Canada's COVID-19 Economic Response Plan

The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak.

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On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and businesses.

 

Support for individuals


General support for individuals

Support for people facing unemployment

Support for people sick or quarantined

Support for people unable to work

Support for people with low and modest income

Support for seniors


Support for students and recent graduates

 

Support to businesses

Avoid layoffs

Access to credit

Supporting financial market liquidity

More flexibility


Support for individuals

 

Support for individuals and families

Increasing the Canada Child Benefit

We are 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.

Those who already receive the Canada Child Benefit do not need to re-apply.

 

Extra time to file income tax returns

We are deferring the filing due date for the 2019 tax returns of individuals.

For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020.

We will also allow any new income tax balances due, or instalments, to be deferred until after 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.

 

Mortgage support

Canadian banks have committed to work with their customers on a case-by-case basis to find solutions to help them 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. This allows flexibility to be available − when needed − to those who need it the most.

 

Contact your financial institution for further mortgage assistance.

The Canada Mortgage and Housing Corporation and other mortgage insurers offer tools to lenders that can assist homeowners 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

Apply for Employment Insurance

If you were recently laid off or have reduced hours and qualify for Employment Insurance benefits, you can submit your request today.

 

The new Canada Emergency Response Benefit

We will provide a taxable benefit of $2,000 a month for up to 4 months to:

  • workers who must stop working due to COVID19 and do not have access to paid leave or other income support.
  • workers who are sick, quarantined, or taking care of someone who is sick with COVID-19.
  • working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures.
  • workers who still have their employment but are not being paid because there is currently not sufficient work and their employer has asked them not to come to work.
  • wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.

Application details will be available through My CRA and My Service Canada, beginning the first week of April. 

This benefit replaces the previously announced Emergency Care Benefit and the Emergency Support Benefit.

 

 

Support for people who are sick, quarantined, or in directed self-isolation

The new Canada Emergency Response Benefit

We will provide a taxable benefit of $2,000 a month for up to 4 months to:

  • workers who must stop working due to COVID-19 and do not have access to paid leave or other income support.
  • workers who are sick, quarantined, or taking care of someone who is sick with COVID-19.
  • working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures.
  • workers who still have their employment but are not being paid because there is currently not sufficient work and their employer has asked them not to come to work.
  • wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.

Application details will be available through My CRA and My Service Canada, beginning the first week of April.

This benefit replaces the previously announced Emergency Care Benefit and the Emergency Support Benefit.

 

Improved access to Employment Insurance sickness benefits

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.

 

Support for people who are unable to work

The new Canada Emergency Response Benefit

We will provide a taxable benefit of $2,000 a month for up to 4 months to:

  • workers who must stop working due to COVID-19 and do not have access to paid leave or other income support.
  • workers who are sick, quarantined, or taking care of someone who is sick with COVID-19.
  • working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures.
  • workers who still have their employment but are not being paid because there is currently not sufficient work and their employer has asked them not to come to work.
  • wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.

Application details will be available through My CRA and My Service Canada, beginning the first week of April.

This benefit replaces the previously announced Emergency Care Benefit and the Emergency Support Benefit.

 

Support for people who need it most

Special Goods and Services Tax credit payment

We are 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.

There is no need to apply for this payment. If you are eligible, you will get it automatically.

 

Enhancing the Reaching Home initiative

We continue to support people experiencing homelessness during the COVID-19 outbreak by providing $157.5 million to the Reaching Home initiative.

The funding could be used for a range of needs such as purchasing beds and physical barriers for social distancing and securing accommodation to reduce overcrowding in shelters.

 

Support for women’s shelters and sexual assault centres

We are supporting women and children fleeing violence, by providing up to $50 million to women’s shelters and sexual assault centres to help with their capacity to manage or prevent an outbreak in their facilities.

 

A new Indigenous Community Support Fund

We will provide $305 million for a new distinctions-based Indigenous Community Support Fund to address immediate needs in First Nations, Inuit, and Métis Nation communities.

 

Support for seniors

Reduced minimum withdrawals for Registered Retirement Income Funds

We are reducing the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020.

 

Support for students and recent graduates

A moratorium on the repayment of Canada Student Loans

Effective March 30, we are 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 to Business

 

Avoiding layoffs

Extending the Work-Sharing program

We are extending the maximum duration of the Work-Sharing program from 38 weeks to 76 weeks. The Work-Sharing program is offered to workers who agree to reduce their normal working hours because of developments beyond the control of their employers.

 

Providing small business with wage subsidies

We are providing eligible small employers a temporary wage subsidy for a period of three months.

The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.

Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration.

 

Access to credit

Establishing a Business Credit Availability Program

We established a Business Credit Availability Program (BCAP) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses, through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).

BDC and EDC are cooperating with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation and tourism.

As a first step, businesses in need of credit support should contact their financial institution.

 

Lowering the Domestic Stability Buffer

The Office of the Superintendent of Financial Institutions announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets. This action will allow Canada’s large banks to inject $300 billion of additional lending in to the economy.

 

Cutting the interest rate

The Bank of Canada is acting in several ways to support the economy and financial system and stands ready to take any and all actions that it can to protect the well-being of Canadians during this difficult time. The Bank has responded by lowering interest rates, intervening to support key financial markets and providing liquidity support for financial institutions.

 

Support for farmers

Increasing credit available
We have increased credit available to farmers and the agri-food sector through Farm Credit Canada.

 

Supporting financial stability

Launching an Insured Mortgage Purchase Program

We launched an Insured Mortgage Purchase Program, in which we will purchase up to $50 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation.

This action will provide long-term stable funding to banks and mortgage lenders, help facilitate continued lending to Canadian consumers and businesses, and add liquidity to Canada’s mortgage market.

 

More flexibility

More time to pay income taxes

We are allowing all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act.

No interest or penalties will accumulate on these amounts during this period.

 

PROCESSING UPDATE 2021

Congratuation!

Permanent Resident Approval


KIM, ** - Food service supervisor position
Oct. 2016 Express Entry Applied→Oct. 2016 Invitation Received→Jan. 2017 Final Approved


KIM, ** - Dental technician position
Oct. 2016 Express Entry Applied→Oct. 2016 Invitation Received→Jan. 2017 Final Approved


AN, ** - Hotel clerk supervisor position
Aug. 2016 Express Entry Applied→Aug. 2016 Invitation Received→Jan. 2017 Final Approved


SEO, ** - Retail store supervisor position
Jul. 2016 Express Entry Applied→Aug. 2016 Invitation Received→Jan. 2017 Final Approved


NOH, ** - Welder position
Jan. 2015 AINP Applied→Aug. 2015 Nominee Approved→Jan. 2017 Final Approved


CHI, ** - Welder position
Mar. 2015 AINP Applied→Aug. 2015 Nominee Approved→Jan. 2017 Final Approved


AMUNDSON, ** - Spouse sponsorship
May. 2015 Spouse Sponsorship Applied→Feb. 2017 Final Approved


 

AINP Approved


KIM, ** - Room attendant
Dec. 2016 Applied→Jan. 2017 Nominee Approved


YOON, ** - Alterationist
Jan. 2016 Applied→Jan. 2017 Nominee Approved


CHOI, ** - Housekeeping supervisor
Jan. 2016 Applied→Jan. 2017 Nominee Approved


CHOI, ** - Automotive service technician
Dec. 2016 Applied→Feb. 2017 Nominee Approved


KIM, ** - Retail store supervisor
Nov. 2016 Applied→Feb. 2017 Nominee Approved


KIM, ** - Sports instructor
Sep. 2016 Applied→Mar. 2017 Nominee Approved


LEE, ** - Cleaning supervisor
Nov. 2016 Applied→Mar. 2017 Nominee Approved


LEE, ** - Motel managing supervisor
Sep. 2016 Applied→Mar. 2017 Nominee Approved


KIM, ** - Food service supervisor
Oct. 2016 Applied→Mar. 2017 Nominee Approved


BERNABE, *** - Food service supervisor
Oct. 2016 Applied→Mar. 2017 Nominee Approved


KIM, ** - Retail store supervisor
Dec. 2016 Applied→Mar. 2017 Nominee Approved


 

SINP Approved


JUNG, ** - Food counter attendant
Nov. 2016 Applied→Jan. 2017 Nominee Approved


 

LMIA Approved


Retail store supervisor
Jun. 2016 Applied→Jan. 2017 Approved


Cook
Nov. 2016 Applied→Jan. 2017 Approved


Retail store supervisor
Aug. 2016 Applied→Jan. 2017 Approved


Retail store supervisor
Nov. 2016 Applied→Jan. 2017 Approved


Cook
Aug. 2016 Applied→Jan. 2017 Approved


Retail store supervisor
Dec. 2016 Applied→Jan. 2017 Approved


Cashier
Sep. 2016 Applied→Jan. 2017 Approved


Cook
Oct. 2016 Applied→Jan. 2017 Approved


Hotel clerk
Jun. 2016 Applied→Jan. 2017 Approved


Motel supervisor
Jun. 2016 Applied→Jan. 2017 Approved


Liquor store supervisor
Oct. 2016 Applied→Jan. 2017 Approved


Retail store supervisor
Dec. 2016 Applied→Jan. 2017 Approved


Cook
Sep. 2016 Applied→Feb. 2017 Approved


Food & Beverage Server
Jan. 2017 Applied→Feb. 2017 Approved


Cook
Oct. 2016 Applied→Mar. 2017 Approved


Cook
Dec. 2016 Applied→Mar. 2017 Approved


Cook
Feb. 2017 Applied→Mar. 2017 Approved


Retail store supervisor
Dec. 2016 Applied→Mar. 2017 Approved


Food service supervisor
Feb. 2017 Applied→Mar. 2017 Approved


Motel managing supervisor
Dec. 2016 Applied→Mar. 2017 Approved


Motel managing supervisor
Feb. 2017 Applied→Mar. 2017 Approved


Retail store supervisor
Feb. 2017 Applied→Mar. 2017 Approved


Retail store supervisor
Feb. 2017 Applied→Mar. 2017 Approved


Cleaning supervisor
Feb. 2017 Applied→Mar. 2017 Approved


Food service supervisor
Feb. 2017 Applied→Mar. 2017 Approved


Drywall installer
Feb. 2017 Applied→Mar. 2017 Approved


Martial arts Instructor
Jan. 2017 Applied→Mar. 2017 Approved


Food service supervisor
Jan. 2017 Applied→Mar. 2017 Approved


Updated until March 31, 2017

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