The simple guide of financial aid during coronavirus is your reference for information about financial support to individuals and families. Plenty of federal programs promise financial aid during coronavirus, thence complicating our search for valuable and verified information.
In this article, I will explore the different financial options available to individuals and families. I will also provide the eligibility criteria for each program.
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Financial aid during coronavirus, and what can families expect.
Temporary salary top-up for low-income essential workers – financial aid during coronavirus program#1
You might be eligible to receive a temporary top-up to your salary. However, you need to be deemed vital services in the fight against COVID-19 and earn less than $2,500 per month.
Initially, the federal government will provide up to $3 billion to increase the wages of low-income essential workers. Thus, each province and territory is responsible for determining who will receive the support and how much they will receive.
Increasing the Canada Child Benefit –
financial aid during coronavirus program#2
For May, the government is providing an additional $300 per child through the child benefit program. Luckily, if you’re already receiving this monthly payment, you do not need to reapply. If not, please apply directly to the government’s website.
Special Goods and Services Tax credit payment –
financial aid during coronavirus program#3
In April, low and modest-income families will receive a one-time sum from the goods and services tax credit. To give you an idea, on average, the average amount for single individuals is $400 and $600 for couples.
To get the goods and services tax credit, you do not need to apply. The federal government automatically verifies your eligibility.
Extra time to file income tax returns –
If you’re like me and file your taxes at the last minute, what I’m about to tell you is excellent news. We now have until June 1, 2020, to submit our tax files. If you owe money to the government, the new repayment date is now August 31, 2020. The Canadian revenue agency is allowing you to defer payments interest and penalty-free.
Mortgage support – Program#5
Lenders are now permitted to defer up to 6 monthly mortgage payments for affected borrowers. For additional information on how your bank can help you, please reach them directly. Many lenders have specific programs to help borrowers during this crisis. Subsequently, many financial institutions have also reduced the interest rate on their credit cards.
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