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Economic Response Plan2020-12-19T10:52:46-08:00

Economic Response Plan

As we move through this time and the pandemic there are several resources that are becoming available through the Federal and Provincial Government. It is a little difficult to keep track of them all!

A shout out to our friend and partner Brandon Kirk of Primerica who did the initial gathering of the information in the chart below to outline all the options available as of March 31, 2020. This is certainly not an exhaustive list and as policies are being put in place it may change.

Please take a few minutes to review the chart below and see if any of these resources may be of benefit to you.

GLM Mortgage Group | Dominion Lending Centres

Type of BenefitBenefit AmountEligibilityInformation Needed
GLM Mortgage Group | Dominion Lending Centres
Employment Insurance (EI)
  • Up to $573/week
  • Up to maximum of 45 weeks
  • Job loss due to sickness/injury or shortage of work
  • Worked 420-700 of hours
  • ROE required
My Service Canada Account
EI – Sick Benefit
  • up to $573/week
  • Up to a max of 15 weeks
  • One week waiting period waived
  • Quarantine or sick due to Covid-19
  • Lost 40% of the pay
  • Worked min of 600 hours
My Service Canada Account
Canada Emergency Response Benefit
(CERB)
  • $2000/month
  • Up to a max of 4 months
  • Reside in Canada and at least 15 years old
  • Have stopped working because of COVID-19 and have not voluntarily quit their job or are eligible for EI regular or sickness benefits
  • Have had an income of at least $5,000 in 2019
CLOSED
Canada Child Benefit
  • Extra $300/child
  • Families with children
Payment scheduled with CCB in May
GST Credit
  • Up to $400/ individual and $600 /couple
  • Low-modest income families
  • 2018 tax filed
Special payment in May
BC Emergency Benefit
  • One-time payment of $1000
  • EI or Canada Emergency Response Benefit qualifiers
Payment in May, Application opens May 1st
BC Climate Action Tax Credit
  • Up to $218/adult and $64/child
  • Low-modest income families
Payment in July
BC Hydro
  • Up to $600 grant
  • Bill payment deferral
  • Financial hardship due to job loss or illness
Effective now
BC Temporary Rental
Supplement Program (BC-TRS)
  • Up to $500/month towards rent
  • Paid directly to the landlord
  • Low-moderate income families
  • Financial hardship due to COVID-19
CLOSED
Mortgage & Car Loan
  • 6 months payment deferral
  • Case by case basis with the associated lenders
Effective now
Student Loan
  • Payment not required for 6 months
  • No interest accrued for 6 months
  • Student loan borrowers
Effective March 30, 2020
Personal Income Tax
  • Filing deadline – June 1st, 2020
  • Tax payment – Aug 31st, 2020
  • Tax payers
Effective now
Canada Emergency Wage Subsidy (CEWS)
  • 75% of wages to a maximum of $847/week
  • Employers who see a drop of at least 15% in revenue in March and 30% for the following months
My Business Account – accepting applications April 27th, 2020
Fortis BC
  • Bill payment deferral
  • Loss of employment
Effective now
Canada Emergency Business Account (CEBA)
  • Loans up to $40,000
  • $20,000 expansion
  • Must have paid between $20,000 to $1.5 million in payroll in 2019
  • All applicants have until March 31, 2021 to apply for $60,000 CEBA loan or the $20,000 expansion
Effective now – through financial institutions
ICBC
  • Payment deferral for up to 90 days
  • Experiencing financial challenges due to COVID-19
Effective now
Canada Emergency Student Benefit (CESB)
  • $1,250/month
  • Eligible students to be paid from May – August 2020
  • Unable to find full-time employment or are unable to work due to COVID-19
Effective May 15, 2020
Canada Emergency Commercial Rent Assistance (CERCA)
  • Lower rent by 75%
  • Small businesses that have been affected by COVID-19
  • Businesses paying less than $50,000/month in rent
  • Have temporarily ceased operations or have experienced at least 70% drop in pre-COVID revenues
CLOSED
Canada Recovery Benefit (CRB)
  • $500/week
  • Up to 26 weeks
  • For workers who are self-employed our not eligible for EI
  • Must be 15 years old
  • Must have earned $5,000 in 2019 or the 12 months preceding your application
  • Have stopped working due to COVID-19 and are available and looking for work
Effective Now
Canada Recovery Sickness Benefit (CRSB)
  • $500/week
  • Up to 2 weeks
  • For workers who cannot work because they are sick or must self-isolate for reasons related to COVID-19
Effective Now
Canada Recovery Caregiving Benefit (CRCB)
  • $500/week
  • Up to 26 weeks
  • For workers who cannot work because they must provide care to children or family members due to the closure of schools, day cares or care facilities
  • Only 1 individual from your household can claim this benefit
Effective Now
Canada Emergency Rent Subsidy (CERS)
  • Rent subsidy provided directly to business, non-profit organizations or charities who have seen a drop in revenue due to COIVD-19
  • Subsidy will provide payments directly to renters without requiring participation of landlords
Effective Now
Business Recovery Grant
  • $10,000 – $30,000
  • Fully funded grants to businesses to ensure they have they support needed during and beyond COVID-19
Effective Now
BC Recovery Benefit
  • up to $1,000
  • Tax free payment for eligible families, single parents and individuals
  • Must be a resident of BC on December 18, 2020
  • Must be at least 19 years old on December 18, 2020
  • Must have filed a 2019 Canadian income tax return
Effective December 18, 2020

GLM Mortgage Group | Dominion Lending Centres

Please note this document is meant as a basic guide and does not replace professional guidance. Care has been taken in creating this guide however we are not liable for any negative financial outcomes.

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