A summary of COVID-19 emergency funds

On March 11, the World Health Organization (WHO) declared COVID-19 a pandemic. APTN News is reporting from across the country on the viral outbreak and how it is impacting Indigenous communities.

For more information click here: COVID-19

On Wednesday, the federal government announced an $82-billion financial aid package to help the country through the COVID-19 pandemic.

Prime Minister Justin Trudeau’s government will provide $27 billion in direct support to Canadian workers and businesses to help them get through the economic crisis sparked by global outbreak of the novel coronavirus.

There will also be $55 billion to help Canadians meet liquidity needs through tax deferrals.

The following list is a summary of some of the financial reliefs measures.

1. GST credit – $400 single adults, $600 for couples

2. Child Tax benefit top up – $300 per child added on top of what you receive already.

3. Student loan payments deferral

-six month timeframe

-no payments

-no interest accrual

4. $305 million Indigenous community support fund

– for immediate needs in First Nations, Inuit and Metis

5. $200 million provided for community resources

-shelters/homeless needs

-sexual assault/transition homes

6. 10 per cent wage subsidy for small-medium sized businesses for employees

-$25,000 per employer

7. Ensured Mortgage Protection Program

-50 billion provided

-payment deferrals

-special payment arrangements

8. Bank Supports

-auto loans, deferral of payments possible

-contact bank directly

-speak to your institutions

9. Personal Income Tax

-payment before Sept. 1, 2020 – extended deadline for income tax payments owed

-Filing deadline for Income Tax – Jun.1, 2020

10. Emergency support fund – $5 Billion

11.  New Employment Benefits to provide income support

*Supply chains from groceries will maintain fair prices for Canadians.

For more information on how to apply click here.

-With files from The Canadian Press

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3 thoughts on “A summary of COVID-19 emergency funds

  1. I haven’t seen, or heard anything about OAS pensions. I know someone who only has this as an income.

  2. What about lowering income tax deductions for those required to still work providing essential services?

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