Government Support Through Tough Times

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This is from our accountants; take advantage if you can!

The government is offering some relief,


A. The Government will waive the one-week waiting period for EI for those individuals in imposed quarantine.# This is effective March 15, 2020.## # # # #
No medical certificate will be required to access the EI sickness benefits.

B. The Government announced the Emergency Care Benefit to provide up to $900 bi-weekly, for up to 15 weeks.# This will be administrated by Canada Revenue Agency.# Support will be provided to:
Workers including the self-employed, who are quarantined or sick with COVID-19 but do not qualify for EI sickness benefits.
Workers, including the self-employed, who are taking care of a family member who is sick with COVIC-19 such as an elderly parent, but do not qualify for EI sickness benefits.
Parents with children who require care or supervision due to school closures, and are unable to earn employment income, irrespective of whether they qualify for EI or not.
Application for the Benefit will be available in April 2020.# Canadians will be required to attest that they meet the eligibility requirements and they will need to re-attest every two weeks to reconfirm their eligibility.

C. The Government introduced an Emergency Support Benefit which will be delivered by Canada Revenue Agency to support workers who are not eligible for EI and who are facing unemployment. #

D.The Government is going to implement an EI Work Sharing Program which will provide EI benefits to workers who agree to reduce their normal working hours as a result of developments beyond the control of their employers, by extending the eligibility of such agreements to 76 weeks, easing eligibility requirements and streamlining the application process. #

E.For low and modest-income families the Government is going to increase the Goods and Services Tax credit (GSTC) for the month of May.# It will double the maximum annual GSTC payments for 2020.# The average boost to income for those benefiting will be close to $400 for single individuals and $600 for couples. #

F.The Government is also going to assist families with children by increasing the Canada Child Benefit (CCB) payment amounts for 2020 by $300 per child.# These families will receive an extra $300 per child as part of their May payment.#

G. The Bank of Canada and the Canada Mortgage and Housing Corporation are putting tools in place to ensure that Canadians do not lose their homes during this difficult time.# The important thing to remember is if you are having difficulty paying your mortgage due to losing your job due to COVID or illness due to COVID please call your bank and discuss this with them.# All the big banks have stated they have a plan in these cases to put a 6-month mortgage payment deferral plan in place.
Be sure to take Advantage if you can!

Take care TNA Family and keep your finger nails cut short!

Stanley and the gang
 
I am just going to go to work and do my best to keep the economy rolling in my part of Canada but i understand taking measures in more densly populated areas where the sickness is prevalent. We have never purposely crippled our economy with countless of other deadly pathogens in our recent past, not sure why we need to do it now. I dont want higher taxes when this is over, so i will continue to work until they come stop me. I have a business to run, employees and suppliers to pay, customer projects to do, I cant wait for an EI cheque that wont help me.
 
The announcement as a whole can be found in Canada.ca

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

Before everyone rejoice. Read the details.

For Canadians without paid sick leave (or similar workplace accommodation) who are sick, quarantined or forced to stay home to care for children, the Government is:

Waiving the one-week waiting period for those individuals in imposed quarantine that claim Employment Insurance (EI) sickness benefits. This temporary measure will be in effect as of March 15, 2020.
Waiving the requirement to provide a medical certificate to access EI sickness benefits.
Introducing the Emergency Care Benefit providing up to $900 bi-weekly, for up to 15 weeks. This flat-payment Benefit would be administered through the Canada Revenue Agency (CRA) and provide income support to:
Workers, including the self-employed, who are quarantined or sick with COVID-19 but do not qualify for EI sickness benefits.
Workers, including the self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent, but do not qualify for EI sickness benefits.
Parents with children who require care or supervision due to school or daycare closures, and are unable to earn employment income, irrespective of whether they qualify for EI or not.

First of all, the EI benefit enhancement is only available if you are sick, in an imposed quarantine or taking care of someone who is sick, and are claiming sickness benefit. If you are not sick or quarantined, you aren't enjoying this unless you are not trueful in the biweekly attestment. THIS IS DONE THROUGH CRA and only if you have a CRA account. Expect major cluster#### in administration and online/Tele portal so slow it is not working essentially. By the time they figure out who to send money, people will be starving already. Oh, by the way EI benefit is taxable.

Longer-Term Income Support for Workers
For Canadians who lose their jobs or face reduced hours as a result of COVID’s impact, the Government is:

Introducing an Emergency Support Benefit delivered through the CRA to provide up to $5.0 billion in support to workers who are not eligible for EI and who are facing unemployment.

So vague, again CRA is picking up the ball. Basically they haven't figured how to do it but JT needs to signal right the way, so 5 billion out of the 27 billion is a maybe don't know money. Oh, is this taxable, because EI is!

And the GST credits....as a reference

Income levels are for the 2018 tax year. If you are entitled, GST/HST credit payments for this tax year begin in July 2019.

Family structure Adjusted family net income
Single person $46,649
Single parent with one child $52,449
Single parent with two children $55,509
Single parent with three children $58,569
Single parent with four children $61,629
Married/common-law couple with no children $49,389
Married/common-law couple with one child $52,449
Married/common-law couple with two children $55,509
Married/common-law couple with three children $58,569
Married/common-law couple with four children $61,629
 
When Turdeau was first asked about relief his reply was " ummm well ummm Canadians can just dip into their trust funds if needed ? " The reply was muffled as he was hiding under his bed playing sock puppets a stress relief mechanism he learned while being a drama teacher.

The government response so far has been pitiful and i am going to make a wild guess that as per usual there will be nothing for middle class canadians who have or continue to drive the economy and have fallen on extra hardships. The measures will help some who have been working no doubt but will most benefit those who are on government assistance or who have been milking the system for years.
How about governments stop drowning us in debt with million dollar tweets, gas plant scandals or welfare programs that further encourage people to milk the system rather than enter the work force. Maybe then when we have emergency situations the government can access debt without drowning in it and potentially bankrupting.
 
Calgary transit has introduced procedures where the driver of the bus does not need to verify a persons fare, and they are requesting people get on the bus through the back door. As a consequence, they have publicly said that they are trusting the public to be honest, and to rip up their own tickets upon getting on the bus. You can imagine where many people are expanding this policy to - FREE FARE! Now try and imagine the type of people that the news of free transportation would attract in an urban environment.

Often on these empty trains, and increasingly so, there have been many transient people, to put it politely.

Yesterday I was on the c-train in Calgary, which has been very quiet since Monday, but as described, turning into more and more of a hangout for society's troubled individuals. At a station on the way out of downtown, a group of such individuals got on. For the first time in my life riding the c-train, I got to witness an exchange of money and drugs happening right in front of me at what is usually rush-hour on the way home. They also had a couple of conversations - one was about the free fare for riding transit, mocking the honesty policy (which also explained to me the marked change in demographics on the train since Monday), and the other conversation was about the $900 benefit for caring for somebody that is sick. They were saying "...you just have to say you're caring for somebody, they're not going to check, so there's definitely good money there, man. You just gotta get on the list. There's like six of us, and we're definitely going to get on this."

Thankfully my work has finally put some WFH provisions in place as of yesterday, which will greatly reduce my transit riding to the office going forward.
 
Yeah and of course big banks jacking folks around with the 6 month mortgage deferral. Trying everything they can to put their twist on so they are not out of pocket. RBC offering 1 month skip and if you require more they will “work” with you. Also, know this, interest is NOT waived on these skipped payments as it’s added to the total and it will cost a ton more when factored in... Yes it may help you out of a bind now but you gotta pay for it later.... some EU countries offering this with no interest added... as well as paying up to 75% of your wages with hopes of employers kicking in the remaining 25% in order to keep folks home as they are being made whole and retaining employees so when this Crisis is over, employees will return. These countries will be miles ahead of us in recovery....
 
Calgary …. imagine the type of people that the news of free transportation would attract in an urban environment.

Often on these empty trains, and increasingly so, there have been many transient people, to put it politely.

The urban outdoorsman has been expanding exploration of territory with the expansion of C-Train routes in the city. They didn't pay in past and won't pay now. Nothing new there.


G. The Bank of Canada and the Canada Mortgage and Housing Corporation are putting tools in place to ensure that Canadians do not lose their homes during this difficult time.# The important thing to remember is if you are having difficulty paying your mortgage due to losing your job due to COVID or illness due to COVID please call your bank and discuss this with them.# All the big banks have stated they have a plan in these cases to put a 6-month mortgage payment deferral plan in place.


Interesting how banks have come out ahead of government offering "help" with payment deferrals. City of Calgary has followed with deferred payment of utilities. Banks are not here to help anyone beyond their bottom lines. Banks sell debt, period.

Look at what other countries are doing in such times, the UK announced recently a program to provide the equivalent of $4000+ for every employee who has lost their job due to Covid19. The call it a wage replacement. France and Italy have suspended mortgage and rent payments, not deferring until later but removed them suspending debt entirely for the individual. Banks in Canada get out ahead of such notions here and offer deferring debt until later. Is this better or worse. Ask yourself, where will we be in 3 months time or 6 months time, economy growing or contracting? I think the situation for those who are getting laid off will not improve before it gets worse. Savings will be used up, credit maxed and then the deferred payments come due from the banks & municipalities. Is Canada approaching this in the right way by deferring over suspending debt...we will see.

I do believe that Canada generally f'd up the lead in to dealing with Covid 19. A better approach perhaps.. with less economic distress >>> https://nationalpost.com/health/how...tain-covid-19-while-letting-normal-life-go-on
 
so if you defer 6 payments for 6 months, at the end of 6 months you will be making double payments, plus interest, for 6 months. if someone gets laid off, this could be devastating. the banks trying to get you to keep up your payments as long as possible are doing you a favour, so the hole isn't too deep to get out of.
 
so if you defer 6 payments for 6 months, at the end of 6 months you will be making double payments, plus interest, for 6 months. if someone gets laid off, this could be devastating. the banks trying to get you to keep up your payments as long as possible are doing you a favour, so the hole isn't too deep to get out of.

I have not confirmed this but my guess would be the interest and principle will just be lumped onto the existing balance meaning you would then be paying more interest and longer to pay off morgage. Again this isnt confirmed but just my guess
 
Employers... keep your people employed and we'll let you remit 10% less payroll tax... even though you have no revenue to pay them with... what a @#(*ing JOKE.
 
Don't forget to cash out ALL your banked time/ vacation pay NOW.

For those of us that don't get laid off as often, we bank time and use it on our holidays. Cash out now or you will still need to wait for your first EI cheque.
If you have $4000 banked you might need to wait 6-8 weeks to "burn" through your banked money the gov knows you have.

I don't see the covid thing changing existing policy regarding banked time. I'm telling my work to pay me out now. Better to get dinged 43% then wait 2 months for EI.
 
From what i got from my mortgage broker, interests on the monthly payments will still be taken out every month. They get billions in aid from government to do what? defer for up to 6 months? These policies in place will just prolong the suffering and ruin the economy even more. Quarantine everyone for up to 45 days and get it done with. Stop mortgage and rental payments for 2-3 months period. People had enough time to stock up food. They are just giving away money to their voter base knowing that they ####ed up in the first place and hoping to save face (most i speak to applaud the government for the swift reaction lol).
 
This government needs to freeze our economy and freeze every payment that people have to make right now, until everyone is back to work safely .
 
My wife works part-time for the local school board and will continue to be paid presumably. I am a pharmacist-owner who will be in my dispensary distributing Suboxone, methadone, and Naloxone kits to our patients throughout this situation. My partners and I run 7 locations with probably 1000 plus patients total. We were already hit with government cutbacks late last year. Now, add staff members staying home due to pre-existing conditions and/or age. And yet, I’m the lucky one. At least I’m not stuck at home with 4 loud kids for 3 weeks. lol
 
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