COVID-19 // Measures to Help You - DFSIN
While these assistance measures are welcome and timely in helping to reassure everyone, navigating through the many programs to find the right one(s) for you can be a challenge. Whether you are salaried, self-employed or a business owner, the summaries of the measures listed below will help you quickly find information. Web sites of various organizations are also included for easy access.
Other questions? Our financial security advisors are here for you. You can count on them to listen to your concerns and offer sound pragmatic advice.
I am an employee who experienced a drop in salary or total loss of salary
The web site for requesting this new benefit, retroactive to March 15, 2020, will be accessible on April 6.Visit the Questions and Answers section.
I am an employee in essential services
I am self-employed
The web site for requesting this new benefit, retroactive to March 15, 2020, will be accessible on April 6.Visit the Questions and Answers sections.
I am a business owner
Work-sharing is an agreement between employers, employees and the Government of Canada. To be eligible, both parties (employer and employee) must meet certain criteria, including:
- Employer eligibility: Operate year-round in Canada for at least two years, a private enterprise, a public company or a non-profit organization.
- Employee eligibility: Be part of the permanent staff and be entitled to employment insurance benefits.
Usually for a duration of 36 weeks, this program is extended to 76 weeks.
This wage subsidy aims to prevent further job losses, encourage employers to re-hire workers previously laid off as a result of COVID-19, and help better position Canadian companies and other employers to more easily resume normal operations following the crisis.
This would provide a 75% wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020. Employers will also be eligible for a subsidy of up to 75% of salaries and wages paid to new employees. There would be no general limit on the amount of wage subsidy an eligible employer could apply for. Employers should do their best to raise employee wages to bring them back to pre-employment levels. The pre-crisis remuneration for a given employee would be based on the average weekly remuneration paid between January 1 and March 15 inclusively, excluding any 7-day periods in respect of which the employee did not receive remuneration.
Concerted Action Program for Maintaining Employment (link only currently available in French)
The purpose of the program is to provide support to businesses that have experienced a decline in their operations as a result of the COVID-19 pandemic. It aims to provide direct financial support to businesses in order to promote training and the implementation of good human resources management practices. It also aims to optimize the operation of businesses on the labour market and help them get back on their feet more quickly once the situation has stabilized.
Established through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC), this program includes:
- Canada Emergency Business Account
This measure will provide interest-free loans of up to $40,000. To be eligible, your business must demonstrate that it has paid $50,000 to $1 million in total wages in 2019.
- Loan Guarantees for Small to Medium-Sized Enterprises
It provides small to medium sized business with new operating lines of credit and self-financing term loans of up to $6.25 million.
- Co-Lending Program for Small and Medium-Sized Enterprises
This program provides term loans to SMEs to meet the operational cash flow needs. Eligible businesses can obtain additional lines of credit amounts of up to $6.25 million.
Emergency support for small and medium-sized businesses (link only currently available in French)
To support, for a limited period, eligible businesses that are experiencing financial difficulties as a result of COVID-19 and that require cash flow of less than $ 50,000.
This emergency funding measure provides ad hoc and exceptional support for businesses affected by the repercussions of COVID-19.
New Tax-filing Deadlines for Businesses (Announced on March 30, 2020)
- For companies: Filing date for the current tax year: June 1, 2020
- Payment date for the current tax year: September 1, 2020
GST / HST and customs duty payments may be deferred until June 30, 2020.
Other Benefit Programs
Families will be able to receive an additional $300 per child through the Canada Child Benefit for 2019-20. This benefit will be paid as part of the planned payment in May.
This is a one-time special payment through the Goods and Services Tax Credit for low and moderate income families. The average additional benefit will be close to $400 for single people and almost $600 for couples.
- For Individuals (Announced March 30, 2020)
- Filing date for 2019 taxes: June 1, 2020
- Payment date for 2019 taxes: September 1, 2020
Suspension of mortgage payments is available for an indefinite period and there is no deadline for making a request. Customers can contact their mortgage lender.
Government of Québec
This tool will help you determine what type of assistance is available in your situation:
Government of Canada