Canada's Economic Response Plan

The Government of Canada has announced a COVID-19 Economic Response Plan to help stabilize the economy during this challenging period: support for employees; support for businesses; business travel and events; and business in international markets.

Employment and Income Support
Canada Emergency Response Benefit: offers income support for up to 16 weeks to those who lose pay because of the pandemic. [PLAN DETAILS]
  • Q&A on the CERB [DETAILS]
  • April 15: Changes have been made to the CERB so that more people are eligible:
    • Those who have recently run out of Employment Insurance (EI) benefits since Jan. 1
    • Seasonal workers who can't find work because of COVID-19
    • People who make less than $1,000 a month due to reduced work hours
  • April 1: Canadians are asked to apply according to their birth month. [DETAILS & APPLY HERE]
    • The month and dates are as follows:
      • Those born in January, February and March apply on April 6th
      • Those born April, May and June apply on the April 7th
      • Those born in July, August, and September apply on the April 8th
      • Those born in October, November, and December apply on the April 9th
  • Employment Insurance Benefits
    • Apply as soon as possible after you stop working. If you wait more than 4 weeks after your last day of work to apply, you may lose benefits. [APPLY ONLINE]
    • The usual one-week waiting period for EI sickness benefits has been waived
    • March 20: Information on applying for EI Benefits during COVID-19 [DETAILS]
  • BC Climate Action Tax Credit: A one-time enhancement will be paid in July 2020 for moderate to low-income families
  • BC Emergency Benefit for Workers: Provides a tax-free one-time $1,000 payment for people whose ability to work has been impacted by COVID-19. Applications open May 1. [PROGRAM DETAILS] + [APPLICATION PORTAL]
  • Work-Sharing program: Provides income support to employees eligible for Employment Insurance benefits who work a temporarily reduced work week while employer recovers. Requires affected employers to apply.

Tax Relief
  • CRA is extending the deadline for filing 2019 tax returns. Individuals will have until June 1, 2020 to file, and businesses will have until July 31, 2020. [PRESS RELEASE]
  • Provincial Tax Relief: The implementation or collection of several provincial taxes have been deferred, delayed or reduced
  • Federal Goods and Services Tax Credit: A one-time doubled payment to modest-income households by early May 2020. The average boost to those benefitting from this measure will be close to $400 for single individuals, and $600 for couples.

Loan Relief
  • Canada Student Loans: Placing a six-month interest-free moratorium on the repayment of Canada Student Loans
  • BC Student Loans: Starting March 30, 2020, B.C. student loan payment schedules are automatically frozen for six months

Monthly Bills

Renters, Homeowners and Those Facing Homelessness
  • CMHC is working to address mortgage payment difficulties [ALL UPDATES HERE]
  • BC Housing has temporarily suspended evictions of tenants in subsidized and affordable housing due to non-payment of rent
  • Provincial Rental Supplement: A temporary measure to assist renters in paying a portion of their rent – up to $500 per month for three months – with the rebate to be paid directly to landlords through BC Housing. With regards to shared units, details are still forthcoming on whether the rebate will be per unit, or per tenant.

Students & Recent Grads
  • Canada Emergency Student Benefit (CESB) - (which still requires legislative approval) This benefit would provide $1,250 per month for eligible students or $1,750 per month for eligible students with dependents or disabilities. This benefit would be available from May to August 2020. [PRESS RELEASE]
  • Canada Student Service Grant - a new program which will help students gain valuable work experience and skills while they help their communities during the COVID‑19 pandemic. For students who choose to do national service and serve their communities, the new Canada Student Service Grant will provide up to $5,000 for their education in the fall. [PRESS RELEASE]
  • The Government of Canada will expand existing federal employment, skills development, and youth programming to create up to 116,000 jobs, placements, and other training opportunities to help students find employment and develop valuable skills this summer and over the coming months. In addition, to help students continue their studies in the fall, the government will: [PRESS RELEASE]
    • double the Canada Student Grants for all eligible full-time students to up to $6,000 and up to $3,600 for part-time students in 2020-21. The Canada Student Grants for Students with Permanent Disabilities and Students with Dependents would also be doubled.
    • broaden eligibility for student financial assistance by removing the expected student’s and spouse’s contributions in 2020-21, in recognition that many students and families will struggle to save for school this year.
    • enhance the Canada Student Loans Program by raising the maximum weekly amount that can be provided to a student in 2020-21 from $210 to $350.
    • increase existing distinctions-based support for First Nations, Inuit, and Métis Nation students pursuing post-secondary education by providing an additional $75.2 million in 2020-21.
    • extend expiring federal graduate research scholarships and postdoctoral fellowships, and supplement existing federal research grants, to support students and post-doctoral fellows, by providing $291.6 million to the federal granting councils. In addition, the government intends to enhance work opportunities for graduate students and post-doctoral fellows through the National Research Council of Canada.
  • International Students - Temporary rule change aimed at helping health-care facilities, other workplaces under pressure. To help battle the COVID-19 outbreak, starting immediately, the government will remove the restriction that allows international students to work a maximum of 20 hours per week while classes are in session, provided they are working in an essential service or function, such as health care, critical infrastructure, or the supply of food or other critical goods. [DETAILS]