WHAT CAN YOU DO DURING COVID-19?

ADDITIONAL FINANCIAL FEATURES

• GST CREDIT: $400 for single adults, $600 for couples
• Canada Emergency Response Benefit: $2000/month (for up to four months) if you lose a job due to COVID19.
• Child Tax Benefit: An additional $300 per child
• STUDENT LOAN PAYMENT DEFERRAL:
  • Six-month time-frame
  • No payments
  • No interest accrual
• INDIGENOUS COMMUNITY SUPPORT FUND
• $200M PROVIDED FOR COMMUNITY RESOURCES SUCH AS:
  • Shelters/homeless needs
  • Sexual abuse/transition house needs
• UPDATED 03/27/2020: WAGE SUBSIDY:
  • Up to 75% retroactive to (March 15, 2020) for small to medium-sized businesses for employees.
  • No details on qualification, caps, or period time
• SMALL BUSINESS LOANS:
  • Up to $40,000 government-backed
  • Interest-free for one year
  • Up to $10K could be forgiven.
  • More details to come
• INSURED MORTGAGE PROTECTION PROGRAM:
  • $50 billion provided
  • Payment deferrals
  • Special payment arrangements
• BANK SUPPORTS:
  • Auto loans
  • Deferral of payments possible
  • Contact bank directly
  • Speak to your institutions
• INCOME TAX PAYMENTS:

  The Canada Revenue Agency is allowing taxpayers to defer payments for income tax amounts owing between March 18, 2020, and until August 31, 2020. No penalties nor interest will accumulate during this date.

  • 5-month deferral of tax and taxpayers who are required to remit quarterly installments may benefit from it.
• INCOME TAX FILING:
  • Filing your income tax return is extended one month from April 30-June 1, 2020.
  • If you receive and rely on the GST credit or the Canada Child Benefit, it is still ideal to file as soon as possible to ensure entitlements for the 2020-2021 benefit year are not delayed.
  • Trusts with a December 31, 2019 year-end can file tax returns until May 1, 2020 (from March 30, 2020)
• REGISTERED RETIREMENT INCOME FUNDS (RRIFS):
  • The required minimum withdrawals from RRIFs will be reduced by 25% for the 2020 tax year.

WHAT CAN YOU DO?

Did you find yourself in a financial situation as a result of job loss during this crisis? It is overwhelming and you may feel stress out and unsure of what is coming next.

To make it easier, I have put together four easy steps you can do to help your financial burdens and ensure you can move forward to more valuable things like your family and your health.

1. CUT DOWN ON COSTS

It is a good idea to look at your finances for ways to cut down on non-important things. Reducing your monthly expenses like phone data plan, gym memberships, which can add up.

2. TALK TO YOUR MORTGAGE PROFESSIONAL

I am working hard to stay on top of all information. Surrounding the development of COVID-19 as responses from the Bank of Canada and the Ministry of Finance to ensure the accurate and most up-to-date information to assist you. I can assist you with the options available and provide more understanding as to how this pandemic may affect your interest rates and mortgage payments.

To benefit from my guidance, please contact me today so we can set-up a virtual meeting and go over your unique situation. I would be happy to provide expert advice or a listening ear to ensure you are supported.

3. CONTACT LENDERS AND CREDIT CARD COMPANIES.

Many individuals and families cannot afford to lose their income. If in debt an living paycheck to paycheck, you may find it hard to make bill payments.

Unfortunately, missing these payments can have a long-term effect. before it gets there, it is a good idea to call your banks, lenders and credit card companies to see if there are other options to help you.

4. FIND ALTERNATIVES

Whether you are temporarily laid off, let go of your company or do not have enough sick days to compensate your time at home during COVID19. Here are the steps to supplement your income:

• You can try these options if you are out of work due to COVID-19 and in need of financial assistance.

Employment Insurance (EI) might be an option. Services Canada has reduced the waiting period and is currently offering EI assistance to everyone affected by COVID19.

• Have skills you can utilize online while you’re off work or quarantine. Consider working freelancers. Website Developers like Upwork and freelancer.com have jobs across the globe, from website development to accounting.