COVID-19 is officially a worldwide pandemic with over 12,000 deaths. The viral disease is very contagious and has destabilized the economies of countries across the globe and Canada is no exception.
That’s why in the midst to stabilize its economy and protect jobs, Canada is employing strategic Covid-19 containment measures.
According to a report released by COVID-19 Economic Response Plan, the country has set $82 billion to ensure the Canadians can access the basics such as rent, groceries, and cater to other bills. This amount makes up to 3 percent of the Canadian GDP.
The government will be allocating up to $27 billion to cater to Canadian businesses and workers. More importantly, the government will be giving up to $55 billion in tax deferral with the condition that the businesses and households in question will pay for the taxes at a later date.
In the measures, a further $1 billion COVID-19 Response Fund will be released to support healthcare infrastructure all across Canadian territories and provinces. The government will liquidate over $500 billion to allow business owners to access easy credit and to allow them to continue their operation without much struggle.
The war against the pandemic has been strengthened with the integration of the six largest Canadian financial institutions in the process. The banks are working with both personal and small business to help them mitigate the financial challenges caused by COVID-19.
These institutions will help Canadians overcome:
- Childcare disruption due to closure of daycares and learning institutions
- COVID-19 to both those who are infected and affected
In the process, the financial institutions will give payment deferrals for six months for loans and other credit products.
What about Homeowners, Families, and Workers
For any homeowner who is in financial turmoil due to COVID-19, they will enjoy deferred mortgage repayments from the lenders and every insurer in Canada as per the government’s instructions.
Besides, families with children will be getting additional assistance with the Canadian government including an additional $2 billion towards the Canada Child Benefits Payments.
For workers who have been affected by the countermeasure to stay at home and can’t access paid sick leave, they will be awarded $900 bi-week for the next 15 weeks and this may change depending on the nature of the spread of the pandemic. This measure will be inclusive of the quarantined, self-isolated, and the sick who are not eligible for Employment Insurance (EI). Also, this cover will cater to those taking care of family members that are sick such as children and elderly parents.
Unemployed workers will get emergency support via Canada Revenue Agency and the government has allocated $5 billion for this measure.