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Economic Response Plan2021-10-13T11:42:55-07:00

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)
  • Minimum of $500 per week
  • Maximum length up to 50 weeks
  • Effective until September 2021
  • Job loss due to sickness/injury/shortage of work
  • Need 120 insurable hours worked in the last 52 weeks
  • One time credit of 300 insured hours, to help meet the required 420 total hours
My Service Canada Account
EI – Sick Benefit
  • Minimum of $500 per week
  • If you received CERB, the 52 week period to accumulate insured hours is extended
  • Effective until September 2021
  • Quarantine or sick due to Covid-19
  • Need 120 insurable hours worked in the last 52 weeks
  • One time credit of 480 insured hours, to help meet the required 600 total hours
My Service Canada Account
BC Climate Action Tax Credit
  • Up to $174 for an individual/spouse or common-law
  • $51 per child
  • Quarterly amounts
  • Low- income families/individuals
Next Payment October
BC Hydro
  • Up to $600 grant
  • Bill payment deferral
  • Financial hardship due to job loss or illness
Effective now
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 Now
Canada Emergency Wage Subsidy (CEWS)
  • Use CRA Calculator to estimate subsidy amount
  • For employers that have experienced drop in revenue
Effective Now
Fortis BC
  • Bill payment deferral
  • Loss of employment
Effective now
ICBC
  • Payment deferral for up to 90 days
  • Experiencing financial challenges due to COVID-19
Effective now
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)
  • $450 per 1 week period. Maximum of 4 weeks.
  • Unable to work at least 50% of scheduled hours because of covid-19
  • You did not receive EI/CRB/CRCB during the same period
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
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

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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