Trudeau said Ottawa will also temporarily boost the Canada Child Benefit (CCB) over the coming months. The government is proposing to boost the maximum annual CCB payment amounts by $300 per child for the 2019-20 benefit year.
Families receiving the CCB will get an extra $300 per child as part of their May payment, the government said.
Ottawa will also double the maximum annual Goods and Services Tax Credit (GSTC), providing an average income boost of $400 for low-income income individuals and close to $600 for couples.
Tax deadline postponed
Ottawa is moving the tax-filing deadline from April 30 to June 1 for individuals, mirroring a similar move implemented in the U.S. Individual taxpayers will also be able to defer payments on taxes owed to August 31 interest-free.
Moratorium on student loan payments
Trudeau said the government is also proposing a six-month, interest-free moratorium on the repayment of federal student loans.
Lower mandatory withdrawals for retirees
Morneau said Canadian retirees will be allowed to make smaller withdrawals from their retirement accounts.
The move is meant to help seniors who have seen the value of their retirement savings drop as financial markets plunge amid the health emergency. Withdrawing funds during a market crash crystallizes investors’ losses and negates the possibility to capture the gains of a market recovery.
The government is reducing mandatory minimum withdrawals from registered retirement income funds (RRIFs) by 25 per cent for 2020. Similar rules would apply for seniors receiving variable benefit payments under a defined-contribution registered pension plan.
Help for Canadian businesses
The Canadian government will allow businesses to defer payments of income tax amounts until after Aug. 31. No interest or penalties will accumulate.
The government will also increase the tax credits available to small, medium and large businesses.
How and Where to Apply
More information about applying for EI sickness benefits is available on the government's website.
Newly announced Wednesday, March 18, 2020 were the creation of an emergency care benefit and an emergency support benefit.
The emergency care benefit will provide up to $500 weekly, for up to 16 weeks, to help Canadian workers who cannot go to work, do not have paid sick leave and do not qualify for EI sickness benefits. This includes those who are sick themselves, as well as those who are staying home to look after others who are sick or children who are not in school.
The emergency support benefit will offer payments of $2000 per month per household to unemployed workers who are not eligible for EI.
Applications for both benefits are now open. Canadians who qualify are now able to apply for them through CRA MyAccount or My Service Canada Account or by calling these toll free numbers: 1-800-959-2019 or 1-800-959-2041.
If you are experiencing decreased hours, temporary lay-offs, loss of wages etc. please reach out to your Housing Support Worker to advise them of your current situation.