Date Published: March 18, 2020
The Canadian government has created a COVID-19 Economic Response Plan totalling $82 billion to support Canadian workers, households, and businesses. Approximately one third will directly support workers and businesses while the other two thirds will be through tax deferrals. The support for workers include boosting Canada Child Benefit payments, providing income support to the unemployed, moratoriums on Canada Student Loan payments, and extensions for tax payments to after August 31. Businesses will be supported through extension of tax deadlines, mortgage payment aid, wage subsidies and increasing credit for small businesses.
Read the full announcement here: https://pm.gc.ca/en/news/news-releases/2020/03/18/prime-minister-announces-more-support-workers-and-businesses-through
Summary by: Grace Xu