The global COVID-19 outbreak has created hardship for many Canadians. The Government of Canada has been actively working to provide individuals and businesses with support. In this issue of balance we wanted to highlight some of these programs.
Extra time to file income tax returns
The filing due date for 2019 income tax returns for individuals has been deferred until June 1, 2020. Any new income tax balances due, or instalments, are also being deferred until after August 31, 2020 without incurring interest or penalties.
People facing loss of income - Canada
Emergency Response Benefit (CERB)
The Canadian Government will provide a taxable benefit of $2,000 every 4 weeks for up to 16 weeks to eligible workers who have lost their income due to COVID-19.
To learn more and start the application process
You can also apply over the phone:
1-800-959-2019 or 1-800-959-2041
For Seniors - Reduced minimum withdrawals for
Registered Retirement Income Funds
The minimum withdrawals from Registered Retirement Income Funds (RRIFs) have been reduced by 25 per cent for 2020.
To learn more online, visit:
Help for businesses - Canada Emergency Wage Subsidy (CEWS)
The Canada Emergency Wage Subsidy (CEWS) supports employers that are hardest hit by the pandemic, and protects the jobs Canadians depend on.
The subsidy generally covers 75% of an employee's wages – up to $847 per week – for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15% in March, and 30% in April and May.
To learn more or apply online, visit:
The COVID-19 pandemic has impacted many Canadians. The Canadian Government’s economic response plan offers much needed support. We sincerely hope that you and your family are healthy and staying safe.
Note: this information has been curated from the Government of
Canada website, and their Canada’s COVID-19 Economic Response
Plan published online -