**Video summary to be posted shortly*
Q: Has the Canada Child Benefit been increased?
A: Yes. The federal government is has increased the maximum annual Canada Child Benefit (CCB) payment amounts, only for the 2019-20 benefit year, by $300 per child. The overall increase for families receiving CCB will be approximately $550 on average; these families will receive an extra $300 per child as part of their May payment.
Q: Has the GST/HST credit amount increased?
A: Yes. The federal government provided a one-time special payment in early April through the GSTC, aimed at helping those in low and modest income. For those eligible, this doubles the maximum annual payment amounts for the 2019-2020 year.
Q: What about Canada Student Loans?
A: There will be a six-month interest-free moratorium on the repayment of Canada Student Loans for all individuals currently in the process of repaying these loans.
Q: Has anything else changed?
A: The minimum required withdrawals from Registered Retirement Income Funds (RRIFs) will be reduced by 25% for 2020