The Government of Canada is taking strong and quick action to protect our economy, and the health, safety, and jobs of all Canadians during the global COVID-19 outbreak. The Prime Minister, Justin Trudeau, today announced a new set of economic measures to help stabilize the economy and help Canadians affected by the impacts of this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and businesses, plus $55 billion to meet liquidity needs of Canadian businesses and households through tax deferrals to help stabilize the economy. Combined, this $82 billion in support represents more than 3 per cent of Canada’s GDP. This wide-ranging support will help ensure Canadians can pay for rent and groceries, and help businesses continue to pay their employees and their bills during this time of uncertainty.

This plan builds on coordinated action taken since the beginning of this outbreak, including the more than $1 billion COVID-19 Response Fund, which provided funding to provinces and territories to strengthen critical health care systems. It represents over $500 billion in credit and liquidity support for people and businesses through cooperation between financial Crown corporations, the Bank of Canada, the Office of the Superintendent of Financial Institutions (OSFI), and commercial lenders to ensure businesses can continue to operate.

The actions announced today are part of Canada’s whole-of-government response to COVID-19. As a first step, this plan aims to stabilize our economy through targeted measures to address immediate challenges faced by workers and businesses alike. It will help ensure that workers have the money they need while they are sick or in  isolation, or due to loss of work or a significant reduction in work income, and help support people and businesses experiencing financial hardship because of the
outbreak. Canadians should not make health decisions based on their financial needs. As the situation continues to evolve, further measures will be announced to support Canadians, stimulate the economy, and protect peoples’ jobs and livelihoods.

SUMMARY OF SOME SUPPORTS ANNOUNCED: 

• Deferred mortgage payments for up to 6 mos. 
• Moratorium on student loans for up to 6 mos. 
• $82B for workers and businesses
• Emergency Care Benefit for up to 14 weeks 
• Emergency Support Benefit for those who aren’t able to work 
• Canada Child Benefit Boost
• Extending the deadline to file taxes to June 1st, 2020 

For a more detailed list, please see the official press release. More information on how to access these supports will be provided as soon as it’s available.