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Covid-19 Economic Support for Individuals

Since the Prime Minister of Canada announced the COVID-19 Economic Response Plan on March 18th, there has been a steady stream of updates and additions. With so much information to go through, it can be a challenge to stay on top of the programs and supports that are available to you.

To help make it easy for you, 4 Pillars has pulled together all Government programs and supports in one place written in plain language. We regularly update this information when new details are posted to Government websites or when they are announced through press conferences.

Please Note: The programs and benefits detailed below are collected from publicly available Government websites. For further details, see 'Useful links' at the end of this article.

Federal Programs and Financial Support for Individuals:

Here are the main programs and supports available to individuals and families who have been financially affected by Covid-19.

1. Employment Insurance (EI) Program

The federal government has made made temporary changes to the Employment Insurance (EI) program to better support Canadians who need financial assistance. As of September 27, 2020, the minimum benefit rate is $500 per week before taxes in most cases. Apply at canada.ca.

2. Canada Recovery Benefits

Several new benefit programs were announced in late September to help support those still affected financially by COVID-19.

  • The Canada Recovery Benefit (CRB): Provides $500 per week for up to 26 weeks for workers who have stopped working or had their income reduced by at least 50% due to COVID-19, and who are not eligible for Employment Insurance (EI).

  • The Canada Recovery Sickness Benefit (CRSB): Provides $500 per week for up to a maximum of two weeks, for workers who are unable to work because they contracted COVID-19; self-isolated for reasons related to COVID-19; or have underlying conditions that would make them more susceptible to COVID-19.

  • The Canada Recovery Caregiver Benefit (CRCB): would provide $500 per week, for up to 26 weeks per household to eligible workers unable to work because they must care for a child under the age of 12 or family member because they are unable to attend their schools, day-cares or facilities due to COVID-19.

3. Post-Secondary Student Support

Changes have been made to the Canada Student Loans Program (CSLP) to allow more students to qualify for support and be eligible for greater amounts. The program updates include a doubling of the Canada Student Grants, broadening eligibility for student financial assistance and raising the maximum weekly amount that can be provided to a student in 2020-21 from $210 to $350. For detail visit: https://www.canada.ca/en/services/benefits/education/student-aid.html

4. Mortgage support

Those with a mortgage may be entitled to a 6-month deferral of payments as part of the Covid-19 response. Borrowers are encouraged to speak to their banks for further details and to find out if they are eligible.

More details: https://cba.ca/mortgage-deferral-to-help-canadians-experiencing-financial-hardship-due-to-covid-19?l=en-us

Useful links:

Last Update: July 15, 2021 ver 2.4

Make sure to subscribe for up to date information from 4 Pillars about financial programs potentially available to you to help you through the crisis.

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