Updated March 26th 2020.
Available Assistance Measures For The Real Estate
On March 23, the BC Government introduced its $5 billion action plan as a “starting point” that builds on federal measures. These and other initiatives are relevant to real estate and REALTORS®:
- Effective immediately, many provincial tax filing and payment deadlines are deferred to Sept. 30, 2020.
- Emergency Care Benefit, providing up to $900 bi-weekly for up to 15 weeks to workers (including those who are self-employed) who are quarantined, sick with COVID-19 or caring for a family member who is sick with COVID-19 but don’t qualify for Employment Insurance. Applications will be available in April 2020 through the Canada Revenue Agency My Account secure portal, My Service Canada Account, or through an automated application process by telephone
- Deferral for businesses until after August 31 of any income tax amounts owing between now and September 2020.
- On March 13, the Office of the Superintendent of Financial Institutions indefinitely suspended the stress test new benchmark rate for the minimum qualifying rate for insured mortgages, as well as the consultation on applying the same rate to uninsured mortgages due to COVID-19 and the resulting global uncertainty
- Canada’s six largest banks have announced that Canadians impacted by the economic consequences of COVID-19 can apply for a six-month mortgage payment deferrals and other credit products. This relief is considered on a case-by-case basis.