The CERB (Canada Emergency Response Benefit) program received lots of media coverage when it was introduced. But what many of us don’t know is the number of COVID-19-related government financial assistance programs that can help homeowners and homebuyers alike.
Just in case you’re not aware of it, the CERB program is designed to provide temporary income support to those whose income is affected by COVID-19. If you’re eligible to receive benefits under the program, you can receive $500 per week for up to 16 weeks.
According to the CRA website, these are the criteria for being eligible for CERB:
- Residing in Canada, who are at least 15 years old;
- Who have stopped working because of reasons related to COVID-19 or are eligible for Employment Insurance regular or sickness benefits or have exhausted their Employment Insurance regular benefits or Employment Insurance fishing benefits between December 29, 2019, and October 3, 2020;
- Who had employment and/or self-employment income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and,
- Who have not quit their job voluntarily.
The COVID-19 Mortgage Deferral Program
A joint effort between the Canadian Mortgage & Housing Corporation (CMHC), and Canada’s six largest banks, the mortgage deferral program lets you postpone mortgage payments for up to six months. You can learn more about the mortgage deferral program in our article “In Real Estate News: Mortgage Deferrals”.
Tax Payment Deadline Extensions
The federal government extended the deadline for both filing and paying personal income taxes. The deadline for filing taxes was moved to June 1st from April 30th. The deadline for paying taxes owing has been extended to September 1st, from April 30th.
Many other tax deadlines, including those for Part I tax payments for corporations and income tax payments for trusts, have also been extended to September 1st. You can learn more about extended tax payment deadlines here.
Canada Emergency Wage Subsidy (CEWS)
An off-shoot of the CERB, the CEWS helps businesses that qualify due to financial stress from COVID-19. For eligible employers, the CEWS program covers 75% of employee’s wages, up to $847 per week. The program is in place until August 29th.
If you are hoping to buy a Markham house for sale during the COVID-19 crisis, you need more answers before you make the right decision. The Tar Team is fully operational and has over 35 years of experience getting the best deal for those who want to live in Markham, or anywhere in York Region.
If you found this post helpful, check out our recent article “5 Predictions On The Effect Of Covid-19 On Gta Real Estate”.