Support for Individuals & Families
FEDERAL
1. Canada Emergency Response Benefit (CERB)
2. Extended Income Tax Filing Deadline & Payment Deferral
3. Increase to GST credit
4. Increase in Canada Child Benefit (CCB)
PROVINCIAL
1. B.C. Emergency Benefit for Workers
2. Rental Supplement
3. Increase to B.C. Climate Action Tax Credit (July 2020)
OTHER
1. Mortgage Payment Deferral
2. Credit Card, Lines of Credit Payment Deferral
3. BC Hydro
4. Fortis Gas
5. ICBC
6. Property tax deferral
7. Student Loans
8. Contact your lender on all other payments (e.g. car payments)
1. Canada Emergency Response Benefit (CERB)
- Taxable benefit of $2,000 per four-week period ($500 per week)
- Eligibility:
- You must be a Canadian resident aged 15 and older.
- You must have earned at least $5,000 of total income from employment, self-employment, and/or certain employment insurance benefits (generally parental benefits) in 2019 or in the 12-month period leading-up to your application.
- You must have ceased to work for reasons related to COVID-19 for at least 14 consecutive days within the four week period that you are applying for. This includes ceasing to work to care for young children due to school and daycare closures. Also, this may apply if you are still employed but not receiving income because of disruptions to your work situation due to COVID-19.
- You did NOT voluntarily quit your employment
- You do not earn more than $1,000 in employment and/or self-employment income for the four-week benefit period of your claim
- You may apply for any four-week period between Mar 15, 2020 to Oct 3, 2020. Applications after December 2, 2020 will not be accepted.
- You must re-apply every four weeks.
- You may receive the CERB for a maximum of 16 weeks
- Applications available via My CRA, expect to receive benefits roughly 3 days after applying
2. Extended Income Tax Filing Deadline & Payment Deferral
- Tax filing date deferred to Jun 1, 2020 (encouraged to file asap if you expect GST or CCB for 2020-21)
- Income tax payments due Sep 1, 2020
3. Increase to GST credit
- One time special payment (average additional benefit of $400/single and $600/couple)
- No application required
4. Increase in Canada Child Benefit (CCB)
- Up to extra $300 per child for 2019-20 (means approx. $550 per average family)
- Delivered as part of May’s payment
- No application required
PROVINCIAL
1. B.C. Emergency Benefit for Workers
- $1,000 one-time, tax-free benefit
- Eligible for any BC resident who receives EI or CERB
- Application will be open in coming weeks
- One-time payment will be in May 2020
2. Rental Supplement
- Up to $500 a month towards rents paid directly to landlords (application process to be announced)
- Evictions are NOT permitted for any reason (with exceptions for health, safety, risk of property damage)
- Rent increases are NOT permitted
- Rent freeze effective April 1
- Access to rental unit by landlord without consent is not allowed (with exceptions for health, safety, risk of property damage)
- Restriction of use of common areas are permitted to protect against transmission of COVID-19
3. Increase to B.C. Climate Action Tax Credit (July 2020)
- Eligible families of 4 receive up to $564
- Eligible individuals receive up to $218
OTHER
1. Mortgage Payment Deferral
- Mortgage payment can be deferred for 6 months – contact financial institution
2. Credit Card, Lines of Credit Payment Deferral
- Dependent on lender – call your financial institution
- Be mindful of accumulating interest on deferred payments
3. BC Hydro
- 3 months bill credit based on average consumption if you have lost employment or are unable to work due to COVID-19
- Apply online at https://app.bchydro.com/accounts-billing/bill-payment/ways-to-pay/covid-19-relief-fund.html
4. Fortis Gas
- 3 month payment deferral
- Repayment of the deferred amount over 12 equal payments following the deferral period
5. ICBC
- 90 day payment deferral
- https://onlinebusiness.icbc.com/eforms/dotcom/jsp/ACG398.jsp
- 604-661-2723 or 1-800-665-6442
6. Property tax deferral
- Reduction in school tax resulting in average of 25% cut to coming property tax bills for 2020
- Waiving of the late penalties until Oct 1, 2020
- Existing deferral programs for seniors & families with children (applications in May)
- https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes
7. Student Loans
- Automatic six months interest-free moratorium on repayment of Canada Student Loans
8. Contact your lender on all other payments (e.g. car payments)
Support for Businesses
FEDERAL
1. Canada Emergency Wage Subsidy (CEWS)
**Organizations that do not qualify for the CEWS may continue to qualify for the previously announced wage subsidy of 10% of remuneration paid from Mar 18 to before Jun 20, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Employers who are not eligible for the CEWS would still be able to furlough (leave of absence over laying off) employees who may receive up to $2,000 a month under the CERB.
2. Canada Emergency Business Account (CEBA)
3. Canada Emergency Commercial Rent Assistance (CECRA)
4. Community Futures Network
5. Industrial Research Assistance Program (IRAP)
6. Canada Student Jobs Program
7. New Loan Guarantee from Export Development Canada
8. New Co-Lending Program
9. Deferral of GST/HST Remittance to June 30, 2020 for:
10. Deferral of Customs Duty and Sales Tax for Importers
11. Deferred Corporate Tax Filing & Payment
*** Payroll deduction payments are NOT being deferred. ***
PROVINCIAL
1. Tax filing & Payment Deferred
2. OTHER
1. Canada Emergency Wage Subsidy (CEWS)
- Subsidy for 75% of each employee's salary on the first $58,700 that they earn this year (up to $847 per week)
- Effective for 12-week period, from Mar 15 - Jun 6
- Based entirely on salary or wages actually paid to employees; employers will be expected to make best efforts to top up salaries to 100% of the max wages covered
- Eligibility:
- Revenues for Mar 2020 must be 15% lower than revenues from Mar 2019; revenues for Apr and May 2020 must be 30% lower than respective revenues from Apr & May 2019, OR
- OR
- Revenues for Mar 2020 must be 15% lower than the average revenues of Jan and Feb 2020; revenues for Apr and May 2020 must be 30% lower than the average revenues of Jan and Feb 2020;
- No restriction on number of employees or size of the company
- No restriction on industry
- Non-profits and charities are eligible (can choose whether or not to include revenue from government sources in their calculations)
- Public bodies are NOT eligible (i.e. local government, colleges, universities, Crown corporations)
- Apply via CRA My Business portal on or after April 27
- Calculate your subsidy amount at https://bit.ly/3au7PpO
**Organizations that do not qualify for the CEWS may continue to qualify for the previously announced wage subsidy of 10% of remuneration paid from Mar 18 to before Jun 20, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Employers who are not eligible for the CEWS would still be able to furlough (leave of absence over laying off) employees who may receive up to $2,000 a month under the CERB.
2. Canada Emergency Business Account (CEBA)
- Up to $40,000 interest-free loan for one year for small to medium-sized enterprises (SMEs) & non-profits
- Eligibility:
- Paid between $20,000 to $1.5 million in total payroll in 2019.
- Repay the balance of this loan on or before Dec 31, 2022 to receive loan forgiveness for 25% (up to $10,000)
- Contact your financial institution for details.
3. Canada Emergency Commercial Rent Assistance (CECRA)
- The CECRA program will seek to provide loans, including forgivable loans, to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May, and June.
- Details to come.
4. Community Futures Network
- Rural businesses and communities can access $287 million in additional funding through the Community Futures Network.
- Learn more at https://www.communityfutures.ca/
5. Industrial Research Assistance Program (IRAP)
- Assistance for innovative, early-stage companies who are not eligible for other COVID-19 business supports can access the IRAP. The Federal Government is investing $250 million in this program.
- Learn more at https://bit.ly/2VHYipW
6. Canada Student Jobs Program
- Subsidy for 100% of minimum hourly wage for youth 15-30 years of age (min wage is $13.85/hr in BC)
- Extended end date for employment to Feb 28, 2021
- Applications for 2020 closed Feb 28, 2020
- MP’s to identify organizations that provide essential services in the community and could provide youth jobs but did not apply for the program in 2020.
7. New Loan Guarantee from Export Development Canada
- Export Development Canada (EDC) will guarantee new operating credit and cash flow term loans that financial institutions will extend to SMEs, up to $6.25 million.
- Contact your financial institution for details.
8. New Co-Lending Program
- BDC and financial institutions can co-lend term loans to SME to extend incremental credit amounts up to $6.25 million, with BDC's portion of this program up to $5 million maximum per loan.
- Contact your BDC Account Manager or your financial institution
9. Deferral of GST/HST Remittance to June 30, 2020 for:
- GST payment that becomes owing from Mar 27 until end of May 2020 are now due Jun 30, 2020
10. Deferral of Customs Duty and Sales Tax for Importers
- Payment due for amounts due Mar, Apr and May are deferred to Jun 30, 2020.
11. Deferred Corporate Tax Filing & Payment
- T2 corporation income tax returns due after Mar 18, 2020 and before June 1, 2020 are now due June 1, 2020.
- Income tax amounts owed on or after Mar 18, 2020 and before Sept 1, 2020 are now due Sep 1, 2020
*** Payroll deduction payments are NOT being deferred. ***
PROVINCIAL
1. Tax filing & Payment Deferred
- Deadline deferred to September 30, 2020 for PST, employer health tax, municipal and regional district ax, carbon tax, motor fuel tax and tobacco tax)
2. OTHER
- Contact suppliers, creditors, lenders to request payment deferral
- Have notice of assessments, prior year tax returns, etc ready if approaching financial institutions
Task List & Timeline
Personal Cash Management |
Apr 2020 |
May 2020 |
Jun 2020 |
Jul 2020 |
Aug 2020 |
Sep 2020 |
Oct 2020 |
Defer mortgage/rent |
X |
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Apply for BC Hydro Credit |
X |
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Defer ICBC |
X |
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Defer other payments |
X |
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Apply for BC rent stipend |
X |
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Apply for CERB |
X |
X |
X |
X |
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Apply for BC Emergency Benefit |
X |
||||||
File Income Taxes (due Jun 1) |
X |
||||||
Pay ICBC, Fortis, BC Hydro |
X |
X |
X |
X |
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Pay Property Taxes (due Oct 1) |
X |
||||||
Pay Personal Income Tax (due Sep 1) |
X |
||||||
Pay Mortgage |
X |
Business Cash Management |
Apr 2020 |
May 2020 |
Jun 2020 |
Jul 2020 |
Aug 2020 |
Sep 2020 |
Oct 2020 |
Contact creditors to request payment deferral or negotiate terms |
X |
||||||
Apply for CEWS (or 10% subsidy) |
X |
X |
X |
X |
X |
X |
X |
Apply for CEBA |
X |
||||||
Apply for CECRA |
X |
||||||
File & remit GST, Duties, Import Tax (due Jun 30) |
X |
||||||
Pay Business Income Tax (due Sep 1) |
X |
||||||
File & Pay Provincial Taxes |
X |
||||||
File and remit payroll liabilities |
X |
X |
X |
X |
X |
X |
X |
Apply for loans via BDC or financial institution (if desired) |