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PROGRAMS AVAILABLE FOR SELF EMPLOYED INDIVIDUALS
Not
Suffering with COVID-19 (Individuals)
Scenario with Impact of COVID-19
Suffering with COVID-19 (Individuals)
Effected with COVID-19 (Businesses)
Suffering from
COVID-19
(Individuals)
Not Suffered COVID-19 (Individuals)
Scenario with Impact of COVID -19
Effected by COVID-19 (Business)
Suffering from COVID-19 (Individuals)
Yes
Are you Eligible for EI Benefits
If Yes,
Then EI Sickness Benefits
If No,
No
Then Emergency Care Benefits
Suffering from COVID-19 (Individuals)
Scenario with impact of COVID-19
Effected by COVID-19 (Businesses)
Are you imposed in Quarantine
Not suffered by COVID-19 (Individuals)
If Yes,
EI Sickness Benefit
Then Follow Scenario - A
Yes
Emergency
Care
Benefits
If No,
No
Are you taking care of Family suffering from COVID-19 ?
If Yes,
Yes
Emergency Care Benefit
If No,
Emergency Care Benefits
Stay home and can’t earn income ?
EI Work
Sharing
Program
Stay home and earn income (Work from Home/Reduced Hours)
No
Stay home due to children and you have job, but have reduced hours at Work
EI Work
Sharing
Program
Don't have to stay home due to children but you lose your job
EI Regular Benefit
Suffering from COVID-19
(Individuals)
Scenario with Impact of COVID-19
Not Suffering from
COVID-19
(Individuals)
Effected by COVID-19 (Businesses)
Mortgage Support
• The Bank of Canada in support with the Canadian financial institution will extend credits to both House and Business Mortgage by cutting interest rate to 0.75%.
• 6-Months payment deferral for Mortgages
• Bank in Canada will work on case –by- case basis.
Mortgage Support
• How it works? Let’s discuss one scenario:
1) You have mortgage of =$400,000
2) Interest rate =3.5%
3) Yearly Interest amount =$14,000
4) For Six months of COVID-19 =$7,000
5) Per month Interest amount =$7,000/6 = $1,166.67
If you are paying Principle and Interest before COVID-19 = $1,890.75. So when you payment resumes, you payment for next six months will be: $1,890.75+$1,166.67 = $ 3,057.42
Wage Subsidy
10% wage subsidy – eligible small employers will be provided with wage subsidy equal to 10% of remuneration paid during the next three months.
Wage Subsidy
The maximum subsidy will be $1,375 per employee and
$25,000 per employer.
Businesses will benefit from this support by
reducing their remittances of income tax withheld on their employees’ remuneration on any income tax payments that became due today or before September 2020 till after August 31, 2020
Summary
2
Extra time
to file
income taxes
1.
Increasing
the CCB
this year
3
Mortgage
Support
Support for Individuals
A) General Support for Individuals
1.
Improved
Access to Employment Insurance
2.
New
Emergency
Support
Benefit
B) Support for People Facing unemployment
Summary
C) Support for People sick or quarantined
2.
The New
Emergency
Care
Benefit
1.
Employment
Insurance
Sickness
Benefit
D) Support for People unable to work
The New
Emergency
Care
Benefit
Support for Businesses
1.
Extending
Work-Sharing Program
2.
Providing
Small Business
with wage
subsidies
A) Avoid Layoffs
Support for Businesses
B) Access to Credit
3.
Cutting the
interest
rate
2.
Lowering the
Domestic
Stability
Buffer
1.
Establishing a
Business Credit Availability
Program
C) More Flexibility
More
time to pay
their income
taxes