Canada launches COVID-19 Economic Relief Plan

Canada responds with COVID-19 Economic Response Plan to fight coronavirus disease

Canada is injecting billions of dollars in its economy. This is to protect jobs, contain COVID-19 and to support Canadian citizens, permanent residents and immigration.

On March 18, 2020, Canada govt released the COVID-19 Economic Response Plan. This is to make sure that people have enough funds to support themselves in this crisis.

COVID-19 Economic Response Plan – An overview

Firstly, Canada is giving more than 3% of its GDP i.e. $82 billion. This is to make sure that Canadians, permanent residents can buy groceries, pay bills, pay rent etc. And businesses can continue to pay employees. Secondly, it is giving $27 billion of its total funding to support Canadian workers and businesses. In addition, the govt is giving $55 billion in tax relief. It means that businesses and people can pay their taxes at a later date.  Also, these steps include a $1 billion COVID-19 Response Fund. This fund will support the health care systems of the provinces and territories.

Furthermore, Canada is giving more than $500 billion in credit and liquidity. Canada’s 6 largest financial institutions are working toward giving flexible solutions. And to do so it is working with personal and business banking customers to solve their issues on a case by case basis. As a result, they are giving:

• Support for childcare due to the closing of daycare and schools.
• Aid to people suffering from coronavirus disease.
• Relaxation in payment of mortgages for up to 6 months;
• And relief on other credit products.

What is Canada govt offering you?

Financial aid for workers, homeowners and families

• Firstly, Canada is giving relaxation on mortgage payments. It means homeowners can make late payments. Because the govt has asked lenders to allow late payment of mortgages by homeowners.
• And the govt is giving $2 billion in Canada Child Benefit payments to help families with children.
• Canada is giving you $900 bi-weekly for up to 15 weeks. This is applicable if:
  • You are a worker who is staying at home and is not getting paid sick leave; or
  • Are a worker or are self-employed that is sick, quarantined, in self-isolation. But you will receive this aid if you do not qualify for Employment Insurance (EI); or
  • If you are taking care of sick family members.
• The govt is giving Emergency Support Benefit to people who are losing their jobs and do not have access to Employment Insurance (EI). For this, Canada is giving $5 billion through the Canada Revenue Agency.
• Under the Goods and Services Tax (GST) credit, you can receive a special top-up payment. This is applicable if you are a family that comes under a low and modest income group. And for this Canada is injecting $5.5 billion into the economy.
• Also, the compulsory 1 week waiting period for getting EI benefits is being relaxed for at least 6 months. And you do not require a medical certificate to access these benefits. This is for people who are in quarantine or are asked to self-isolate.
• In addition, the deadline for filing taxes has been increased from April 30 to June 1, 2020. So, people can make interest and penalty-free income tax payments until August 31, 2020.
• Finally, for businesses, Canada is giving eligible small businesses 10% wage subsidy for the next 90 days. Businesses will get a maximum subsidy of $1,275 per employee and $25,000 per employer. It will help corporations eligible for small businesses, not-for-profit organizations and charities. And will help Canadians and temporary citizens keep their jobs.

The govt is supporting vulnerable groups

• Canada is reducing the minimum withdrawals from Registered Retirement Income Funds (RRIF) by 25%.
• If you are paying back student loans then you will get an interest free break from payment for 6 months.
• Canada is giving $305 million for a new distinctions-based Indigenous Community support fund. This is to meet the needs of First Nations, Inuit, and Métis
• In addition, $50 million for women’s shelters and sexual assault centres. This will help them and indigenous communities in controlling the spread of coronavirus.
• Furthermore, Canada is giving an extra $157.5 million through Reach Home Program. This is to tackle the issue of homelessness.

Canada is making all efforts to support businesses

• All business can make interest and penalty-free income tax payments by Aug 31, 2020.
• And businesses will get extra credit through the new Business Credit Availability Program. This will offer more than $10 billion support to small, medium and large Canadian businesses. Also, Farm Credit Canada will give financial aid to farmers and the agri-food sector.
• The govt will give flexibility on the Canada Account Limit to support Canadian businesses in exceptional cases, where it is a question of national interest.
• Canada is giving support to domestic businesses by expanding Export Development Canada’s ability to do so.
• Furthermore, the govt is launching the Insured Mortgage Purchase Program. As per this program govt will buy $50 billion of the insured mortgage. So that it can give funding to banks and lenders. This is to support continued lending to businesses and consumers. Also, Canada is starting these measures by increasing Canada Mortgage and House Corporation’s limits by $150 billion each.

Global Vision Immigration (GVI) – Your one-stop solution for Canada job and Canada PR

Do not let immigration updates and news of COVID-19 scare you. Canada is a strong and developed nation. It is equipped to handle such crises. It is doing everything from injecting billions in the economy to giving financial aids. In short, Canada is here and is fighting for you.

Are you ready to move to Canada?

Canada is all set to welcome more than 1 million immigrants. And is not letting COVID-19 come in its way. It is taking steps such as:

• IRCC continues to process all immigration and citizenship applications. And will not refuse or stop any application.
• In addition, IRCC is giving extensions on its deadlines. It is giving an extra 90 days to submit additional documents such as biometrics, medical documents, police certificates etc.
• Canada has reopened its borders for Canadians, temporary residents, and immediate family members.
• Also, the immigration department is taking steps to make sure that all applications are processed in a timely and effortless manner.

Canada is here for you and so is GVI!

We at GVI help you guide through every step of the immigration process. From your first free assessment and evaluation of profile to you settling in Canada, we take care of it all. And we can prove that we are a real deal by showing you are CICC license. Now, if an immigration company is legal then they must have this license; just like we do. So do not let fake immigration companies and incomplete info make you lose your time and money.

We are an CICC licenced immigration consultancy with headquarter in Brampton, Canada. And we have our two branch offices in Siliguri and Delhi, in India. Therefore, we are real, legal and we ensure that our clients get a quick and easy Canada visa.

Choose your future, Choose GVI!

What makes Global Vision Immigration (GVI) your ideal choice?

• Firstly, we have an CICC license. So this proves that we are very much real.
• Secondly, Our headquarter is in Canada. Thus, we are in a link with the Immigration department of Canada.
• We give multiple services – Canada Immigration, Overseas Education, and Overseas Job Opportunities.
• Furthermore, we have tie-ups with independent consultants and legal associates. As a result, no matter where you go, we already have someone for you. We will guide and assist you in the country of your choice.
• In addition, we work with you! From the first Free Assessment and Evaluation of your profile until you settle completely in Canada.
• Above all, imagine you on your own in a big country like Canada, with no clue of what to do. Such a situation can be scary for anyone. That’s why GVI give Post Landing Settlement services. To make you feel at home.

In conclusion, it is a wise choice to hire licensed professionals like us. You can check our CEO/Founder Mr Kalyan Paul’s (CICC Membership ID: R417119) on Canada govt’s website. So, what more to ask when all you need, is right in front of you.

So, what are you waiting for? Leave all your worries to us and prepare to enjoy your new life in Canada.

Global Vision Immigration (GVI) helps you achieve your Canada dream while maintaining social and physical distancing. COVID 19 forced millions to work remotely. GVI team is available to answer all your queries through phone calls and emails. Contact us today for free online assessment.

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