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Summary From Prime Minister Trudeau’s Address

  • $27B of direct support for Canadian businesses
  • $55B to meet liquidity need through tax deferrals
  • $82B combined support ( =3% of Canada’s GPD)
  • For people without access to paid sick leave:
  • ‘Emergency Care Benefit’, paid for 14 weeks, comparable to EI, applicable to most illness-related or quarantine stay-at-home needs
  • For people without access to EI:
  • Emergency Support Benefit for everyone that loses their job but don’t qualify for EI. Will also apply to self-employed workers.
  • Will provide employers and small businesses a temporary wage subsidy of 10% of all wages for 3 month period (to help keep employees)
  • For taxes: New deadline of August 2020 to pay any taxes owed. Also working on more targeted assistance in coming months for specific groups of individuals.
  • Families with young children: Will temporarily boost the Child Care Benefit in the coming months.
  • Lower-Income Individuals: Supplement the GST credit, to offset the consumer tax they pay. Qualifying adults, will receive $300 + $150 per child
  • 6-month interest-free moratorium for student loans
  • For those in situations of domestic or gender-based violence, provide funds for sanctuary where isolating at home is not an option
Additional measures for businesses:
  • EDC will provide support to Canadian companies
  • For Farmers and food producers: Boosting Farm Credit Canada
  • Exploring opportunities to help all businesses through ‘The Canada Account