Oxford Residents and Businesses! Below is information that was sent to us from our MP Lenore Zann regarding financial support for individuals, business owners, entrepreneurs, and organizations known as the Federal Economic Response Plan. Please share this information.
Health and General Information
Government Financial Support
On March 25, 2020, the Government of Canada unveiled further details on a new Canada Emergency Response Benefit, Canada Child Benefit and GST credit payment as part of its COVID-19 Response Package.
The Benefits announced include:
- the Canada Emergency Response Benefit
- one-time boost to the Canada Child Benefit
- one-time top-up payment to low-income individuals and families through the GST credit
Canada Emergency Response Benefit
The Government of Canada will provide a taxable benefit of $2,000 a month for up to 4 months to:
- workers who must stop working due to COVID-19 and do not have access to paid leave or other income support.
- workers who are sick, quarantined, or taking care of someone who is sick with COVID-19.
- working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures.
- workers who still have their employment but are not being paid because there is currently not sufficient work and their employer has asked them not to come to work.
- wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.
Application details will be available through My CRA and My Service Canada in early April. If you are not currently registered on either My CRA or My Service Canada, we recommend you sign up now if you intend to apply for the benefit.
Canada Child Benefit
The Government of Canada is providing an extra $300 per child through the Canada Child Benefit (CCB) for 2019-20. This will mean approximately $550 more for the average family. This benefit will be delivered as part of the scheduled CCB payment in May. Those who already receive the Canada Child Benefit do not need to re-apply. If you would like to apply for the Canada Child Benefit, please click here.
Special Goods and Services Tax credit payment
The Government of Canada is providing a one-time special payment by early May 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 for this payment. If you are eligible, you will get it automatically
You can find information about our supports for small businesses here:http://canada.ca/covid-19-business.
The Canada Border Service Agency's Border Information Service (BIS) is now accessible 24/7. For the most up-to-date information related to cross border travel and business, please call 1-800-461-9999.
We will get through this by working together. If you are a Canadian manufacturer or business that can assist Canada in meeting the need for medical supplies, your help is needed. Please visit this website to learn more and submit a proposal.
More Key Support Measures for Canadians
Provide additional flexibility to support businesses as necessary through EDC, BDC, Farm Credit Canada and the Canada Account.
Support the mortgage financing market in Canada through enhancements to the CMHC.
Increase the Canada Child Benefit by $300 per child for the 2019-20 benefit year. Qualifying parents will receive the extra amount as part of their May payment.
Provide a temporary wage subsidy for three months to eligible small employers. Eligible employers include those eligible for the small business deduction, unincorporated employers, certain partnerships, non-profit organizations and charities.
Provide a special payment under the GST credit to low and modest income families.
Help prevent shortages of patented drugs or medical devices.
Increasing the protection of Canadians' savings by providing the Minister of Finance with the flexibility to increase the CDIC's deposit insurance limit.
Support provinces and territories with a COVID-19 Response Fund including one-time funding of $500 million through the Canada Health Transfer.
Introduce a pause on the repayments of Canada Student Loans for six months.
Reduce the minimum RRIF withdrawal to help protect seniors' retirement savings.
Where to Start:
Whether you are self-employed, a small business owner, or an entrepreneur - you shouldn't have to worry about having to lose your business or your job.
To get the help you need:
1. Visit our website for businesses for information about supporting your employees and your business. It is constantly updated as the COVID-19 crisis evolves.
2. Contact your local financial institution. Since we know most small businesses have a relationship with their local financial institution already, we've worked with the financial sector to increase their lending capability to support you in in this challenging time. They are a good first place to start for help.
3. Download the Canada Business App to find tailored supports to address your needs in the face of COVID-19.
4. Consult the Canadian Chamber of Commerce's pandemic preparedness guide to help prepare you business in the days and weeks to come.