Important Update on Financial Support

It is crucial that the Government of Canada support those who need help during this time.

We must also support those who are at risk of not being able to put food on the table or meet payroll.

The federal government has announced some measures to support people and local businesses who have been financially impacted by the pandemic.

These supports include:

For individuals & families:

  • Establishing the Canada Emergency Response Benefit of $2000/month for 4 months for those who are off work and without an income (applications open in early April)
  • Doubling the GST credit by offering a one-time special payment to be received by early May of an average of $400/individual and $600/couple
  • Increasing the Canada Child Benefit for the 2019-2020 benefit year by $300/child as part of the May payment
  • Delaying the tax filing deadline for individuals to June 1st, 2020 and deferring tax payments until August 31st, 2020
  • The Canada Mortgage and Housing Corporation (CMHC) is permitting lenders to allow mortgage payment deferrals

For workers:

  • Introducing the Canada Emergency Wage subsidy 75-per-cent wage subsidy to eligible businesses, non-profits, and charities for up to 3 months on the first $58,700 (backdated to March 15th) for businesses that’s income has decreased by at least 30%
  • Businesses (including the self-employed) can defer the GST/HST payments until June

For businesses:

  • Providing more than $10 billion of support to businesses and farmers, largely aimed at helping small and medium-sized businesses through the Business Development Bank of Canada (BDBC) and Export Development Canada (EDC)
  • Launching the Canadian Emergency Business Account. This program will provide up to $40,000 interest-free loans to small businesses (a quarter of the loan is eligible for complete forgiveness)
  • Increasing the near-term credit available to farmers and the agri-food sector through Farm Credit Canada

For students:

  • Offering a six-month, interest free grace period on Canada student loans

For those in need:

  • Doubling of the homeless care program
  • Providing additional funding to help Canadians facing homelessness
  • Added funding for women’s shelters and sexual assault centres
  • New funding for Kids Help Phone and United Way Canada

 

Let me be clear, these programs are a first step.  If you have ideas on how the government can help people and once the pandemic is over, to get our economy back on track, I welcome you to email me at Larry.Maguire@parl.gc.ca.

All my life, I have witnessed first-hand the resilience and generosity of the people of Westman.  Now, perhaps more than ever, we must work together to confront these unforeseen circumstances.  I know we will emerge stronger as a region and as a country.

I encourage you to learn more by visiting the Government of Canada website at www.Canada.ca/Covid-19.

 


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