Personal Finance
Financial relief during COVID-19
BY FAZAAD BACCHUS
Canada and the world are going through a very tough and unprecedented time. It’s taken a toll on all countries alike and some have suffered more than others. The effects can be seen on the stock markets and on the individual stocks of certain key companies. At the time of writing, Air Canada has seen a tremendous drop in the price of its share from $50 a share in January to $12 by the end of March, a drop of close to 75% of its value.
Almost all governments have stepped in to offer relief to their citizens and as Canadians we are also very fortunate for these benefits. I know that you have been hearing about them in the news every day; however, I wanted to reiterate what they are and how you may apply for them.
Canada Emergency Response Benefit (CERB). If you have stopped working because of COVID-19, CERB may provide you with temporary income support of $500 a week for up to 16 weeks. The benefit will be available to workers residing in Canada, who are at least 15 years old and have stopped working because of COVID-19 and have not voluntarily quit their job or are eligible for EI regular or sickness benefits. You had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application and are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. For subsequent benefit periods, you expect to have no employment or self-employment income.
The Canada Emergency Response Benefit is available to those who stop working for reasons related to COVID-19. Eg: You have been let go from your job or your hours have been reduced to zero, you are in quarantine or sick due to COVID-19, you are away from work to take care of others because they are in quarantine or sick due to COVID-19 and/or you are away from work to take care of children or other dependents whose care facility is closed due to COVID-19. You can also apply for the Canada Emergency Response Benefit if you are eligible for employment insurance regular or sickness benefits. You are not eligible for the Canada Emergency Response Benefit if you quit your job voluntarily. You can apply online and also apply over the phone: 1‑800‑959‑2019 or 1‑800‑959‑2041 for the CERB.
The government is providing up to an extra $300 per child through the Canada Child Benefit (CCB) for 2019-20. This will mean approximately $550 more for the average family. This benefit will be delivered as part of the scheduled CCB payment in May.
Extra time to file income tax returns: The filing due date for 2019 income tax returns for an individual has been deferred until June 1st, 2020. Any new income tax balances due, or installments, are also being deferred until after August 31st, 2020 without incurring interest or penalties.
Source: https://www.canada.ca/en/department-finance/economic-response-plan.html#individuals