Registered Retirement Income Fund (RRIF) and Pension Plans
- Reducing required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020.
- This will provide flexibility to seniors that are concerned that they may be required to liquidate their RRIF assets to meet minimum withdrawal requirements.
- Similar rules would apply to individuals receiving variable benefit payments under a defined contribution Registered Pension Plan.
- Available April 2020: They will need to re-attest every 2 weeks to reconfirm their eligibility.
Channels to apply:
1. CRA MyAccount (Online)
2. My Service Canada Account (Online)
3. Call toll-free number for automated process: 1 800-O-CANADA (622-6232)
Canada’s COVID-19 Economic Response Plan
On this page:
• Support for individuals, including • Individuals and families • People facing loss of income • Indigenous peoples • People who need it most • Seniors • Students and recent graduates • Support for businesses, including • Avoiding layoffs and rehiring employees • Deferred payments • Access to credit • Supporting financial stability • Support for self-employed individuals • Businesses in the Territories • Support for industries
CLICK HERE for more information
Canada Emergency Response Benefit Act (CERB)
- The CERB is a taxable benefit of $2000 a month for up to four months for workers who lose or have lost their income as a result of COVID-19.
- Eligibility periods are fixed in 4-week periods. If your situation continues, you can re-apply for CERB for multiple 4-week periods, to a maximum of 16 weeks (4 periods).
- To be eligible, you must meet the following requirements:
- You reside in Canada •
- You are 15 years old or more when you apply •
- You have not quit your job voluntarily •
- You did not apply for, nor receive, CERB or EI benefits from Service Canada for the same eligibility period •
- You earned a minimum of $5,000 income in the last 12 months or in 2019 from one or more of the following sources: employment income, self-employment income, or provincial or federal benefits related to maternity or paternity leave For your first CERB application: •
- You have stopped or will stop working due to reasons related to COVID-19 •
- For at least 14 days in a row for the period you are applying for, you will not receive: employment income, self-employment income, or provincial or federal benefits related to maternity or paternity leave For your subsequent CERB applications: •
- You continue to not work due to reasons related to COVID-19 •
- For the 4 week period you are applying for, you will not receive: employment income, self-employment income, or provincial or federal benefits related to maternity or paternity leave Affected Canadians are being encouraged to submit based on the month they were born in: •
- Those born in January, February, or March should apply on Mondays starting April 6 •
- Those born in April, May, or June should apply on Tuesdays starting April 7 •
- Those born in July, August, or September should apply on Wednesdays starting April 8 •
- Those born in October, November, or December should apply on Thursdays starting April 9
There are two ways to apply:
• Online with CRA My Account
• Over the phone with an automated phone service (1-800-959-2019 or 1-800-959-2041)
- If you apply by phone, you’ll need your social insurance number (SIN) and postal code.
- Both of these services are available 21 hours a day, 7 days a week.
- Both services are closed from 3:00 a.m. to 6:00 a.m. (Eastern time) for maintenance.
- After you apply, you should get your payment in 3 business days if you signed up for direct deposit.
- If you haven’t, you should get it in about 10 business days.
Coronavirus disease (COVID-19) – Benefits and services 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.
- Go to Canada child benefit site or call 1-800-387-1193
- CLICK HERE for more information
Coronavirus disease (COVID-19) – Benefits and services Employment Insurance
- A dedicated phone line for those who are employed who cannot work due to illness, injury, work closure, or quarantine to set up Employment Insurance (EI) claims due to COVID-19. •
- The one-week waiting period for EI sickness benefits will be waived for new claimants who are quarantined so they can be paid for the first week of their claim •
- Establishing a new dedicated toll-free phone number to support enquiries related to waiving the EI sickness benefits waiting period •
- Priority EI application processing for EI sickness claims for clients under quarantine •
- People claiming EI sickness benefits due to quarantine will not have to provide a medical certificate •
- People who cannot complete their claim for EI sickness benefits due to quarantine may apply later and have their EI claim backdated to cover the period of delay If you are directly affected by the COVID-19 because you are sick or quarantined and you have not yet applied for EI benefits, please submit your application before contacting them. This will allow them to better serve you and prevent delays in establishing your claim. If you have already completed the application for EI sickness benefits whether you are sick or quarantined and would like to have the one-week waiting period waived, call the toll-free phone number.
Employment Insurance (EI) Work Sharing Program:
- which provides EI benefits to workers who agree to reduce their normal working hour as a result of developments beyond the control of their employers, by extending the eligibility of such agreements to 76 weeks, easing eligibility requirements, and streamlining the application process.
- Call 1-833-381-2725
- CLICK HERE for more information