COVID-19 New Financial Aid

Yesterday Prime Minister Trudeau unveiled $27 billion in aid and $55 billion in tax deferrals.

Here’s what we know now:

  • Temporary boost in Canada Child Benefits payments, $2 billion extra
  • If you don’t qualify for Employment Insurance, there's a new Emergency Care Benefit and Emergency Support Benefit. You may receive up to $900 every two weeks for those who don’t qualify for EI, can’t go to work (because they’re sick, in quarantine, caring for those who are sick, or parents forced to stay home to look after children) and don’t have paid sick leave. Workers include those that are self-employed. Both of these plans will be available to apply for in April through the CRA website. There isn’t yet a phone number available.
  • If you do qualify for EI, apply right away if you're unable to work. To apply for EI benefits, you can visit the website. Afterwards, you can apply to have the one-week waiting period waived by calling the government's toll-free number at 1-833-381-2725, or teletypewriter at 1-800-529-3742.
  • There’s a six month interest free reprieve on student loan payments.
  • The tax filing deadline is extended to June 1st.
  • The government is allowing taxpayers to defer until after August 31st tax payments that were due after yesterday and before September.
  • The GST credit will increase to $300 and $150 per child.

For more information, visit www.canada.ca.

If you need emergency bridge dollars until the Federal Government’s benefits kick in, please check with your local provincial website. The Alberta Government for example, announced yesterday, that Albertans who have no income while the COVID-19 pandemic pushes them into isolation can apply for one-time cash relief from the Alberta government. According to CBC, Premier Jason Kenney said yesterday the province will next week hand out $573 cash payments per week to people who are in isolation for two weeks with no pay or other benefits.

Get the latest COVID-19 financial emergency updates & resources. View