In Canada, Discussions, Money

Details on what the Canada COVID-19 coronavirus stimulus 2020 package has

Canada’s package is decent. I mean I gotta tell you, I didn’t expect them to roll out anything.

Here are some major highlights, specifics can be found on the official page here.

Businesses can apply for loans up to $40K interest free

You have to apply and certain cases can get up to $40K interest free.

Business taxes deferred until August 31st 2020

YAY!

Businesses helping to keep their workers – 75% wage subsidy

75% wage subsidy for up to 3 months, retroactive to March 15th 2020.

You can get up to $847/week depending on what you were paid before up to an income of $58,700.

Applies to big and small companies.

Extra $300 in your Canada Child Benefit (CCB) for 2019-20

As you all know, the CCB payment is tiered by income – the more you make, the less you get.

This comes automatically in your May payment.


For us, this benefits Little Bun directly, as we do not take or need “his” money. He will be happy.

Low Income Families: Goods and Services Tax Credit

Average benefit is an extra $400-ish for singletons and $600 for couples.

No need to apply, if you’re already in this group, you’ll get the money.

Tax returns due June 1st 2020 instead

But if you are eligible for a refund, or extra credits, file ASAP, like the CCB child benefit or the GST tax credit.

Tax payments deferred until after August 31st 2020, no penalties

SWEET! I think I owe this year, so … thank goodness.

Mortgage payment support

Contact your local bank, they should be in the know, includes:

  • payment deferral
  • loan re-amortization
  • capitalization of outstanding interest arrears and other eligible expenses
  • special payment arrangements

Canada Emergency Response Benefit (CERB) for unemployment

You can apply in early April for this, date TBD either online through a portal or via a number. All TBD.

Taaxable benefit of $2000/month for up to 4 months for:

  • anyone who stopped working because of the virus, do not have paid leave or any other income support
  • the sick, quarantined or those taking care of others with the COVID-19 virus
  • working parents who must stay at home to care for children or need additional care because of school and daycare closures
  • workers still being employed but not paid because there isn’t enough work / employer says not to come in
  • wage earners/self-employed individuals including contractors who don’t have Employment Insurance (EI)

Reduced minimum withdrawals by 25% for the RRIF

You don’t need to take out as much money with the stock market plunging if you are retired.

Canada Student Loan Repayments on 6-month hold

Do not need to apply for this.

Loans are now interest-free for 6 months as of March 30th 2020. No payment required during the 6 months and no interest accrued either.

$157.5M for the Homeless

Helping those without a home, they’re putting money towards shelters and food.

$50M for Abused Women’s Shelters

They don’t need to stay. There is a place to go. LEAVE. They are giving money to help you escape the situation you’re in, and they will support you. You don’t need to stay where you are.

I’ll update this post as things change. <3

Stay healthy, stay isolated, and remember:

THIS TOO SHALL PASS.

We can get through it together.

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Sherry of Save. Spend. Splurge.

I got out of $60,000 of debt in 18 months using TheBudgetingTool.com. Since then, I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K (savings rate = 85%). I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I also post daily on Instagram @saverspender.

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