COVID-19 is changing our lives in countless ways; new developments are surfacing every day, prompting us to continually revise the way we think and act. As always, information is key. With that in mind, here are some of the most recent developments as of the date of this posting.
Know how new government programs can help you.
This pandemic has had a huge ripple effect: social isolation has impacted businesses of all kinds, which in turn has had a profound effect on the personal finances of many Canadians. Thankfully, the Government of Canada has introduced initiatives to help reduce this financial strain.
There is a new Canada Emergency Response Benefit.
A taxable benefit of $2000/month for up to 4 months will be paid to those Canadians who are ineligible for Employment Insurance and cannot work due to effects of COVID-19. Application for this benefit will open in early April.
There is extra time to file your income tax return.
To help ease the burden of paying taxes while coping with reduced income, Canada Revenue Agency has deferred the 2019 income tax filing date until June 1, and the payment date until September 1. Those who are self-employed — or who have self-employed spouses – have until June 15 to file, and September 1 to pay any income tax amounts owed. If you have a tax refund coming, file earlier to receive those funds sooner; if you owe money, take advantage of this longer deadline.
The Child Tax Benefit has been increased.
The Canadian Government is providing an extra $300/child in Canada Child Benefits for the 2019-2020 year. If you already receive these benefits, this increase will be reflected on your May payment. To apply for the Canada Child Benefit, click here.
There is a new Special Goods and Taxes credit payment for qualified Canadians.
A one-time special payment will be sent out in early May to help soften the impact of the HST on household budgets. Eligible individuals will receive around $400, and couples will receive close to $600. There is no need to apply; payments will be sent automatically to those who qualify.
Know what actions you can take.
Help out those who may need it.
Relatives or neighbours who are at higher risk to contract COVID-19 might need groceries. Set up a grocery delivery account and place an order on their behalf. Alternatively, shop for them on your own grocery run, and just leave the groceries outside their door.
Stay connected.
With self-isolation the new mandate, those living alone can feel extremely isolated. Set up a schedule for family members and friends to each reach out to these people by phone or video chat on an assigned day. Being physically distant does not mean you need to be emotionally distant too.
Show front line workers a little love.
There are many people who are continuing to work for all of us, despite the risk of infection. Healthcare workers, first responders, food deliverers, and essential services staff including grocery store and gas station people all deserve our appreciation and respect.
Remain responsible and calm.
Without question, this is a reality unlike any of us have ever faced. Unfortunately, there will be those who will try to profit from the pandemic for their own means – with fear mongering, with hugely inflated prices on scarce supplies, and with scams – so remain aware. And take comfort in knowing these things: essential services remain open; stores are restocking shelves regularly; and much business is continuing, albeit in a new way. We can all do our part by heeding the government’s advice to stop socializing in person, in order to help contain the spread of the disease.
Know that many businesses are still “business as usual”.
While all businesses have had to adjust to new and more virtual ways of doing business, they remain open. You can still do your banking, pay your bills, ship parcels and send letters, shop for groceries and yes, you can even apply for life insurance. It’s just all now being done from the comfort of your home.
Together, we can help halt COVID-19. Meanwhile, stay safe, stay well, and stay informed.
Courtesy of Canada Protection Plan.
Doreen Yeow Tel: (778) 895-8010 E: yeowlfd@shaw.ca
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