Canada’s COVID-19 Economic Response Plan

The COVID-19 pandemic is having a major impact on both small and large businesses, markets and the economy. 

The Government of Canada have announced the necessary measures to ease the effects on all Canadians and business owners that are a result of the COVID-19 pandemic. We have highlighted the information below on each of the financial supports available to individuals and businesses, and how to see if you qualify.

1. Overview of Programs Available:

• Here’s How to Apply for Government Help During the Coronavirus Pandemic
• Overview of all Financial Supports available to individuals and businesses through the Government of Canada’s COVID019 response plan.
• National Post: “What the Government is Offering You in Terms of Coronavirus Benefits and How to Get Them”

2. Individual Supports:

Employment Insurance (EI) and the COVID-19 Emergency Benefit and How to Access Them:

• “How to apply for EI and COVID-19 Emergency Benefit”
• Government of Canada EI Application 
• CUPE: Canada Emergency Response Benefit – How to apply

Federal Income Supplement:

• Canadians Without Income Eligible for $2000/month

Mortgage Deferral Information:

• Global News: “Coronavirus: Need Help with Mortgage Payments?  There are Options.”

Bank Policies:

• RBC: How RBC Is Helping Clients
• TD: An Update on COVID-19 and How We Are Ready to Help
• BMO: COVID-19 Update: Your Health is Our Priority
• National Bank: COVID-19: When to Get in Touch
• CIBC: Meeting Your Needs in Challenging Times
• Vancity: We’re Here for You

Province of BC Rent Relief:

• The Province: BC Making $500 a Month Available to Renters

RRIF Payment Changes:

• Investment Exectutive: “Feds Announce Relief for Retirees Drawing Down RRIFs”
• BNN Bloomberg: Feds Lower RRIF Withdrawal Requirement As Part of Household Support Measures”

Student Loan Repayment Relief:

• CBC: “Canada Suspends Federal Student Loan PaymentsDuring COVID-19 Crisis”
• “BC Student Loans are on Pause Until September, and You Won’t Pay Interest Either”

ICBC Payment Support:

• ICBC: Update on COVID-19

Fortis BC Payment Support:

• Fortis BC: Supporting British Columbia During the COVID-19 Outbreak

BC Hydro Payment Support:

• BC Hydro: Here’s What We’re Doing in Response to COVID-19

3. Business Supports:

Wage Subsidy for Employers:

• Gov’t of Canada: Temporary Wage Subsidy for Employers

Small Business Loans and How to Access Them:

• BDC Website: Are You Eligible?
• BDC Website: Terms & Conditions of Loan
• BDC Website: How to Apply

4. All:

CRA Tax Relief for Individuals, Trusts and Corporations:

• Financial Post: What the Government is Offering in Corona-related Benefits and How to Get Them
• Gov’t of Canada: Coronavirus Disease (COVID-19): Collections, Audits, and Appeals.

Province of BC Financial Supports:

• CBC: BC’s $5B COVID-19 Relief Plan Includes One-Time Payments to People Out of Work.

Participating life insurance is a valuable asset that provides the dual purpose of life insurance coverage and also a cash savings element that can be utilized for investment purposes or as a relief measure.

• Canada Life: Accessing the Cash Values in Your Life Insurance Policy

The increased spread of the Coronavirus is causing significant duress and disruption across the globe. Our role is to guide you through this uncertain time. Our office is able to fully operate from home and with the help of our technology, it will be business as usual.

We are ready to assist you and are here to discuss your financial plan or any concerns you may have.

Stay safe!