Additional COVID-19 Resources
COVID-19 – Helping Your Employees
New Tax Filing and Tax Payment Deadline
Managing Your Cash Flow During COVID-19
The Canada Emergency Wage Subsidy
GGFL Service Changes
COVID-19, Taxes and Office Operations
Client Safety and Care During COVID-19
Aid for Students
Applications for the Canadian Emergency Student Benefit (CESB) will open on Friday, May 15th. Applicants should have a ‘My Account’ registered with the CRA when applying.
The CESB will provide students with $1,250 per month between May and August. College and university students currently in school, planning to start in September, or who graduated in December 2019 are eligible. Students who care for someone, or have a disability, may be eligible for up to $1,750 per month. Students can earn $1,000 per month and still be eligible for the benefit. The CESB must be approved by parliament and will be retroactive to May 1st once approved.
The government will also be doubling the funds for student grants for the 2020/21 academic year. There will also be $75M allocated to Inuit, Metis and First Nation students. Other programs announced include $1,000 – $5,000 for students volunteering in the fight against COVID-19. There will be $291M designated for post-graduate students and the government will create 76,000 jobs for students that are in addition to the Canada Summer Jobs program.
Aid for Seniors
On May 12th, the Prime Minister announced a number of initiatives today aimed at helping seniors. Anyone currently eligible for Old Age Security will receive a one-off cheque for $300. Seniors also eligible for the Guaranteed Income Supplement will receive an additional one-off cheque $200. No application is required.
Other measures in place to assist seniors include a 25% reduction in the minimum withdrawal from Registered Retirement Income Funds (RRIFs) for 2020. Seniors wishing to take advantage of these reduced withdrawals should speak to their financial institution directly.
Increase in GST Credits
Students and seniors may both be eligible for the increased GST credits announced in April. To be eligible, you must have filled a 2018 tax return. People who filed their taxes for 2018 and were not initially eligible may now receive some GST credit.
The maximum amounts for the 2019-2020 benefit year will increase from:
- $443 to $886 if you’re single
- $580 to $1,160 if you’re married or living common-law
- $153 to $306 for each child under the age of 19 (excluding the first eligible child of a single parent)
- $290 to $580 for the first eligible child of a single parent.
If you did not file a tax return for 2018 you can still do so and receive the benefit retroactively, if you qualify.
