New programs and measures were announced by the government on March 18. We will update this page with links once the details become available.
Increasing the Canada Child Benefit
- Eligible recipients will receive $300 more per child with their regular May CCB payment.
- If you have previously applied for the CCB, you do not need to re-apply.
- For more information on the Canada Child Benefit such as how to apply and eligibility requirements, go to Canada child benefit or call 1-800-387-1193.
Extra time to file income taxes
- Deferring the filing due date for the 2019 tax returns of individuals.
- For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020.
- Allow any new income tax balances due, or instalments, to be deferred until after August 31, 2020 without incurring interest or penalties.
- Learn more
- Note: If you expect to receive benefits under the Goods and Services Tax credit or the Canada Child Benefit, we encourage you to not delay your 2019 return filing to ensure that your entitlements are properly determined.
Increased Goods and Services Tax Credit
- Providing a one-time special payment by early May through the Goods and Services Tax credit for low- and modest-income families.
- The average additional benefit will be close to $400 for single individuals and close to $600 for couples.
- There is no need to apply for this payment. If you are eligible, you will get it automatically.
Support for students
- Effective March 30, the government is placing a six-month interest-free moratorium on the repayment of Canada Student Loans for all student loan borrowers. No payment will be required and interest will not accrue during this time.
- Students do not need to apply for the repayment pause.
- Learn more about the moratorium on the repayment
- Alberta Student Aid information: https://studentaid.alberta.ca/
Support for seniors
- Reducing the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020.
- Learn more about Registered Retirement Income Funds
Has the federal government announced measures to assist with mortgages?
- Canadian banks have committed to work with their customers on a case-by-case basis to find solutions to help them manage hardships caused by COVID-19. Canadians who are impacted by COVID-19 and experiencing financial hardship as a result should contact their financial institution regarding flexibility for a mortgage deferral. This allows flexibility to be available − when needed − to those who need it the most.
- Learn more
- Contact your financial institution for further mortgage assistance.
- The Canada Mortgage and Housing Corporation and other mortgage insurers offer tools to lenders that can assist homeowners who may be experiencing financial difficulty. These include payment deferral, loan re-amortization, capitalization of outstanding interest arrears and other eligible expenses, and special payment arrangements.
- Canada’s mortgage insurers are committed to providing homeowners with solutions to mitigate temporary financial hardship related to COVID-19. This includes permitting lenders to defer up to six monthly mortgage payments (interest and principal) for impacted borrowers. Deferred payments are added to the outstanding principal balance and subsequently repaid throughout the life of the mortgage.
- Learn more: Financial Consumer Agency of Canada (FCAC)