Federal Government unveils $82 Billion to help Canadians with Coronavirus

March 18, 2020 | Posted by: Harold Hagen

Today, Prime Minister Trudeau announced a $82B fiscal package, a total of $93B which has been unfolded by Ottawa in recent weeks to support Canadians.

Further, the top 6 Banks announced mortgage relief for up to 6 months to Canadians. BMO, Bank of Nova Scotia, CIBC, National Bank of Canada, RBC and Toronto-Dominion Bank all announced offers of financial assistance in press releases sent out late Tuesday and early Wednesday.

Today, Minister for Finance, Morneau announced the 1st phase of Covid-19 Direct response credit available to Canadian business and households.

  • - 3% GDP ($55B) tax revenue deference program
  • - Emergency care income security benefit for the self-employed if individuals cannot work due to quarantine or caring for family members ($900 every 2-week period)
  • - Waiving one-week Employment Insurance waiting period
  • - Emergency support benefit for people not qualified for Employment Insurance
  • - GST credit for low to moderate income earners
  • - Child benefit recipients will receive $300 top up per child, equaling a combined $1500 special support
  • - 6-month moratorium on Canada student loan payments
  • - A significant investment for Alberta oil and gas workers is pending.
  • - CMCH reinstated insured mortgage support for those experiencing financial difficulty
  • - 6-month deferral or skip payments for car loans and credit card payments.
  • - An extension to 2020 tax payments, including deferring tax filing deadline until June 01, 2020.

But is it enough? Per capita, the potential $500B credit availability to Canadian business and households equals ~$700 per Canadian. By comparison, the $1Trilion package released only yesterday in the United States equates to ~$3,000 per US citizen.

 Unprecedented times indeed.

https://www.canada.ca/en/department-finance/economic-response-plan.html

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