• Last updated: March 30, 2020

    COVID-19 Personal Action Plan

    Read the plan

    Here are some steps to minimize COVID-19's impact on your personal finances.

    Read the plan

    Federal Government (Gov Can) Help Available Now

    Determine programs you qualify for and apply now.


    Apply through CRA My Account OR My Service Canada

    You'll receive benefits faster through CRA My Account or My Service Canada account. Find your ID and password and login

    If you lose your My Account ID and password, CRA has no way to reset your password. You'll have to start over.


    Contact Service Canada at 1-800-206-7218 for help with setting up a My Service Canada account.


    Get setup for Direct Deposit for all Gov Can programs (OAS, CPP, Child tax benefits, EI, refunds).


    Benefits will be available without online access, but will take much longer to process - you could be waiting literally months.

    CRA COVID-19 Benefits

    Specific Gov Can Program Details

    Canada Emergency Response Benefit $2,000/mth X 4 mos

    May 2020 HST credit $400 single, $600 couple

    May 2020 additional $300 per child Canada Child Care Benefits

    Personal tax return filing deadline extended to June 1, 2020

    Interest waived on personal tax amounts owing till August 31, 2020
    Student loan interest waived from March - August 2020

    Banks agree to defer mortgage payments

    Mortgage Payment Deferral

    Payments may be deferred on CMHC insured mortgages


    Major Canadian Banks will be allowing individuals to defer payments on mortgages and other credit products for up to six months. Decisions will be on a case by case basis.


    Deferral does not mean forgiveness - the deferred payment amount will be added to the mortgage principal.

    Frugal living tips

    Save money

    Conserve outgoing cashflow by delaying spending on all but the most basic essentials (food, water, shelter).

    Money saved is better than money earned these days. Cut back on ALL discretionary spending.

    Start your T1

    File your Tax Return Early

    On average 85% of Canadian individuals receive a tax refund in any given year.

    This year more than ever, you should consider filing early or on time to get your refund as soon as possible.


    Some government benefits (CCB, GST, Trillium) may be cut-off after July 2020 if you don't file a return. See Gov Can wording below

    "However, the Agency encourages individuals who expect to receive benefits under the GSTC or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined."



    Free T1 Options

    Free Tax Preparation options

    If you're confident, use a free option (Like SimpleTax.ca) or a paid option (there are many) to prepare your own return.

    Contact Paul

    Contact Paul for help to any of the above steps

    Paul's tax practice is on-line. He's created secure methods to receive your data electronically, prepare your return, send it for your approval and efile it with CRA.