Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses

The major new economic measures that the federal government is taking in response to COVID-19 include $27 billion in direct assistance to workers and families, as well as making $55 billion available in liquidity to businesses to help stabilize the economy. Some highlights of the financial aid package include:

 

  • Waiving the one-week waiting period for EI sickness benefits for six months and waiving the requirement for a doctor’s note to access this assistance;
  • Extending the tax filing deadline for individuals to June 1, and allowing taxpayers to defer payment until after August 31;
  • Providing eligible small businesses, a 10 per cent wage subsidy for the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer;
  • Allowing lenders to defer mortgage payments;
  • Allowing all businesses to defer until after August 31, payment of income taxes, interest-free;
  • Making additional funds and credit available to businesses of all sizes, including farmers;
  • Purchasing up to $50 billion insured mortgage pools to stabilize funding to banks and lenders

 

For the entirety of the financial aid package click here.