{"id":4926,"date":"2020-03-18T13:53:42","date_gmt":"2020-03-18T20:53:42","guid":{"rendered":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/?p=4926"},"modified":"2022-04-29T11:00:28","modified_gmt":"2022-04-29T18:00:28","slug":"federal-govt-stimulus-package-covid-19","status":"publish","type":"post","link":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/articles\/federal-govt-stimulus-package-covid-19\/","title":{"rendered":"Federal Gov&#8217;t Stimulus Package &#8211; COVID-19"},"content":{"rendered":"<div class=\"cta\" style=\"background-image: url(https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2022\/01\/Asset-4.png);\"\r\n>\r\n    <button id=\"cta-close\" aria-label=\"Close CTA\"><\/button>\r\n    <div class=\"cta__content\">\r\n                    <a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/retirement-planning-ebook\/\" target=\"_self\">\r\n                        <h2><strong>Download Our Free Retirement Guide today<\/strong><\/h2>\n        <span>Learn More<\/span><\/a>    <\/div>\r\n<\/div>\r\n\n\n\n<p class=\"wp-block-paragraph\">This article was reviewed by\u00a0<a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/about-us\/chris-singer\/\">Chris Singer, CFP\u00ae<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Earlier today, the federal government announced some welcome measures designed to help Canadians facing hardship as a result of the COVID-19 outbreak.\u00a0 We\u2019ve included only a few points that may pertain to you. For additional details, click <a href=\"https:\/\/www.canada.ca\/en\/department-finance\/news\/2020\/03\/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Income_Support_for\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">For Individuals &amp; Families:<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Increased <strong>Canada Child Benefit<\/strong> amount of up to $300 per child until June 2020<\/li><li>Waiving the 1-week waiting period for <strong>EI Sickness Benefits<\/strong> for those without paid sick leave<\/li><li>Enhanced <strong>Emergency Care Benefit <\/strong>of $900 bi-weekly, for up to 15 weeks for parents who cannot work as a result of caring for children due to school closures (even if they would not normally qualify for EI benefits)<\/li><li>An <strong>EI Work Sharing Program<\/strong> to provide EI benefits to workers who have had to reduce their normal work hours for reasons beyond their employer\u2019s control<\/li><li>25% reduction to <strong>RRIF minimum withdrawals<\/strong> for 2020 if seniors are concerned about depleting their retirement savings too quickly as a result of volatile financial market conditions<\/li><li><strong>Deferred deadline<\/strong> to file your 2019 personal taxes to June 1, 2020, plus deferred payment of any taxes owing (or tax instalments) to September 2020<\/li><li>Large Canadian banks have promised to allow up to a 6-month payment <strong>deferral for mortgages<\/strong>, and possible payment accommodations for other credit products<\/li><li>Additional measures to <strong>bolster the financial markets<\/strong> by purchasing up to $50 billion of insured mortgage pools and purchasing Canada Mortgage Bonds in the secondary market in order to provide more liquidity and stability during this period of uncertainty<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">For Business Owners:<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>The federal government will provide eligible small employers (those who qualify for the small business deduction) a <strong>temporary wage subsidy<\/strong> for 3 months, up to a maximum of $25,000 per employer<\/li><li>Deferral of all <strong>business taxes owing<\/strong> (or tax instalments) to September 2020, with no interest and no penalties<\/li><li>More than $10 billion in support of small and medium-sized businesses through <strong>credit solutions<\/strong> in cooperation with the BDC, EDC, and private lenders<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>This article was reviewed by\u00a0Chris Singer, CFP\u00ae. Earlier today, the federal government announced some welcome measures designed to help Canadians facing hardship as a result of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,12,15],"tags":[],"class_list":["post-4926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-planning","category-personal-planning","category-tax-planning"],"acf":[],"_links":{"self":[{"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/posts\/4926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/comments?post=4926"}],"version-history":[{"count":4,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/posts\/4926\/revisions"}],"predecessor-version":[{"id":6041,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/posts\/4926\/revisions\/6041"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/media\/5728"}],"wp:attachment":[{"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/media?parent=4926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/categories?post=4926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-json\/wp\/v2\/tags?post=4926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}