COVID-19 - CORONAVIRUS
The Canadian government has many programs to help individuals during this challenging time.
There are new initiatives being announced regularly to assist Canadians. We have outlined some of the programs here for your convenience.
You are encouraged to seek the assistance you need.
Canada Emergency Response Benefit
For those who have lost their income due to COVID-19, the government is providing a benefit of $2,000 per month for up to four months. While no tax is withheld on these payments, the benefit is taxable. Depending on your taxable income for 2020, you may have to pay tax on the benefits received.
Canada Child Benefit
For those who qualify, up to $300 per child in more benefits will be provided. The additional payment will be made in May 2020.
If you have not already applied for the Canada Child Benefit, you can do so online here.
Goods and Services Tax Credit
For Canadians with low to moderate income, the Goods and Services Tax Credit provides regular quarterly payments. These payments are not taxable. A special one-time additional payment has been issued to those who are eligible. This payment will double your payment for the year. There is no application required – all you need to do is ensure your 2018 personal tax return was filed.
Tax Filing and Payment Extensions
For most Canadians, personal tax returns are due on April 30th. For the 2019 taxation year, the deadline is extended to June 1st.
If you have taxes payable or an instalment due after March 18th, 2020, the payment does not need to be made until September 1st. There will be no interest or penalties assessed on these outstanding balances.
Certain provinces have also put programs in place to assist those in need. Visit the site of your province to find out more about what each province has in place.
For more information, visit: Canada’s COVID-19 Economic Response Plan