Canada’s COVID-19 Economic Response Plan: The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak.
** Information as of April 10, 2020 **
EMPLOYMENT INSURANCE (EI): For employees with insurable employment, EI is available for job loss, lay off, or reduced hours. The one-week waiting period for EI sickness benefits will be waived for new claimants who are quarantined so they can be paid for the first week of their claim. People claiming EI sickness benefits due to quarantine will not have to provide a medical certificate.
- HOW TO APPLY: https://www.canada.ca/en/services/benefits/ei/ei-sickness.html
- REFERENCES: https://www.canada.ca/en/services/benefits/ei/ei-regular-benefit/eligibility.html
CHILD CANADA BENEFIT: Increase in the tax-free monthly payment made to eligible families to help with the cost of raising children. The federal government is providing an extra $300 per child through the Canada Child Benefit (CCB) for 2019-20. This will mean approximately $550 more for the average family.
- HOW TO APPLY: https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview/canada-child-benefit-apply.html *Those who receive it already do not need to re-apply
- REFERENCES:https://www.canada/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview/canada-child-benefit-before-you-apply.html and https://www.canada.ca/en/department-finance/economic-response-plan/covid19-individuals.html#increasing_canada_child_benefit
CANADA EMERGENCY RESPONSE BENEFIT (CERB): If you are not eligible for EI, CERB intended to be a simpler and more accessible combination of, the previously announced Emergency Care Benefit and Emergency Support Benefit (replaced by CERB). If you are eligible for EI and for the CERB, you can only choose ONE program.
- HOW TO APPLY: https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra.html
- REFERENCE: https://www.canada.ca/en/services/benefits/ei/cerb-application.html
CANADIAN EMERGENCY WAGE SUBSIDY (CEWS): The Canadian Emergency Wage Subsidy is a tentative Federal Financial Program legislated in support of businesses affected by COVID-19. The government is providing eligible employers a temporary wage subsidy and will be in place for a 12-week period, from March 15 to June 6, 2020.
- HOW TO APPLY: Businesses can apply online for the subsidy program through a CRA portal that will soon be available (approximately three weeks from April 1, 2020), with funds being released to eligible businesses in approximately six weeks.
- REFERENCES: https://www.canada.ca/en/department-finance/news/2020/04/government-announces-details-of-the-canada-emergency-wage-subsidy-to-help-businesses-keep-canadians-in-their-jobs.html and https://www.theglobeandmail.com/politics/article-trudeau-says-businesses-non-profits-charities-all-eligible-for-wage/
These and other programs, along with additional details can be found here:
Source: Government of Canada Source: Mortgage Professionals Canada
About Mortgage Professionals Canada
Benchmark is an active member of Mortgage Professionals Canada, a non-profit, national mortgage industry association representing 11,500 individuals and 1,000 companies, including mortgage brokerages, lenders, insurers and industry service providers. Our members make up the largest and most respected network of mortgage professionals in the country whose interests we represent to government, regulators, media and consumers.
