(Reuters) – Canadian Prime Minister Justin Trudeau on Wednesday said his government would provide C$27 billion ($18.6 billion) in support directly to families and businesses struggling because of the coronavirus outbreak, and stands ready to do more.
Here are of the highlights.
– Provide additional assistance to families with children by temporarily boosting Canada Child Benefit payments. This measure would deliver almost C$2 billion in extra support.
– Introduce an Emergency Care Benefit of up to C$900 bi-weekly for up to 15 weeks to provide income support to workers who must stay home and do not have access to paid sick leave.
– Introduce an Emergency Support Benefit delivered through the Canada Revenue Agency to provide up to C$5 billion in support to workers who are not eligible for employment insurance (EI) and who are facing unemployment.
– Provide additional assistance to individuals and families with low and modest incomes with a special top-up payment under the Goods and Services Tax credit. This measure would inject C$5.5 billion in the economy.
– Waive, for a minimum of six months, the mandatory one-week waiting period for EI sickness benefits for workers in imposed quarantine or who have been directed to self-isolate, as announced on Mar 11.
– Extend the tax filing deadline for individuals to June 1, and allow all taxpayers to defer, until after Aug 31, 2020, the payment of any income tax amounts that become owing on or after Wednesday and before Sept 2020.
– Allow all businesses to defer, until after Aug 31, 2020, the payment of any income tax amounts that become owing on or after Wednesday and before Sept 2020.
– Further expand Export Development Canada’s ability to provide support to domestic businesses.
– Provide flexibility on the Canada account limit, to allow the government to provide additional support to Canadian businesses, when deemed to be in the national interest, to deal with exceptional circumstances.
– Augment credit available to farmers and the agri-food sector through Farm Credit Canada.
– Launch an Insured Mortgage Purchase Program to purchase up to C$50 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation.
– Increase the credit available to small, medium, and large Canadian businesses.
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