Covid-19: Supporting Canadian Communities

Blog by Morgan DuVernet & Kelsie Struch | March 25th, 2020
With COVID-19 affecting Canadians, it's important to familiarize ourselves with the changes our Government is making in order to assist our communities.

The Canada Emergency Response Benefit will offer $2,000 a month in direct support through the Canada Revenue Agency, and is the main reason the cost of direct COVID-19 aid nearly doubled from an estimated $27 billion last week to $52 billion now.
 
The taxable benefit of $2,000 a month for up to 4 months will apply to:
  • workers who must stop working due to COVID19 and do not have access to paid leave or other income support.
  • workers who are sick, quarantined, or taking care of someone who is sick with 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 still have their employment but are not being paid because there is currently not sufficient work and their employer has asked them not to come to work.
  • wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance. Learn more about this here.
In order to further help Canadians, six of the largest banks have announced that they will be deferring mortgage payments for up to six months. This includes BMO, ScotiaBank, TD, National Bank, RBC, and CIBC. The Bank of Canada has also lowered its target for the overnight rate by 50 basis points to 3/4 % in order to counter negative shocks to Canada’s economy. 
 
BC Housing is also working towards putting in place a temporary moratorium on eviction of tenants in subsidized and affordable housing. As Housing Minister Selina Robinson has stated this week, “We are working on ways to ensure people do not lose their homes and are not evicted because of this crisis. These are very urgent concerns for people and we will have more to say in the coming days.”

Customers on a monthly Autoplan payment plan, who are facing financial challenges due to COVID-19, can defer their payment for up to 90 days with no penalty. Ther are high call volumes, so we have attached their online resource tool to apply for deferrals.

For more updates, please be sure to follow us on social media. We will be posting regularly in order to provide you with as much information as possible, as it comes in.
 
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Sources: 
National Post - Canada Emergency Response Benefit
https://bit.ly/2WL2ZkL
Canadian Real Estate Association
Global News