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.
Here are the main programs and supports available to individuals and families who have been financially affected by Covid-19.
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.
Several new benefit programs were announced in late September to help support those still affected financially by COVID-19.
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
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.
Last Update: February 8, 2021 ver 2.3