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.
For claims starting between September 26, 2021 and November 20, 2021, the minimum benefit rate is $300 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.
- Canada Worker Lockdown Benefit: This newly proposed benefit would provide $300 a week to eligible workers who are unable to work due to a temporary local lockdown anytime between October 24, 2021 and May 7, 2022. The government is proposing to make the benefit available retroactively and available for the entire duration of a government-imposed lockdown. Eligible workers would include those who are ineligible for employment insurance.
- The Canada Recovery Benefit (CRB): This benefit ended on October 23, 2021.
- 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 government has proposed the extension of this program until May 7, 2022 and increasing the maximum benefit by two weeks (six weeks total). More details to be released.
- 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. The government has proposed the extension of this program until May 7, 2022 and increasing the maximum benefit by two weeks (44 weeks total). More details to be released.
3. Post-Secondary Student Support
For detail visit: https://www.canada.ca/en/services/benefits/education/student-aid.html
To help students and young Canadians who have been particularly hard-hit by COVID-19, we are waiving the interest for full-time and part-time students on the federal portion of Canada Student Loans and Canada Apprentice Loans until March 31, 2023.
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
- Canada.ca/Coronavirus Information Page
- The Government of Canada’s coronavirus information line (1-833-784-4397), which is available from 7:00 a.m. to midnight (EST) seven days a week.
- Government of Canada’s COVID-19 Economic Response Plan
- Consult the Canadian Chamber of Commerce’s pandemic preparedness guide to help businesses prepare in the days and weeks to come.
Last Update: October 24, 2021 ver 2.5