We want you to know that we understand that amidst this global pandemic you may be experiencing higher than usual stress levels. Although we may not have the answers to health questions, we can address some of your financial concerns.
Canada's six biggest banks (Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank) have announced offers of financial assistance, including by allowing some delay mortgage payments for as much as half a year.
Today, Tuesday, March 18, 2020, our Prime Minister announced what steps they are taking to manage our financial concerns. The following actions are not exhaustive as the government will continue to monitor how to best help Canadians.
Individuals that don't have access to Employment Insurance:
There are new measures to enable people who do not have access to EI pay (comparable to what you would receive in EI) every two weeks for 14 weeks.
Two programs that will be put into place:
1. Emergency Care Benefit - for people who are ill, placed in quarantine, have to self-iisolate have to care for a loved one who has COVID 19 but fail to qualify for EI
2. Covid 19 Emergency Support Benefit - for people who lose your job or if you are self-employed and you have to close your shop
Canadians should have access to these funds within two weeks.
More details (https://www.ctvnews.ca/health/coronavirus/how-to-apply-for-ei-sickness-benefits-and-the-new-emergency-worker-fund-1.4858089)
For Small Businesses:
To help you retain staff, the Government of Canada is rolling out a subsidy that pays up to 10% of salaries for a period of three months.
Canada Child Benefit will be increased in the coming months to counteract higher childcare costs.
In May there will be an increase in the GST credit for lower-income folks to offset the sales tax they pay. Every qualifying adult will receive up to $300 + $150 for every child.
Six-month interest-free repayment pause for student loans
Homeless People and Shelters:
A doubling of funds to Reaching Home Program
Boost funding for shelters
Distinction-Based Indigenous Community Support Fund
Additional Support to Businesses:
Export Development Canada will provide support to Canadian companies affected by the global situation
Boosts Farm Credit Canada for farmers and primary food producers