essential workers Increasing the Canada Child Benefit Special Goods and Services Tax credit payment Extra time to file income tax returns Mortgage support
People facing loss of income	Canada Emergency Response Benefit (CERB)
Indigenous peoples	Addressing immediate needs in Indigenous communities Supporting Indigenous communities’ public health needs and preparedness Making personal hygiene products and nutritious food more affordable
People who need it most	Improving access to essential food support Supporting people experiencing homelessness Supporting women and children fleeing violence Providing youth with mental health support Delivering essential services to those in need
Seniors	Reduced minimum withdrawals for Registered Retirement Income Funds (by 25%) Supporting the delivery of items and personal outreach Providing immediate and essential services to seniors
Students and recent graduates	Suspending repayment and interest on student and apprentice loans Temporary changes to Canada Summer Jobs program

Support for Businesses

Avoiding layoffs and rehiring employees	Canada Emergency Wage Subsidy (CEWS) (75% wage subsidy) Temporary 10% Wage Subsidy Extending the Work-Sharing program Temporary changes to Canada Summer Jobs program
Access to credit	Business Credit Availability Program (BCAP) Canada Emergency Business Account (CEBA) Canada Emergency Commercial Rent Assistance (CECRA) Rural businesses and communities Assisting innovative and early-stage businesses Young entrepreneurs Businesses in the Territories Small and medium-sized businesses unable to access other support measures
Deferred payments	More time to pay income taxes Deferral of Sales Tax Remittance and Customs Duty Payments until June
Support for self-employed individuals	Canada Emergency Response Benefit (CERB) Deferral of Sales Tax Remittance and Customs Duty Payments until June More time to pay income taxes
Indigenous businesses	Funding for small and medium-sized Indigenous businesses, and Aboriginal Financial Institutions
Supporting financial stability	Relief for federally regulated pension plan sponsors Launching an Insured Mortgage Purchase Program Bank of Canada's actions Office of the Superintendent of Financial Institutions actions

Support for Sectors

Agriculture, agri-food, aquaculture, fisheries	Keeping workers in the food supply chain Increasing credit availability
Cultural, heritage and sports	Addressing the financial needs of cultural, heritage and sport organizations Waiving payments for Part I licence fees
Air transportation	Continuing the supply of essential goods and services to remote and fly-in communities Waiving ground lease rents
Tourism	Deferring payments on commercial leases and licenses of occupation
Energy	Cleaning up orphan and inactive oil and gas wells Launching the Emissions Reduction Fund
Non-profit and charitable	Delivering essential services to those in need

As always, we suggest you work closely with a financial advisor to see how these measures will work for you.

Be Well Advised

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