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Wednesday, March 18 2020

*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.

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Bloom Accounting Services
New Westminster, Chilliwack, Mississauga
Canada
604.218.5119
info@bloomaccounting.ca

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