COVID-19: Important financial dates and information

• Double the maximum Guaranteed Annual Income System (GAINS) payment to help low income seniors.
• Providing a one-time payment of $200 per child up to 12 years of age, and $250 for those with special needs, as a result of school and daycare closures. Determine your eligibility and apply.
• Providing six months of Ontario Student Assistance Program (OSAP) loanLoan An agreement to borrow money for a set period of time. You agree to pay back the full amount, plus interest, by a set date.+ read full definition and interest accrual relief for student borrowers, in partnership with the federal government.

For self-employed individuals and their spouse (or common-law partner), the deadline to file your 2019 income taxTax A fee the government charges on income, property, and sales. The money goes to finance government programs and other costs.+ read full definition and benefit return is still June 15, 2020.

For trusts with a tax year ending December 31, 2019, the deadline to file your return is extended to May 1, 2020.

The deadline to pay any balance due has been extended from September 1, 2020 to September 30, 2020.

• Rule changes to lower RRIF withdrawal rate by 25% for 2020. Similar rules will apply to those receiving variable benefit payments under a defined contributionContribution Money that you put into a savings or investment plan.+ read full definition registered pensionPension A steady income you get after you retire. Some pensions pay you a fixed amount for life. Others save up money for you while you are working. You use that money to create income after you retire.+ read full definition plan.
• The Government of Canada has increased its support for Canadian seniors to be delivered through the United Way of Canada.  Support offered may include the delivery of groceries, medications or personal outreach services for seniors impacted by COVID-19. Visit the United Way Canada for more information.
• On April 21, 2020 the federal government announced an investmentInvestment An item of value you buy to get income or to grow in value.+ read full definition of $350 million to support vulnerable Canadians through charities and non-profit organizations that deliver essential services through the Emergency Community Support Fund.
• The federal government will provide additional support to help seniors with increased costs resulting from COVID-19. Those who qualify for Old Age SecurityOld age security Canada’s largest public pension program. You qualify if you are age 65 and you have lived in Canada for at least 10 years after age 18. You may pay tax on your OAS income.+ read full definition (OASOAS See Old age security.+ read full definition) as of June 2020 will receive a one-time tax-free payment of $300, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS)Guaranteed income supplement (GIS) Extra money from the government for people with low¬ incomes who get Old Age Security. What you get depends on your income or your joint income if you have a spouse or common-law partner. GIS is not taxable.+ read full definition. Payments will be issued during the week of July 6, 2020. You do not have to apply.
• The federal government recently announced it will provide support to Canadians with disabilities to aid in challenges from COVID-19. Support includes a one-time, tax-freeTax-free Money that you do not pay tax on.+ read full definition payment to certificate holders of the Disability Tax Credit.

The government has also proposed 3 additional support programs:

• The Canada Recovery Benefit (CRB) will provide $400 per week for up to 26 weeks, to workers who are self-employed or are not eligible for EI and who still require income support and who are available and looking for work.
• The Canada Recovery Sickness Benefit (CRSB) will provide $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19.
• The Canada Recovery Caregiving Benefit (CRCB) will provide $500 per week for up to 26 weeks per household, for eligible Canadians unable to work because they must care for a child, family member with a disability or a dependent under eligible circumstances due to COVID-19.

This benefit is for students who do not qualify for the Canada Emergency Response Benefit (CERB) or Employment Insurance (EI).

The application process begins May 15, 2020 and ends September 30, 2020.  
From May to August 2020, the CESB provides a payment to eligible students of $1,250 each month (every four weeks) or $2,000 a month (every four weeks) if the eligible student has a dependent or disability.

You must apply separately for each of the four periods (months) to continue to receive the benefit. To apply you need your SIN, and your postal code. The payment will be directly deposited in your accountAccount An agreement you make with a financial institution to handle your money. You can set up an account for depositing and withdrawing, earning interest, borrowing, investing, etc.+ read full definition if the Canada Revenue Agency has your information on file. Otherwise, it will be sent by cheque.

To determine your eligibility and apply visit the Canada Emergency Student Benefit page on Canada.ca

An additional GST credit of approximately $400 for single individuals and $600 for couples.

Support for Businesses

• The Government of Canada has established the Canada Emergency Wage Subsidy (CEWS) for up to 75 per cent for 3 months.
• The establishment of the Business Credit Availability Program (BCAP) designed to make new credit available to Canadian businesses.
• The Canada Revenue Agency has deferred tax payments to help businesses with cash flowCash flow The sums of cash a business gets in and spends out during a set period of time.+ read full definition.