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What Financial Support is Available for Tenants and Owners during COVID-19?

02 Apr
Leo Chrenko April 2, 2020 0
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Financial Support for Tenants and Owners during COVID-19

With the whole province under a State of Emergency, and the government mandating the closure of non-essential businesses, finances are tight for countless Canadians. Thus, the provincial and the federal government have begun to find ways to support those who need it the most so we can all get through the global pandemic in the best state possible.

For Tenants

Rent Relief

In the COVID-19 Action Plan, the provincial government has implemented a relief plan for eligible renters whose jobs have been impacted or lost due to the COVID-19 crisis. This plan will pay $500/month directly to landlords on behalf of the renter for four months during the crisis. In addition, evictions have been suspended until the State of Emergency has been lifted, with minimal exceptions. Additionally, rent increases have been frozen as of April 1, 2020. 

Canada Emergency Response Benefit (CERB)

The Canada Emergency Response Benefit (CERB) is a benefit plan for $2,000 a month for up to four months for workers whose income has been affected or lost as a result of the COVID-19 pandemic. This plan is a more accessible and more straightforward combination of the previously announced Emergency Care Benefit and Emergency Support Benefit. The emergency response benefit is to help cover Canadians who have lost their jobs, have become sick, are quarantined, or are taking care of someone who is infected with COVID-19. Additionally, it will be available for working parents who are now staying home without pay for their children as a result of the school and daycare closures, or should their child fall ill. It will even apply to those who are not usually eligible under Employment Insurance, such as wage earners, contract workers, and the self-employed. 

Employment Insurance (EI) 

Under the Employment Insurance (EI) sickness benefit, the insurance provides up to 15 weeks of income replacement and is available to those who are eligible who are out of work because of illness, injury or quarantine, to allow them time to get better and return to work. It is important to remember that quarantined Canadians can apply for the sickness benefits as well. During the coronavirus outbreak, the one week waiting period has been waived. 

For Renters

COVID-19 Action Plan

The COVID-19 Action Plan gives $500/month directly to renters on behalf of tenants to ensure renters are still receiving rent. Rent is still expected to be paid, and through the action plan, the government can ensure that eligible tenants are still able to meet rent through the crisis.

Temporary Wage Subsidy

The Temporary wage subsidy is available for eligible owners to help ease the strain of the coronavirus if needed. The subsidy is to a maximum of $25,000 total per employer, and is equal to 10% of the remuneration you pay from March 18, 2020, to June 19, 2020, up to $1,375 for each eligible employee. 

The impact of the coronavirus on individuals around Canada is going to be unavoidable. However, there is help on the provincial and federal levels to try to ease the strain on those who need it most.

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