Government's Income Support Measures during COVID-19 Outbreak
On March 18th, 2020, the Prime Minister announced economic measures that will provide $27 billion in direct support of Canadian workers and businesses.
Here are some of the Income Support measures that are being implemented:
- A one-time special payment by early May 2020 through the Goods and Services Tax Credit will be provided to low and modest-income families who may require additional help with their finances
- An increase to the maximum annual Canada Child Benefit payment amounts, only for the 2019-20 benefit year, by $300 per child, will be provided to over 3.5 million families with children who require additional support.
- $305 million will be provided for a new distinctions-based Indigenous Community Support Fund to address immediate needs in First Nations, Inuit and Metis Nation communities
- A six month interest-free moratorium will be put in place on the repayment of Canada Student Loans for all individuals currently in the process of repaying these loans
-Required minimum withdrawals from RRIFs will be reduced by 25% for 2020
- $157.5 million will be provided for the Reaching Home initiative to support people experiencing homelessness during the COVID-19 outbreak
- Up to $50 million will be provided for women's shelters and sexual assault centres.
Source: Department of Finance Canada - Canada.ca