The government has not forgotten families with low incomes. They have integrated a “special top-up payment'” and they will be pumping $5.5 billion into the economy.
The pre-set period that was mandatory for accessing EI sickness has now been waived for at least 6 months for anyone who is under instruction to self-isolate or quarantine. Tax filing duration has been extended from April 30 to June 1 at penalty-free and interest-free.
What plans does the Government have for the Vulnerable?
With the impact of COVID-19 on the seniors, the Registered Retirement Income Funds (RREFs)has reduced minimum withdraws by 25 percent for Senior’s Retirement Savings. More importantly, people with student loans will get a break for six months without penalties or interests.
The Metis communities, Inuit, First Nations, and all indigenous communities will receive $305 million in a bid to address their needs.
Sexual assault and women’s shelters centers will receive an additional $50 million and this funding will be inclusive of indigenous communities.
The government will also allocate $157.5 million to Reach Home program to help address homelessness.
Businesses have not been Forgotten
As we have mentioned, business have received tax deferral from April 31 to August 31. Through the new Business Credit Availability Program, there will be the accessibility of easy credit for both small and large Canadian business and the government has pumped $10 billion into the program.
The agri-food sector and farmers will also receive extra credit via Farm Credit Canada.
Business deemed of National important will receive flexible Canada Account Limit. The Canadian government will be expanding Export Development Canada in a bid to support domestic businesses.
Finally, the initiation of an Insured Mortgage Purchase Program will allow businesses to buy up to $50 billion of the insured mortgage pool. This will help to stabilize mortgage lenders and banks.