New Federal Support Programs in Response to COVID-19

I hope you are well and staying safe at home as much as you can. As you have probably heard over the past few days the Federal Government has started to implement new programs to help Canadians through these uncertain times. 

Although they continue to change daily, I wanted to send out some key information and links for you to bookmark regarding some of these new measures.

1. EI for Employees Unable to Work - EI provides up to $573/ week for up to 15 weeks for those who are unable to work because of illness, injury or quarantine. The regular one-week waiting period will be waived for new claimants who are quarantined and a medical certificate does not have to be provided for those who cannot work due to quarantine. See more information HERE

2. Emergency Care Benefit - This is a new measure that begins in April and will provide up to $900 bi-weekly for up to 15 weeks to employees who do not qualify for EI benefits and who are quarantined, sick with COVID-19 or taking care of a family member with COVID-19. It is also available for parents with children who require care or supervision due to school closures and are unable to earn employment income. For more information see HERE

3. Extension of Tax Filing and Payments - The deadline for filing your personal tax returns has been extended to June 1, 2020. Get more information HERE

4. Deferral of Income Taxes Payable - The CRA will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to income tax balances due, as well as instalments and no interest or penalties will accumulate on these amounts during this period. See more HERE

5. Temporary Wage Subsidy - A three-month measure that will allow companies to reduce the amount of payroll deductions required to be remitted to the CRA which could save up to $25,000 for some companies. This could potentially be enough for some businesses to keep their doors open, so even if you are not a business owner, make sure your employer knows about this program. Read more HERE

I hope this information provided some value to you. Please keep your family safe and healthy and as always, please contact me if you have any questions regarding what's happening in the real estate market given these new circumstances.