The impact of COVID-19 is changing at a rapid pace. On March 18, 2020, the Prime Minister announced Canada’s COVID-19 Economic Response Plan, a new set of economic measures to help stabilize the economy during this challenging period. Attached is a summary of the items from this plan that may be relevant to you.
These items cover:
Measures concerning individuals
- Temporary income support for workers
- Income support for low-income individuals
- Temporary increase in the Canada Child Benefit (CCB)
- Moratorium on student loan repayments
- Reducing Registered Retirement Income Funds (RRIFs) minimum withdrawals
- Flexibility for taxpayers
Measures concerning businesses
- Helping businesses keep their workers
- Flexibility for business filing taxes