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COVID 19: SUMMARY OF FINANCIAL SUPPORT

27 Apr
Leo Chrenko April 27, 2020 0
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Overview of Financial Support for Tenants and Individual Landlords

The COVID-19, or coronavirus crisis has left many Canadians without a job or with reduced hours and wondering how to pay their rent. The scope and scale of the Government of Canada’s COVID-19 Economic Response Plan includes income support measures to help Canadians pay their rent.

This article contains general information about assistance packages from BC provincial and federal governments of Canada which help residential tenants during the pandemic.

Federal Financial Support

1) Canada Emergency Response Benefit (CERB)

CERB is meant to give a helping hand to those who have recently lost their jobs due to COVID-19. This taxable benefit would provide $2,000 a month for up to four months for workers who lose their jobs or significant income. Lear more about CERB in our dedicated blog post.

2) Individual & Family Support

  • Employment Insurance (EI) regular benefits provides regular benefits to individuals who lose their jobs through no fault of their own and are available for and able to work, but can’t find a job. Learn more here.
  • Canada Child Benefit (CCB) It is a tax-free monthly payment made to eligible families to help with the cost of raising children under 18 years of age. Learn more.
  • Tax – filling were extended to June 1, and Payment Deadline Extension to September 1, 2020. Learn more here.

3) Senior Support

4) Student Support

  • Suspension of repayments of Canada Student Loans and Canada Apprentice Loans. Repayments will be paused for 6 months until Sept 30, 2020. No payment will be required and interest will not be accrued during this time. Learn more.

Provincial Financial Support

The government of B. C. is offering a variety of financial relief initiatives, such as:

1) Temporary rent supplement

The BC-TRS program gives $300 per month for eligible households with no dependents, and $500 per month for eligible households with dependents. Payments are made directly to the landlords. This new program will provide a temporary rental supplement for April, May and June 2020. Learn more here.

2) Utilities Aid:

  • BC Hydro offers eligible residential customers who have experienced job loss can receive three months of free credit on their BC Hydro bill based on their average consumption. Lear more.
  • FortisBC offers special Customer Recovery Fund assistance for customers which includes deferring bill payments and arranging flexible payment plans. Learn more here.

3) No rent increase & evictions are permitted during State of Emergency

More information here.

4) Additional Financial Support

  • B. C. Emergency Benefit for Workers

The B.C. Emergency Benefit for Workers will provide a tax-free, one time $1,000 payment for B.C. residents whose ability to work has been affected due to COVID-19. Lear more about BCEBW in our dedicated blog post.

  • Climate Action Tax Credit

The B.C. climate action tax credit helps offset the impact of the carbon taxes paid by individuals or families. If you are eligible for the climate action tax credit, you will receive the credit payment from the Canada Revenue Agency (CRA). The climate action tax credit payments are non-taxable. Learn more.

  • Low-income seniors supplement

More information here.

  • Income assistance supplement | Disability assistance supplement

More information here.

For a list of provincial initiatives see BC’s COVID-19 Action Plan.

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