Highlights of the COVID-19 Economic Response Plan

In our previous commentaries, we have discussed our views on the role of our federal government in supporting the economy and preventing the spread of COVID-19. Here in this article, we summarize the economic measures the Canadian Federal Government is proposing as part of its COVID-19 Economic Response Plan to help Canadian individuals and business owners who are facing hardship due to the impact of COVID-19. For the most up-to-date information on the steps our federal government is taking, please visit this Department of Finance page dedicated to the COVID-19 response.

Some of the measures listed in the COVID-19 Economic Response Plan include:

  • Waiver of the one-week waiting period for Employment Insurance
  • The Emergency Response Benefit of $2,000 per month for up to four months for workers who must stop working due to COVID-19 and do not have access to paid leave or who are sick, quarantined, or taking care of someone who is sick with COVID-19 or taking care of a child because of school and daycare closures
  • Enhanced GST Credit in the form of a one-time special payment in May
  • Extra Canada Child Benefit for those receiving benefits for the 2019-2020 benefit year
  • A deferred tax deadline for individuals (other than trusts) of June 1, 2020, and for calendar-year trusts, a deadline of May 1, without incurring interest or penalties
  • Increased duration of the Work-Sharing Program, which is offered to workers who agree to reduce their normal working hours because of developments beyond the control of their employers
  • Access to Credit through the Business Credit Availability Program (BCAP) to provide support primarily for small- and medium-sized businesses
  • Payroll Subsidies for eligible small employers 
  • Mortgage Support, including payment deferral, loan re-amortization, capitalization of outstanding interest arrears and other eligible expenses, and special payment arrangements
  • Reduced Minimum Withdrawals for Registered Retirement Income Funds for 2020
  • A moratorium on the repayment of Canada Student Loans effective March 30

We will continue to share updates, insights and information on the COVID-19 pandemic and its effects on our economy here. Please check back often, and as always, please don’t hesitate to contact us with any questions.


Important Information:

Sightline Wealth Management LP (“Sightline”) is an investment dealer and is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). Sightline provides management and investment advisory services to high-net-worth individuals and institutional investors primarily through fee-based accounts. 

Sightline Wealth Management LP is a wholly owned subsidiary of Ninepoint Financial Group Inc. (“NFG Inc.”). NFG Inc. is also the parent company of Ninepoint Partners LP, it is an investment fund manager and advisor and exempt market dealer. By virtue of the same parent company, Sightline is affiliated with Ninepoint Partners LP. Information and/or materials contained herein is for information purposes only and does not constitute an offer to sell or solicitation to purchase securities of any issuer or any portfolio managed by Sightline Wealth Management or Ninepoint Partners, including Ninepoint managed funds.

Sightline Wealth Management (“Sightline”) makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, Sightline assumes no responsibility for any losses or damages, whether direct or indirect, which arise out of the use of this information. Sightline is not under any obligation to update or keep current the information contained herein. The information should not be regarded by recipients as a substitute for the exercise of their own judgment. Past performance is not indicative of future performance. Please speak to your Advisor regarding the suitability of information provided in this article for you. The opinions, estimates, projections and/or recommendations contained in this document are those of the author as of the date hereof. 


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