Covid-19 Financial Relief for Canadians April 8, 2020 Update #2
Dear valued client,
This is our second update regarding Covid-19 financial relief for Canadians. Please find the attachment, ‘Covid-19 Financial Relief for Canadians April 8, 2020 Update #2,’ which provides a valuable summary for businesses (including charitable organizations and not-for-profits) and individuals through the Button at the bottom of this page. There are holes in the relief, which is par for the course when legislation is rolled out quickly. In this situation, of course, quick action is needed for the government to get funds into the hands of people who need it.
In addition to the federal relief programs, we want to provide insight into provincial programs and the following takeaways:
- Cash flow management should be a key focus for many at this point. Start looking at spending now and identify areas of savings whether cable, cell phone, or other general budget items.
- If income has dropped and there is a need to liquidate investments to fund living, have you consulted with your investment advisor to ensure there are funds set aside in appropriate investments for shorter-term liquidation (i.e. fixed income, high interest savings, bonds, etc)
BC has increased funding to support the province during this time https://www2.gov.bc.ca/gov/content/employment-business/covid-19-financial-supports, including the following:
- BC Emergency Benefit for workers provides a one-time $1,000 payment for BC residents whose work has been affected due to Covid-19 https://www2.gov.bc.ca/gov/content/employment-business/covid-19-financial-supports/emergency-benefit-workers
- Climate Action Tax Credit has a one-time payment enhancement increased for both individuals and families https://www2.gov.bc.ca/gov/content/taxes/income-taxes/personal/credits/climate-action
Renters, Homeowners and People Experiencing Homelessness
- BC Temporary suspension of evictions https://www.bchousing.org/COVID-19
- BC temporary $500 rental supplement https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/covid-19
BC provincial tax and revenue changes have been made to provide relief for businesses https://www2.gov.bc.ca/gov/content/taxes/tax-changes/covid-19-tax-changes
The Federal government has instituted strict travel restrictions and exemptions to be followed https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection/latest-travel-health-advice.html
The BC provincial government has instituted strict travel restrictions and exemptions to be followed https://www2.gov.bc.ca/gov/content/transportation/driving-and-cycling/traveller-information/travel-affected-by-covid-19
Our office remains open
As for C. Ralph & Associates, our office remains open and we continue to implement the following procedures until further notice to support the wellbeing of our clients, staff, and community at large. Recent updates are in bold below:
- Our office will be running regular hours Monday to Friday 8:30am to 5:00pm (holidays may affect regular operating hours)
- All in office/person meetings will now be done by email, phone, or video conferencing as we have restricted face to face meetings at our office
- Any information being provided to us should either be scanned and emailed, mailed or sent by courier
Physical packages will be quarantined for 4 days prior to being checked in for preparation
- We are requesting that clients do not come to our office to drop off information; however, if required, there is a mail slot at our back door or a secure drop-box at our main office door on the third floor (please clearly label your documents)
- Canada Revenue Agency is accepting electronic signatures; therefore, we will accept scanned signed documents and we will be implementing Docusign as an alternative option
- We will endeavor to complete our engagements on a timely basis. As such, we will only be processing deliverables in electronic format, to be followed up later with hard copies if requested
Do you know a senior at risk of feeling isolated amid the escalating precautions and restrictions of group activities and visiting?
It is critical that we continue to do our part to keep up to date with national and provincial guidelines. We are confident that these adapted policies will allow us to work seamlessly with minimal, if any, business disruption so as to honor our commitment to you. Thank you in advance for supporting our emerging policies and for your continued patience. Protecting the most vulnerable defines who we are. Do you know a senior at risk of feeling isolated amid the escalating precautions and restrictions of group activities and visiting? Consider sending them some online activities that they can do from home:
Visit the Louvre: http://ow.ly/sFnf50yZSEq
Take an undersea dive: http://ow.ly/Fvvq50yZSEs
Or see a spectacular park: http://ow.ly/GYFb50yZSEr
On behalf of all of us at C. Ralph & Associates, we continue to express our gratitude to the healthcare workers working so hard under difficult circumstances, and the members of our community affected by recent hardship and loss. If you have any questions in regards to our policies or in regards to how the relief package applies to you, please do not hesitate to contact myself or anyone on our team.