Our partners at NBF Economics have launched a detailed, daily monitor of various indicators regarding the COVID-19 (Corona Virus). We encourage our clients to review these resources and stay informed. The NBF Economics monitor is date driven, country by country.
Important Tax Measures for Canadians
On March 18, 2020, the Government of Canada announced a variety of tax measures to help Canadians facing hardship as a result of the COVID-19 virus. The major tax changes affecting individuals and small businesses will include:
- Tax payment and filing deadlines extensions
- Temporary income support for workers and parents
- Special one-time payment of the GST Tax credit
- Increased Canada Child Benefit payments
- Student loans six-month interest-free moratorium
- RRIF minimums annual withdrawal is waived
We encourage our clients to contact us with any questions or concerns they may have.
Our partners at National Bank Financial Economics offer a week in review for the actions taken by the Central Bank to keep you informed and advised.
“This adjustment marks 100 basis points of easing provided by the Bank of Canada in less than 10 days—a record for the central bank. The unscheduled rate decision was classified as ‘a proactive measure taken in light of the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices’. The Bank noted that “the coronavirus is having serious consequences for Canadian families, and for Canada’s economy.”National Bank Financial March 13th, 2020
Recent fiscal and momentary strategies have been implemented by the Canadian government (Source: CTV March 18th, 2020). Watch the video here.
Please contact your Hampton Securities Investment Advisor if you have any questions or concerns.