COVID-19 Economic Response: Supporting Canadians

Strong action to protect people’s jobs and the economy, and support Canadian workers, families, and businesses.

No Canadian should have to worry about whether they can pay their rent or buy groceries during this difficult time.

That’s why the Liberal government is taking strong action to stabilize our economy, and help those impacted by COVID-19.

Today, Prime Minister Justin Trudeau announced a plan that will quickly provide $27 billion in direct support to Canadian workers, families, and businesses — and $55 billion to meet the liquidity needs of businesses & households, through tax deferrals to help stabilize our economy.

Combined, that’s $82 billion in support for Canadians at this important moment.

The Liberal government’s COVID-19 economic response plan will put more money in the pockets of parents, people facing unemployment, people who are sick or can’t work, small employers, low and medium income families, and more.

Here’s a quick summary of today’s announcements:

Boosting Canada Child Benefit payments for families

New Emergency Response Benefit*
$500 per week for up to 16 weeks for Canadians who lose income due to COVID-19 (More info here)

75% wage subsidy for qualifying businesses through the Canada Emergency Wage Subsidy
Backdated to March 15 — to support businesses, and help keep Canadian workers on the payroll. For companies whose revenue has decreased by at least 30% due to COVID-19. This subsidy is applicable to the first $58,700 of an employee's salary - which means up to $847 per week**

6-month, interest-free moratorium on Canada Student Loan payments

Top-up payments for low & modest income Canadians, with the GST credit

Extended tax filing deadline to June 1
And taxpayers can defer until Aug. 31 income tax that becomes owing before Sept. 21

Waiving the mandatory 1-week wait-period for EI sickness benefits, for a minimum of 6 months
For those in quarantine/self-isolation

Waiving requirement for medical certificates to access EI sickness benefits

Helping seniors access retirement savings
By reducing minimum withdrawals from RRIFs by 25%

Flexibility to lenders to defer mortgage payments

$157 million in added funding for Canadians experiencing homelessness

$305 million for a new Indigenous Community Support Fund

Supporting women and children fleeing violence
$50 million for women’s shelters and sexual assault centres

More credit available to small, medium, & large businesses
New Business Credit Availability Program ($10 billion for cash flow challenges)

Increasing credit available to farmers and the agri-food sector

Supporting continued lending to Canadian businesses and consumers

For full details, see the Prime Minister’s full news release or the Government of Canada’s backgrounder.

Last week, Justin Trudeau also announced a $1 billion COVID-19 Response Fund. This will provide money to provinces and territories to support our healthcare system & workers, support public health preparedness and research, and help limit the spread of the virus.

Whether it’s for details on social distancing, prevention, traveler info, or more, you can also visit Canada.ca/Coronavirus for the most up-to-date information and resources to help keep you and your loved ones safe and prepared.

Your health and safety will always be our top priority — and Justin Trudeau’s message to every worker, family, and business is clear: We have your back, and we will get through this together.

- Liberal Party of Canada

* As of March 25, 2020, this post has been updated to include the new Emergency Response Benefit - a simpler and more streamlined benefit comprised of both the care and support streams first announced on March 18, 2020.

** As of March 30, 2020, this post has been updated to include more details on the Canada Emergency Wage Subsidy