COVID-19 EMERGENCY INCOME SUPPORTS AND MORTGAGE RELIEF
Regular Employment Insurance Sickness Benefits:
If you are sick or quarantined, or forced to stay home to care for children AND are traditionally eligible for employment insurance, this program is for you.
It provides up to 15 weeks of income support up to 55% of your earnings up to a maximum of $573/week.
For individuals/families that receive CCB payments:
A ONE TIME additional $300/child payment will occur for ALL CCB recipients on your May payment. For 2020 Payments: An additional $300/child will be spread out over the 12 annual payments (extra $25/month/child)
Increases to GST Tax Credit:
For individuals that receive quarterly GST Tax Credit Payments:
A ONE TIME special payment equal to DOUBLE your ANNUAL GST Tax Credit Payments to be made in early May, 2020.
Interest Free Suspension of Student Loan Payments:
For individuals that are currently repaying student loans, a 6 month interest free suspension of payments will occur. Start date TBD.
A 25% reduction in the required minimum withdrawals from RRIFs for 2020 will be implemented to assist with maintaining portfolio values during periods of market volatility.
Extension on Tax Filing Deadlines and Income Tax Due Dates:
Individual returns are now due June 1, 2020. Personal Income tax payments can be deferred until September 2020.
YOUR BEST GENERAL APPROACH
If you need immediate payment relief in the next 7 days, contact your bank NOW.
1) Understand your situation BEFORE you call. If you do not require immediate relief (help with a payment within 7 days), PLEASE DO NOT CALL YOUR BANK OR LENDER right now. Call centres are working under extremely difficult conditions – entire offices are being transitioned to work-from-home in the midst of a tidal wave of inquiries.
2) If you can foresee a future need for relief, take the time to understand when and what kind of relief you will need. It may be possible to re-structure your mortgage to achieve a more desirable outcome than what current relief programs are offering. Consider planning for your future needs NOW, before potential job loss occurs. Your mortgage broker can help with this.
3) If/when you have exhausted all relief options with your bank, there may be other avenues for relief – including relief from Mortgage Insurers. Start this conversation with your mortgage broker. If they are unwilling to help, email me (firstname.lastname@example.org)
IMPORTANT ITEMS TO CONSIDER:
Banks and Lenders are rushing to implement programs to help and are working diligently to help everyone who is calling. Be honest with your service representative and find a reasonable solution that gives you some breathing room.
Understand that you may not automatically qualify for 6 months of payment relief – there are a range of other creative solutions that may help your specific situation.
Understand that we must ALL DO OUR PART to minimize the pressure on the banking system.
Please do your part to minimize systemic strain on our economic and banking system.