It is not clear who is eligible or when the financial package will be sent out, or whether it will be mailed or direct=deposited. We will keep our eye on this news item and post updates as we receive them.
Prime Minister announces support for vulnerable Canadians affected by COVID‑19
Canada’s COVID-19 Economic Response Plan
Parts of the Plan of Special Interest to Seniors:
- “Provide immediate essential services to Canadian seniors impacted by COVID-19. The Government of Canada will contribute $9 million through United Way Canada for local organizations to support practical services to Canadian seniors. These services could include the delivery of groceries, medications, or other needed items, or personal outreach to assess individuals’ needs and connect them to community supports.”
- “We are 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.
We will also allow any new income tax balances due, or instalments, to be deferred until after August 31, 2020 without incurring interest or penalties.”
- “Mortgage support
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.”
- Enhancing the Reaching Home initiative
“We continue to support people experiencing homelessness during the COVID-19 outbreak by providing $157.5 million to the Reaching Home initiative.The funding could be used for a range of needs such as purchasing beds and physical barriers for social distancing and securing accommodation to reduce overcrowding in shelters.”
- “Reduced minimum withdrawals for Registered Retirement Income Funds
We are reducing the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020.”
The following are also good sources of information: