New Government Financing Programs

Posted May 15, 2020

More: In addition to helping homeowners manage their finances through deferred mortgage payments and adjustments, the Canadian Government has also come to the aid of families who may be struggling currently.

To help those currently struggling, the following measures are being taken or have already been implemented:

Income Tax Payments: The Canada Revenue Agency will allow all taxpayers to defer payments for any income tax amounts that are owing between March 18, 2020 and September 2020 until August 31, 2020. No interest or penalties will accumulate on these amounts during this period.

Taxpayers who are required to remit quarterly instalments may benefit from up to 5 months of tax deferral.

Income Tax Filing: Income tax return filing has been extended one month from April 30, 2020 until June 1, 2020.

If you receive and rely on the GST credit or the Canada Child Benefit, it is still ideal to file sooner to ensure that the entitlements for the 2020-2021 benefit year are not delayed.

In addition, the Canada Revenue Agency is adapting their Outreach Program in order to better support individuals during COVID-19. This service allows the CRA to offer assistance to ensure individuals understand their tax obligations and to help them obtain the benefits and credits to which they are entitled.

Emergency Funds During COVID-19 including but not limited to:

GST Credit: $400 for single adults, $600 for couples
Child Tax Benefit Top-Up: An additional $300 per child
10% wage subsidy for small to medium sized businesses for employees to not lay off an employee
- $25,000 per employer
BC Emergency Benefit of $1,000 for those who lost jobs due to COVID-19
BC Hydro may grant up to $600 to pay hydro
ICBC 90 day deferment

And much more…

Additional Support – Because We care…

Employee Assistance Program (EAP): This dedicated program is providing the following:

24/7 confidential access to professional support to help employees manage stress, anxiety, grief, financial concerns, and much more.
Employees and managers can connect to get support by phone, video, or chat anytime, anywhere.
Vast library of online resources for coping with trauma, building resiliency, self-care, managing change, and more.
Manager consultations to support leaders in dealing with sensitive workplace situations.

Click here to visit their website and learn more.

First Access: This program provides global support for unique needs and for organizations who are not EAP clients. Some of the features they offer are:

Counselling and traumatic event support to address unique needs worldwide
Allows organizations – even those without a formal EAP in place – to access support services, as needed, to ensure timely and effective issue resolution

Click here to visit their website and learn more.