Video summarizes financial support available to Canadians (more details for BC) as of March 26, 2020 during these Covid-19 times. Note: as situation changes and our government adapts to new forms of support, the information provided might not be relevant or changed, but for now, I certainly do hope this helps.

Stay Strong, Remain Calm and I look forward to better days for us all :)

Cheers, Josephreen Luk, CPA, CFP

www.bloomaccounting.ca

Info Includes:

Canadian Emergency Response Benefit and how to apply (https://www.canada.ca/en/department-f...) B.C. Emergency Benefit for Workers (https://www2.gov.bc.ca/gov/content/em...) New Personal Income Tax Deadlines (https://www.canada.ca/en/revenue-agen...) Mortgage Deferral (https://cba.ca/mortgage-deferral-to-h...) Other Deferral Opportunities Student Loans (https://www.canada.ca/en/employment-s...) Temp BC Rental Subsidy (https://www.bchousing.org/housing-ass...) Child Tax Benefit Increase (https://www.canada.ca/en/employment-s...) Special GST credit (https://www.canada.ca/en/employment-s...)

*MAJOR TAX ANNOUNCEMENT MADE ON COVID- 19 RESPONSE by Prime Minister Trudeau on March 17*

✔ Canada Child Benefit increase by $550 per family on average to help parents with young children

✔ Emergency Care Benefit - for workers up to $900 every 2 weeks that need to stay home and don't qualify for EI

✔ Emergency Support Benefit - Government will support workers financially who do not qualify for EI and are facing unemployment

✔ Canadian Banks will be more flexible for delays on mortgage payments and other credit bills up to 6 months.

✔ Taxes will be delayed - you will have until June 1 to file income taxes, and until August 2020 to make payments

✔ Temporary Wage Subsidy - to eligible small businesses, 10% of wages for three months, to help employers keep their workers on the payroll. Not for profits and charities are included.

✔ Small businesses will be supported with Business Credit Availability Program

✔ For low-come Canadians, In May, the GST credit will be increased up to $300 and up to $150 per child

✔ Student loans- 6 months interest free pause on repayment

✔ Boosting funding for women's shelters & those experiencing homelessness

*as rules are ever fluid and changing please Listen to notices sent by Health Canada/Provincial/Local Governments.* to confirm validity.