The MoneyReadyApp has most of the COVID-19 measures implemented.
Registered Retirement Income Funds (RRIFs) minimum withdrawal:
The minimum withdrawals requirement from RRIFs will be reduced by 25% for 2020.
This is now considered in the TIME MACHINE. Make sure you have entered any previous withdrawals to RRIFs.
Canada Child Benefit (CCB) payment amounts:
The Government increased the maximum annual CCB payment amounts, only for the 2019-20 benefit year, by $300 per child.
This is now considered. Make sure to enter you previous taxable income before running the TIME MACHINE.
Goods and services tax/harmonized sales tax (GST/HST) credit payment amounts:
The Government will provided a one-time special payment on April 9, 2020.
The MoneyReadyApp now calculates your GST/HST credits, including the extra payment in 2020. Make sure to enter you previous taxable income before running the TIME MACHINE.
Canada Emergency Response Benefit:
The Canada Emergency Response Benefit provides temporary income support to workers who have stopped working and are without employment or self-employment income for reasons related to COVID-19. The Benefit, in the amount of $2,000, will be paid in blocks of four weeks. A maximum of 16 weeks of benefits can be paid.
If you are eligible for the CERB you can enter the one-time payments as one-time (same start and end dates) Other INCOME. Alternatively, you can also enter them as a $24,000 annual income with start and end dates covering the dates of eligibility. These payments are taxable.
Canada Student Loans, Mortgages and small-business loans.
To support student and apprentice loan borrowers during the COVID-19 pandemic, the Government of Canada is putting the following measures in place from March 30 to September 30, 2020:
Suspension of repayments of Canada Student Loans and Canada Apprentice Loans.
No interest will accrue on student and apprentice loans
Canada’s banks and mortgage insurers are committed to providing homeowners and small-business owners with solutions to mitigate temporary financial hardship related to COVID-19. Deferred payments are added to the outstanding principal balance and subsequently repaid throughout the life of the mortgage.
The MoneyReadyApp now allows the stopping of interest and payments on all amortizing LOANS.
To stop interest, you can enter new rates for the loan starting at appropriate dates in the RATES/YIELDS/CURRENCIES table.
To stop payments, you can edit the loan, and a new button to stop payments appears at the bottom of the form. This will allow to enter dates between which no payments will be made.
The MoneyReadyApp continues to be free to at least the end of June.
If users are generous enough that contributions cover our costs, we may continue with this payment model indefinitely. Thank you for your support.
If you have any questions, comments or suggestions, please do not hesitate to contact me.
Elisabeth Tillier, Ph.D.