Canadian Gov't Assistance
COVID-19 PANDEMIC ASSISTANCE
- Defer tax instalments until September 2020 without interest or penalty.
- Canada Emergency Response Benefit (replaces previously announced care packages) for all Canadians who find themselves out of a job or unable to work will be able to access $2,000/mth. Online portals by which to apply to be launched – no further details available.
- BC Emergency Benefit – one-time payment up to $1,000 in May for all those claiming EI or qualified for the Federal Emergency Response Benefit.
- Business credit availability – through this program, Export Development Canada (EDC) and the Business Development Bank of Canada (BDC) will provide more than $10 billion in direct lending and other types of financial support at market rates to businesses with viable business models whose access to financing would otherwise be restricted. Contact your financial institution directly and it will contact BDC and EDC where appropriate.
IF YOU ARE AN EMPLOYER:
- 10% wage subsidy for all payrolls between March 18 & June 20, 2020. Deduct 10% of gross wages against that month’s remittance. Maximum per employee, $1,375, to a maximum per employer $25,000. https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html
IF YOU ARE A LANDLORD:
- Apply to your mortgage lender for payment deferrals (now allowed for non principal residences).
- Eviction freeze – cannot evict tenants for nonpayment of rent. https://news.gov.bc.ca/releases/2020MAH0048-000561#
- However, tenant can apply to the government to pay landlords $500/mth. https://globalnews.ca/news/6731389/renters-financial-support-coronavirus/