Are you worried about your taxes?
Do you worry that you may not have money to pay your bills or other expenses?
The Government of Canada is taking action to help Canadians facing hardship as a result of the COVID-19 outbreak.
1) TAXES The income tax filing deadline has been moved back to June 1, 2020.
2) ONE-TIME SPECIAL PAYMENT OF GST
The Government is proposing to provide a one-time special payment by early May 2020 through the Goods and Services Tax credit (GSTC). This will double the maximum annual GSTC payment amounts for the 2019-20 benefit year. The average boost to income for those benefiting from this measure will be close to $400 for single individuals and close to $600 for couples.
3 TEMPORARY INCOME SUPPORT FOR WORKERS AND PARENTS Temporary Income Support for Workers and Parents – Check out temporary changes to Employment Insurance (EI) sickness benefits
4 LONGER TERM INCOME SUPPORT FOR WORKERS Longer-Term Income Support for Workers – support to workers who are not eligible for EI and who are facing unemployment.
5) REDUCING REQUIRED MINIMUM WITHDRAWALS FROM RRIFs The Government will be reducing required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020, in recognition of volatile market conditions and their impact on many seniors’ retirement savings. This will provide flexibility to seniors that are concerned that they may be required to liquidate their RRIF assets to meet minimum withdrawal requirements. Similar rules would apply to individuals receiving variable benefit payments under a defined contribution Registered Pension Plan.
For more details and more about this plan for individual Canadians and businesses see HERE
New things are being announced daily. Please don’t hesitate to check back with us weekly for updates OR Canada.ca