Helpful Information on Canadian Emergency Response During COVID-19
Over the past couple of weeks, the three level of governments and banks have introduced various relief measures to help Canadians during these uncertain times.
I've created a summary below to highlight the key items:
1. Mortgage deferral:
Mortgage deferral means that payments are skipped for a defined period of time, during which interest which would otherwise be part of the deferred payments is added to the outstanding balance of the mortgage. The added interest is incorporated into the monthly payment, either when payments resume at the end of the deferral period or upon renewal at the end of the mortgage’s term. Each bank is assessing applicants on a case by case basis. For more information, contact your bank directly or visit: BMO CIBC NBC Scotiabank RBC TD
2. CERB (Canada Emergency Response Benefit) applications starts today: CERB provides $500 a week for up to 16 weeks. More info HERE Who is eligible? The benefit will be available to workers: - least 15 years old; - Who have stopped working because of COVID-19 and have not voluntarily quit their job or are eligible for EI regular or sickness benefits; - Who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and - Who are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. For subsequent benefit periods, they expect to have no employment or self-employment income. How to apply? Online CRA account HERE
By phone: 1-800-959-2019 or 1-800-959-2041
3. Tax filing and payment deadlines for 2019 extended:
The deadline for individuals to file has been extended to June 1, 2020, and the deadline to pay any amounts owed has been extended to September 1, 2020. More info HERE 4. Toronto municipal property tax extended grace period: The City is providing a grace period for payments and payment penalties for 60 days, starting March 16, 2020. More info HERE Let me know if you have any questions.
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