Government Support re: COVID -19
There’s a lot of information to stay on top of these days. Here’s what you need to know about the provincial and federal government support re: COVID -19. Keep in mind that the situation is constantly changing. More info on government websites linked below.
Mortgage deferrals for up to 6 months available on your primary residence, not investment properties, are available through a few major banks. You’d need to be in good standing, and approved by your lender. This doesn’t mean your payments are cancelled. Interest will still be accrued.
More flexibility for tax payments. For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020.
Property tax deadline extended from April 1, 2020 to June 1, 2020.
Property owners will benefit from a 60-day grace period on their City of Toronto property tax, Toronto Water, and Solid Waste bill payments, as of March 16, 2020.
Electricity rate relief is being provided immediately by the Government of Ontario for families, small businesses and farms paying time-of-use rates. The Government of Ontario is working to suspend TOU electricity rates for a 45-day period, holding electricity prices to the off-peak rate of 10.1 cents-per-kilowatt-hour.
For parents, The Canada Child Benefit is providing an extra $300 per child for 2019-20. This will mean approximately $550 more for the average family.
A GST credit, for those with lower incomes, will be issued in May 2020. $400 for individuals and $600 for couples can be expected.
Tribunals Ontario is implementing a new policy to postpone in-person hearings and reschedule to a later date. The Landlord Tenant Board is suspending the issuance of eviction orders and all hearings related to eviction applications — unless the matter relates to an urgent issue such as an illegal act or serious impairment of safety.
Service Ontario will resume its services at an undetermined time. For now, the use of expired driver’s licenses and health cards are permitted.
From now on, the federal government will provide a taxable benefit of $2,000 a month for up to 4 months. The government has said that applications will be able to be made through CRA MyAccount or My Service Canada Account or by calling a toll-free number that has not yet been announced. The benefit will be available to the following individuals:
workers who do not have access to EI and who must stop working due to COVID-19;
working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures;
workers who are sick, quarantined, or taking care of someone who is sick with COVID-19;
workers who still have their employment but are not being paid because their employer has asked them not to come to work since there is not sufficient work;
wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.
Relevant Government links: