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COVID-19: Feds announce financial aid, extend tax deadline, banks defer mortgages

COVID-19 Financial Aid

Prime Minister Justin Trudeau has announced an $82 billion financial aid package for families, employees and businesses.

Employees who do not qualify for Employment Insurance who are forced to self-isolate or are caring for family members will be able to receive money every two weeks for up to 14 weeks comparable to what EI pays out.

Trudeau also announced $55 billion to meet the liquidity needs of businesses, including a new fund to help support small business with up to 10% in funding of their payroll costs in order to keep people employed.

Low income families will see an increase in GST cheques of $300 and an extra $150 dollars per child.  He also says student loan payments will be forgiven for the next six months.  He says Canadians will see the money in the next few week

Tax Filing Deadline pushed to June 1st

The deadline for filing your taxes has been extended to June 1, 2020.

The federal finance minister made the announcement Wednesday. Bill Morneau says if you have to pay taxes you now have until September 1, 2020 to do so.

Canadian Banks Deferring Mortgages

Canada’s big banks have announced they will defer mortgage payments for up to six months for Canadians caught up in the COVID-19 pandemic.

Canadians and business owners are urged to call their bank to discuss options.

ATB Financial here in Alberta has also announced a credit relief program.

 

 

Patrick Siedlecki
Patrick Siedlecki
Pat has been a mainstay in the CJOC News department from the time the station launched in 2007. He's been in the position of News Director since then and has been anchoring daily news casts as well as reporting and working behind the scenes. Community is important to him and keeping CJOC listeners and readers informed about what's happening across southern Alberta and beyond. Pat has been in radio broadcasting for the past 24 years, starting in Port Alberni on Vancouver Island in 1997 and then moving up island to Nanaimo for another few years before heading to Lethbridge in 2007. Pat grew up in the small Saskatchewan farming town of Foam Lake. After high school, he went to Western Academy Broadcasting College (WABC) in Saskatoon prior to moving to the island. Pat also spent several years broadcasting hockey in the BCHL as well as seven years as the radio voice of the Lethbridge Hurricanes in the WHL. Pat has been working at Cornerstone Funeral Home in Lethbridge as a Certified Life Celebrant and Funeral Assistant since 2016. News and sports have always been Pat's passion from the time he was a teenager and he's always been grateful to have had the opportunity to make that part of what's been a fun and long radio career!
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