COVID 19 Service Update: All debt consultations and meetings will continue to take place remotely. Our team is fully equipped to administer consumer proposals and bankruptcies virtually via phone, email and video.
The Canadian Government’s CERB program will start on April 6, 2020 and will provide a taxable benefit of $2,000 per month for up to 4 months to:
Employment Insurance (EI) sickness benefits provide up to 15 weeks of income replacement and is available to eligible claimants who are unable to work because of illness, injury or quarantine, to allow them time to restore their health and return to work. Canadians quarantined can apply for Employment Insurance (EI) sickness benefits.
If you are eligible, visit the EI sickness benefits page to apply.
Service Canada is ready to support Canadians affected by COVID-19 and placed in quarantine, with the following support actions:
Important: If you are directly affected by the COVID-19 because you are sick or quarantined and you have not yet applied for EI benefits, please submit your application before contacting the CRA. This will allow them to better serve you and prevent delays in establishing your claim.
If you have already completed the application for EI sickness benefits whether you are sick or quarantined and would like to have the one-week waiting period waived, call the new toll-free phone number below. It is important to note that no other request will be actioned on this phone line. We will take action only for sick or quarantined clients affected by the COVID-19 for which the application for sickness benefits has been filed.
The deadline to file 2019 tax returns for individuals has been deferred. For individuals, the return filing due date will be June 1, 2020.
The CRA will also allow any new income tax balances due, or instalments, to be deferred until September 1, 2020 without incurring interest or penalties.
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. Canadians who are impacted by COVID-19 and experiencing financial hardship as a result should contact their financial institution regarding flexibility for a mortgage deferral. This provides flexibility, when needed, to those who need it the most – to learn more please click here.
Contact your financial institution for further mortgage assistance.
The Canada Mortgage and Housing Corporation and other mortgage insurers offer tools to lenders that can assist homeowners who may be experiencing financial difficulty. These include payment deferral, loan re-amortization, capitalization of outstanding interest arrears and other eligible expenses, and special payment arrangements.
Canada’s mortgage insurers are committed to providing homeowners with solutions to mitigate temporary financial hardship related to COVID-19. This includes permitting lenders to defer up to six monthly mortgage payments (interest and principal) for impacted borrowers. Deferred payments are added to the outstanding principal balance and subsequently repaid throughout the life of the mortgage.
The Government of Canada is 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. Similar rules would apply to individuals receiving variable benefit payments under a defined contribution Registered Pension Plan.
Effective March 30, 2020, all student loan borrowers will automatically have their repayments suspended until September 30, 2020. No payment will be required, and interest will not accrue during this time. Students do not need to apply for the repayment pause.
Licensed Insolvency Trustee
Greg Best enjoys working with clients to create solutions for their financial needs.
CPA, CA, CIRP
Licensed Insolvency Trustee
Chris Sinclair believes a practical approach is required to solve serious financial difficulties.
Cynthia’s goal is to ensure that every client feels respected and understood and to instill hope that they can get their life back by giving them the fresh start they deserve.