COVID-19 resource page for Canadian clients
We understand the stress and economic consequences that have been brought on by the COVID-19 crisis. HerrickGlobal is deeply involved in assessing the challenges facing many during this time and providing strategic guidance to those in need.
The resources listed below will offer links for both Individuals and Businesses for guidance, research, external sites, and online news stories from our trusted partners. We will strive to keep all new content updated regularly. The content below is provided for general information purposes only and does not constitue professional advice. For the most up to date information, please contact your HerrickGlobal advisor.
Canada has a general site that contains various non tax related questions, from travel to statistics: CLICK HERE.
The filing due date for 2019 income tax returns for individuals has been deferred until June 1, 2020. Any new income tax balances due, or instalments, are also being deferred until after August 31, 2020 without incurring interest or penalties:CLICK HERE FOR SUMMARY OF DEADLINES
Canada Emergency Response Benefit
The CRA will provide a taxable benefit of $2,000 a month for up to 4 months to eligible workers who have lost their income due to COVID-19. An application can be submitted through:
- Canada Revenue Agency portal: CLICK HERE
- By phone: 1‑800‑959‑2019 or 1‑800‑959‑2041
Canada Child Benefit
The CRA is providing up to an extra $300 per child through the Canada Child Benefit (CCB) for 2019-20. This will mean approximately $550 more for the average family. According to the CRA, this benefit will be delivered as part of the scheduled CCB payment in May. If you have already signed up for this then no action is needed. If you do not yet receive this, you can apply here: CLICK HERE TO APPLY FOR THE CHILD BENEFIT.
The Canadian government is working closely with banks to provide up to a 6 month deferral on mortgage payments. More information can be found with your financial institution here:
National Bank: NATIONAL BANK MORTGAGE DEFERRAL PAGE
TD Bank: TD BANK MORTGAGE DEFERRAL PAGE
Caisse Desjardin: CAISSE MORTGAGE DEFERRAL PAGE
CIBC : CIBC MORTGAGE DEFERRAL PAGE
Scotia Bank: SCOTIA BANK MORTGAGE DEFERRAL PAGE
Reduced minimum withdrawal for RRIF
The federal government is reducing the minimum withdrawal rate for registered retirement income funds (RRIFs). More informtion can be found here: CLICK HERE FOR MORE INFORMATION ON RRIF WITHDRAWALS.
Suspension of repayment and interest on Canadian Student Loans
Province specific programs
Ontario: COVID 19 ONTARIO RESPONSE CLICK HERE
British Columbia: COVID 19 BC RESPONSE PAGE CLICK HERE
Your HerrickGlobal advisor can help you navigate the many relief programs that are being offered to businesses affect by the COVID-19 crisis. The following are a list of programs currently being offered by the government:
- 75% Canada Emergency Wage Subsidy: CLICK HERE FOR MORE INFORMATION ON CANADA EMERGENCY WAGE SUBSIDY
- Temporary 10% wage subsidy: CLICK HERE FOR MORE INFORMATION ON TEMPORARY WAGE SUBSIDY
- More time to pay income taxes: CLICK HERE FOR SUMMARY
- Deferral of sales tax remittance and customs duty payments until June: CLICK HERE FOR DEFERRAL INFORMATION
- Establishing Business Credit Availibilty Program: CLICK HERE FOR MORE INFORMATION
- Canada Emergency Business Account: More information can be found from your financial institution.
We know that a lot is being said in the news about the COVID-19 crisis. We hope to continue to provide short and quick updates on this page to cut through all the misinformation that exists out there.
Right now, I am pleased to report that we are generally on schedule and expect it to continue that way - but should that change significantly, we will work to keep our clients informed.
Those who may know me personally probably realize that I place much importance on gratitude. In every adversity, there is oppurtunity if we dig deeply enough to find it. I invite all who may read this to pause, as frequently as you feel it is needed, to reflect on the many small things for which we can each be grateful. Together, we can uplift little by little the mental mood of our world.
Thank you for your part.
Claude R. Schwesig, CPA