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: August 24, 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.
Tax filing deadlines For individuals, the deadline to file your 2019 income taxIncome tax A charge you pay based on your total income from all sources. The Canadian government and your province set the rate.+ read full definition and 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 return is extended to June 1, 2020.

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.

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 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 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 Emergency Response Benefit (CERB) and related benefits The federal government announced that the Canada Emergency Response Benefit (CERB) will be transitioning to a program under Employment Insurance (EI)Employment insurance (EI) A government plan that helps unemployed Canadians while they look for work or upgrade their skills. EI may also help Canadians who are sick, pregnant or caring for a newborn or adopted child, as well as those who must care for a family member who is seriously ill.+ read full definition effective September 27, 2020.

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.
Canada Emergency
Student Benefit (CESB)
The federal government established the Canada Emergency Student Benefit (CESB) to provide financial support to post-secondary students, recent post-secondary and high school graduates who are unable to find work 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

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:

Mortgage support Many banks have announced that they will provide financial relief to their customers on a case-by-case basis. This may include 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 payment deferral for up to 6 months. Contact your lenderLender Any person or organization that lends money.+ read full definition for more information.

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