Federal Government Relief Strategy and Avana Rentals Deferral Program (Information)

 

March 18, 2020

To Our Valued Tenants,

As promised in the letter on March 17th, we are keeping our tenants up to date and informed in regards to options available to them during this unprecedented time. This morning, the Federal Government, announced a relief package that will help every Canadian navigate through the financial uncertainties. We recommend that every individual applies for these relief efforts as soon as they are available.

You will find more detailed information here:

https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

To highlight some of the options available for people who have experienced a decrease in pay because of sickness, quarantine, or forced to stay home to care for children:

– Income Support: For Canadians without paid sick leave, even if you do not qualify for EI (including self-employed), commencing March 15th, you are eligible to receive up to $900 bi-weekly for up to 15 weeks. Applications will be available April 20th.

– Canada Child Benefit: For over 3.5 million families with children, who may also require additional support, the Government is proposing to increase the maximum annual Canada Child Benefit payment amounts, only for the 2019-20 benefits year, by $300 per child as part of their May payment.

– GST: For low and modest income families, who may require additional help with their finances, the Government is proposing to provide a one-time special payment by early May 2020 through the Goods and Services Tax credit. This will double the maximum annual GSTC payment amounts for the 2019-20 benefits year. The average boost to income for those benefiting from this measure will be close to $400 for single individuals and close to $600 for couples.

– Student Loans: The government is placing a six-month interest-free moratorium on the repayment of Canada Student Loans for all individuals in the process of repaying these loans.

– Personal Tax Returns: The government is delaying the filing date until June 1, 2020. Payment of income tax is deferred to August 31, 2020.

– Canadian Banks: Canada’s Big Six Banks have committed to offering relief on credit products (ex: loans, lines of credit, credit cards) by offering payment deferrals of up to six months and/or relief for customers facing hardship. Call your bank to find out what options are available to you.

For more information please visit https://www.bnnbloomberg.ca/big-six-coordinate-relief-including-six-month-payment-deferrals-1.1407842

We understand that some of these payment are not available until May, so in the event you are unable to make your full April rent payment on time, we will allow you a three mont catch up period. This means whatever rent you are unable to pay in April, divide that amount by three and if can be added to your rent on May 1, June 1 and July 1, with no penalty or interest.

We ask that you only use these flexibilities if you have experienced a decrease in income – we need to support those affected, to ensure we have the capacity to help those who truly need it. We, as a community are all in this together. Stay healthy!

Sincerely,

The Avana Rentals Ownership Team

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