Last updated: March 30, 2020
COVID-19 Personal Action Plan
Here are some steps to minimize COVID-19's impact on your personal finances.
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.
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
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.
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.
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 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 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.
