COVID-19 – Supports for Individuals
TAX DEADLINES & PAYMENTS
Personal Tax Filing Deadlines: The filing due date for 2019 income tax returns for individuals has been deferred until June 1, 2020. Click here for more information: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html
Tax Payments Due: Any new income tax balances due, or instalments, are also being deferred until after August 31, 2020 without incurring interest or penalties.
Mortgage Payment Deferrals: 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. This includes permitting lenders to defer up to six monthly mortgage payments (interest and principal) for impacted borrowers. Please speak with your current financial institution or mortgage broker for further information.
Education Property Tax: Education property tax rates will be frozen at last year’s level reversing the increase originally added in Budget 2020.
Utility Payments: Residential customers can defer electricity and natural gas payments for the next 90 days to ensure no one will be cut off, regardless of their service provider. The program is available to Alberta companies who are experiencing financial hardship as a direct result of COVID-19. Call your utility provider directly to arrange for a 90-day deferral on all payments.
OTHER SUPPORTS AVAILABLE
Increasing the Canada Child Benefit (CCB): An extra $300 per child through the Canada Child Benefit (CCB) for 2019-20; this will mean approximately $550 more for the average family. You don’t need to apply, those the CCB do not need to re-apply and they will see this benefit on their May CCB deposits. Click here for more information: https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses
Special GST credit payment: This is a one-time special payment starting April 9 through the Goods and Services Tax credit for low- and modest-income families. The average additional benefit will be close to $400 for single individuals and close to $600 for couples. There is no need to apply, if you are eligible, you will get it automatically on your GST payments starting April 9th, 2020. Click here for more information: https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses
Student Loan Relief : All student loan borrowers will automatically have their federal student loan repayments and interest suspended until September 30, 2020. Click here for more information: https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses
Blog posts about COVID-19 – Supports for Individuals
Professional, polite and progressive. We have dealt with KWB for over 10 years and highly recommend the firm as a corporate partner. They are great at adding value.