Wednesday, August 17, 2022

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

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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

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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.

 

 

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