A first and in-depth look at the financial relief package for Canadians. Including how to apply for the benefits the emergency benefits.
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Covid-19 Relief Plan for Canadians
Here are the details for the Covid-19 Relief Package
- Emergency Care Benefit of up to $900 bi-weekly for up to 15 weeks to provide income support to workers who must stay home and do not have access to paid sick leave.
- Workers, including the self-employed, who are sick, quarantined, or who have been directed to self-isolate but do not qualify for Employment Insurance (EI) sickness benefits.
- Workers, including the self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent or other dependents who are sick, but do not qualify for EI sickness benefits.
- EI-eligible and non EI-eligible working parents who must stay home without pay because of children who are sick or who need additional care because of school closures.
- Qualifications are currently unclear
- Available in early April
- Application on CRA online, on service Canada online or over the phone,
- Attestation must be completed every two weeks
- Introduce an Emergency Support Benefit delivered through the Canada Revenue Agency to provide up to $5 billion in support to workers who are not eligible for EI and who are facing unemployment.
- 14 weeks of support at similar benefits to Emergency Care Benefit
- Canada Child Benefit boosted
- $300 top up for each child
- 6-month payment moratorium on student debt payments (interest free period)
- Waive, for a minimum of six months, the mandatory one-week waiting period for EI sickness benefits for workers in imposed quarantine or who have been directed to self-isolate, as announced on March 11.
- Waive the requirement for a medical certificate to access EI sickness benefits.
- Provide increased flexibility to lenders to defer mortgage payments on homeowner government-insured mortgage loans to borrowers who may be experiencing financial difficulties related to the outbreak. Insurers will permit lenders to allow payment deferral beginning immediately.
- Extend the tax filing deadline for individuals to June 1, and 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.
- Increase of the GST/HST credit up-to $400 for single or $600 a couple and up to $150 per child
- Reducing the minimum withdrawal from RIFFs by 25%