As Covid-19 impacting to every country and so Govt of countries are doing their best so that not one should suffer under this pandamic. Govt of Canada also providing many benefits to every class of their country, whether it is individual, businessman or student etc. These benefits includes increasing the Canada child benefits, special goods and services tax credit payment, give some extra time to file income tax returns, support to unemployed individuals etc.
The work of Canada Govt as other coutries is appreciable. Every individual whose any near & dear is currently residing in Canada must know these facilities provided by Canada Govt so that every one must aware about these who need it.
The summary of various steps taken by the Govt are given below one by one, for further detailed assistance you can access the official website of Canada Govt :-
Support For Individuals & Their Families
Govt is providing an extra $300 per child through the Canada Child Benefit (CCB) for 2019-20. This will mean approximately $550 more for the average family.
This benefit will be delivered as part of the scheduled CCB payment in May. Please note here that those who already receive the Canada Child Benefits, do not need to re-apply.
This benefit will be delivered as part of the scheduled CCB payment in May. Please note here that those who already receive the Canada Child Benefits, do not need to re-apply.
Special Goods and Services Tax credit payment
Govt is providing a one-time special payment by early May through the Goods and Services Tax credit for low- and modest-income families.
The average additional benefit will be close to $400 for single individuals and close to $600 for couples.
You should note here that you don't have need to apply for this payment. If you are eligible, you will get it automatically.
Extra time to file income tax returns
Govt of Canada is also deferring tax returns filing due date for the 2019 of individuals. For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020.
They will also allow to new income tax balances or instalment due to be deferred until August 31, 2020 without incurring interest or penalties.
Note: If you expect to receive benefits under the Goods and Services Tax credit or the Canada Child Benefit, we encourage you to not delay your 2019 return filing to ensure that your entitlements are properly determined. Click here for more detail
Flexibility for a mortgage deferral
Canadian banks have committed to work with their customers on a case-by-case basis to find solutions to help them and manage hardships caused by COVID-19.
Canadians who are impacted by COVID-19 and experiencing financial hardship as a result should contact their financial institution regarding flexibility for a mortgage deferral.
The Canada Mortgage and Housing Corporation and other mortgage insurers offer tools to lenders that can assist home owners who may be experiencing financial difficulty. These include payment deferral, loan re-amortization, capitalization of outstanding interest arrears and other eligible expenses, and special payment arrangements.
Canada’s mortgage insurers are committed to providing homeowners with solutions to mitigate temporary financial hardship related to COVID-19. This includes permitting lenders to defer up to six monthly mortgage payments (interest and principal) for impacted borrowers. Deferred payments are added to the outstanding principal balance and subsequently repaid throughout the life of the mortgage.
Support for people facing unemployment
Further a taxable benefit of $2,000 a month for up to 4 months to eligible workers who have lost their income due to COVID-19.
The Canada Emergency Response Benefit will be accessible online in early April.
Apply for Employment Insurance
If you have lost your job through no fault of your own and qualify for Employment Insurance benefits, you can submit your request today.
Support for people who are sick, quarantined, or in directed self-isolation
Canada Govt also providing a taxable benefit of $2,000 a month for up to 4 months to eligible workers who have lost their income due to COVID-19. The Canada Emergency Response Benefit will be accessible online in early April. Click here to Learn more
If you are sick, quarantined or have been directed to self-isolate, we will waive the requirement to provide a medical certificate to access EI sickness benefits. Apply for Employment Insurance sickness benefits
Support for people who are unable to work
Govt will provide a taxable benefit of $2,000 a month for up to 4 months to eligible workers who have lost their income due to COVID-19.The Canada Emergency Response Benefit will be accessible online in early April.
Support for seniors
Canada Govt also reducing the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020 in the support of seniors.
Supporting delivery of items and personal outreach
Govt also contributing $9 million through United Way Canada for local organizations to support practical services to Canadian seniors. These services could include the delivery of groceries, medications, or other needed items, or personal outreach to assess individuals’ needs and connect them to community supports.
Support for students and recent graduates
A moratorium on the repayment of Canada Student Loans
Effective March 30, Canada placing a six-month interest-free moratorium on the repayment of Canada Student Loans for all student loan borrowers. No payment will be required and interest will not accrue during this time.
Students do not need to apply for the repayment pause.
Support for youth
Govt is also giving $7.5 million in funding to Kids Help Phone to provide young people with the mental health support they need during this difficult time.
Important Note
The above all material is taken from Canada Official Website. Due care has been taken to make this data error free. Its only provided for information of readers. For any further detailed information please refer to Canada Govt Official Website. Readers can take their decision according to further updates provided by the respective Govt from time to time.
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