We want to help our clients navigate all the information and resources surrounding COVID-19. This is by no means a comprehensive list, but hopefully it will help you find the information you’re looking for.
For Canadian data about the COVID outbreak and the current situation in our country, assessment tools and current travel restrictions, visit the Canadian Government website https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection.html?topic=tilelink
COVID-19 and your finances
The COVID pandemic has had numerous financial repercussions for individuals, families and businesses across our country. If you need help understanding the options and programs available to you, please reach out to one of our advisors, or contact us through the link below.
COVID support from Canada Life
Canada Life is committed to supporting customers impacted by the COVID-19 pandemic.
SUPPORT FOR INDIVIDUALS
Mortgages
To help our mortgage customers impacted by the global COVID-19 outbreak, we’re taking measures to provide a flexible solution to help manage the financial challenges, resulting from pay disruption, or illness caused by COVID-19.
If you’re experiencing financial hardship related to COVID-19, you may submit a request to defer your mortgage payments. You can contact our Mortgage Contact Centre by phone at 1-888-893-8383, or you can complete our online form found at :https://www.canadalife.com/content/dam/canadalife/documents/loans-mortgages/online_form_for_mortgage_deferral.pdf
Insurance Premiums
We understand COVID-19 has had a huge financial impact on people and their ability to pay premiums. Premium vacation, policy loans and coverage reduction are some of the different options that we can discuss. Call your advisor or send us an email and we can help you figure out which available option will work best for you.
COVID-19 Claims Life Insurance Claims
Claims where cause of death is related to COVID-19 are fully covered as long as all questions within the application have been answered accurately, including questions related to recent travel history and current health, there is no exclusion on the policy and no change in insurability before policy delivery.
Disability Claims
You may be eligible for some benefits if you test positive for COVID-19 and your symptoms prevent you from working beyond your disability or overhead expense insurance policy’s waiting period. Any days spent in quarantine prior to the positive test (up to a maximum of 14 days) will be included in your waiting period. There are some disability benefits that aren’t eligible due to COVID-19.
Critical illness insurance claims
You’re provided a lump-sum payment for specific medical conditions as defined in your policy, such as cancer, heart attack and stroke. COVID-19 is not currently a covered condition and wouldn’t be eligible for a benefit payout.
To find out if you are eligible to make a COVID related claim on your insurance, contact your advisor or email us and we’ll help you out.
SUPPORT FOR BUSINESSES
Canada Life has committed to temporarily reducing group benefit premiums by 50% on Dental and 20% on Vision and Healthcare, retroactive to April 1st.
Manulife and Sunlife have also temporarily reduced group benefit premiums by 50% on Dental and 10% on Health Care, with the reduction appearing on May billing statements.
Government Support Programs
The Provincial and Federal Governments have announced numerous financial support programs for individuals and businesses.
Support for Individuals & Families
Ontario – Support for Families
The provincial will provide $200 for children under age 12, and $250 for special needs children under age 21. Visit: https://www.ontario.ca/page/get-support-families for more information or to apply.
Federal – Canada Child Benefit
Eligible recipients will receive $300 more per child with their regular May CCB payment. If you have previously applied for the CCB, you do not need to re-apply. For more information on the Canada Child Benefit such as how to apply and eligibility requirements, call 1-800-387-1193 or go to https://www.canada.ca/en/revenue-agency/services/child-family-benefits/canada-child-benefit-overview.html
Canada Student Loans
The Federal government announced the suspension of repayments of Canada Student Loans and Canada Apprentice Loans. No payments are required on student and apprentice loans during this time, pre-authorized debits will be stopped and no interest will accrue on student and apprentice loans. Visit https://www.csnpe-nslsc.canada.ca/en/what-is-new for more information.
Canada Emergency Response Benefit (CERB)
If you have stopped working because of COVID-19, you may be eligible for the CERB, which provides $500 a week for up to 16 weeks.
To apply, go to: https://www.csnpe-nslsc.canada.ca/en/what-is-new
*there is no income tax withheld from CERB payments, however the amount will be counted as income for the 2020 tax year. Contact us if you want to work out a plan to manage this future tax burden.
Support for Businesses
The Canada Emergency Business Account provides interest-free loans of up to $40,000 to small businesses and not-for-profit organizations, so that they can manage their operating expenses while their revenue may be temporarily reduced. For more information or to apply, visit https://ceba-cuec.ca
The Canada Emergency Wage Subsidy can help subsidize up to 75% of a business’ wages, for up to 12 weeks, so that employers can maintain their staff without having to lay anyone off. To learn more, or see if your business is eligible, visit https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html
The Canada Emergency Commercial Rent Assistance program proposes to lower commercial rent for small business by up to 75%. For more information on this program, visit https://www.cmhc-schl.gc.ca/en/finance-and-investing/covid19-cecra-small-business.
The Federal Government has also extended all tax filing and payment deadlines.
For Individuals, personal income taxes must be filed by June 1, 2020 **and payments will be due by **September 1, 2020.
For Self-employed individuals and their spouses, taxes must be filed by June 15, 2020 and payments will be due by September 1, 2020.
For Corporations, taxes must be filed by June 1, 2020 and payments will be due by September 1, 2020.
For more information on tax filing dates visit https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html
The current outbreak is scary and unpredictable, but if we stand together as a country, we will get through this. Remember that better days are coming.
Stay safe and healthy,
From the RetireRite Team