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COVID-19 & Your Mortgage

Many of our clients have called us with questions about how the COVID-19 outbreak will affect their mortgage, tax season, or business.

The Canadian government has released lots of information about the economic response to this challenging period. To help you find all this information, we’ve compiled some links below.

INDIVIDUALS

Mortgage Default Management Tools – CMHC will permit lenders to allow payment deferral beginning immediately.

Income Support for Individuals Who Need it Most – The Government is proposing to provide a one-time special payment by early May 2020 through the Goods and Services Tax credit (GSTC) to over 12 million low- and modest-income families.

Flexibility for Taxpayers – The return filing due date will be deferred until June 1, 2020.

Role of Financial Institutions – Canada’s large banks have confirmed that this support will include up to a 6-month payment deferral for mortgages, and the opportunity for relief on other credit products.

BUSINESSES

Helping Businesses Keep Their Workers – The government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months

Flexibility for Businesses Filing Taxes – Will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020

Ensuring Businesses have Access to Credit – BDC and EDC are cooperating with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation and tourism

Supporting Financial Market Liquidity – This action will provide long-term stable funding to banks and mortgage lenders, help facilitate continued lending to Canadian consumers and businesses, and add liquidity to Canada’s mortgage market.

 

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