Local News Media Advisory

Economic Support Programs for Canadians and Businesses

Today, the Prime Minister and Finance Minister outlined further actions being taken by the government to help workers, businesses and families coping with health and the economic impacts of the coronavirus health emergency. I am encouraged to see these measures and look forward to Parliament’s urgent consideration of those which require legislation, next week. Then include income supports, wage subsidies and tax deferrals totaling $82-billion in financial support.

In summary:

  • A temporary boost to Canada Child Benefit payments
  • A new Emergency Care Benefit to provide income support to workers, including the self-employed, having to stay home due to illness or self-isolation and who don’t qualify for paid sick leave or employment insurance.
  • A new Emergency Support Benefit to provide support for workers laid off, who are not eligible for EI.
  • A six-month, interest-free reprieve on student loan payments
  • Increasing the homeless care program
  • Extending the tax filing deadline to June 1
  • Allowing taxpayers to defer any current tax debts until after Aug 31
  • A new Indigenous Community Support Fund to address immediate needs in First Nations, Inuit and Métis Nation communities

Links for further information on the various programs and how to qualify and apply are found at the links below:

Support for Canadians

Income Support for Individuals Who Need it Most

Flexibility for Taxpayers

Mortgage Default Management Tools

Role of Financial Institutions

Support for Businesses

Supporting Canadian Businesses Through the Canada Account

Helping Businesses Keep Their Workers

Flexibility for Businesses Filing Taxes

Ensuring Businesses have Access to Credit

Supporting Financial Market Liquidity

 

I encourage you to look into these support programs and see what may be applicable to you and your family. As always, please call my offices if you have questions.

I hope you find this information helpful. Wishing you all well during this necessary suspension of our usual activities at work in the community.

Bruce