COVID-19: Important financial dates and information

This table includes highlights of several financial and economic measures announced by different levels of government.

Last updated: November 04, 2020

This page will be updated regularly; however, we encourage you to refer to the official government links below for the most up-to-date information.

Ontario’s Action Plan: Responding to COVID‑19 Highlights include:

  • 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.
  • On November 16, businesses in modified Stage 2 regions or categorized as control or lockdown, can apply for rebates to help with fixed costs, such as property 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 energy bills. Learn more
Support for seniors and vulnerable Canadians
  • Rule changes to lower RRIF withdrawal rate by 25% for 2020. Similar rules will apply to those receiving variable benefitBenefit Money, goods, or services that you get from your workplace or from a government program such as the Canada Pension Plan.+ read full definition 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 definitionPayments 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.

Canada’s COVID-19 Economic Response Plan

The federal government has introduced 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.
Property taxes Several municipalities have announced property tax deferrals. Contact your municipality for more information.
Canada child benefit and GST credit An increase to the Canada Child Care Benefit (CCB) of $300 for 2019-2020. For those who already receive the CCB, you do not need to re-apply.

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


Support for Businesses

Measures have been introduced to help Canadian businesses which include:

  • The Canada Emergency Wage Subsidy is a program for Canadian employers to re-hire previously laid off workers.
  • 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.
  • The Ontario Government will provide a one-time grant of up to $1,000 for eligible main street small businesses — in retail, food and accommodations, and other service sectors — with two to nine employees to help offset the unexpected costs of personal protective equipment (PPE). Learn more
  • The federal government has announced the Canada Emergency Rent Subsidy (CERS) which would provide rent and mortgageMortgage A loan that you get to pay for a home or other property. Often the loan is for 20 years or more. You make a set number of payments for a set amount each year.+ read full definition support directly to qualifying organizations. This measure is pending legislation.

Learn more about the Government of Ontario’s Action Plan: Responding to COVID-19 and the Government of Canada’s COVID-19 Economic Response Plan.

Last updated