5 One-Time COVID-19 Payouts: Make Sure You Got These

Millions of Canadians are coping with the financial hardship because of the COVID-19 payouts. Don’t be left out if you need money to tide you over during the crisis. You can save after the pandemic and invest in the Summit Industrial stock to have a personal benefit.

| More on:

The list of Canada’s methods to mitigate the economic impact of the coronavirus is long and varied. Nearly everyone, from individuals to companies affected by the pandemic, is receiving federal aid. Make sure you get the COVID-19 payouts where you are eligible. The money should ease your financial hardship during these uncertain times.

The following are the five measures for individuals enacted by the federal government. The programs form part of the total $250 billion emergency financial package. You will notice that each benefit is tailor-fit. You might be eligible in more than one program.

CERB

The Canada Emergency Response Benefit (CERB) is the centrepiece, as many Canadians are losing jobs. The taxable benefit is $8,000 in total, where employees, workers, and self-employed individuals will receive $2,000 in four-week intervals.

CCB

The maximum Canada Child Benefit (CCB) payment for the 2019-20 benefit year is $300 more per child, effective May 2020. On average, the increase per family is approximately $550.

GST credit

The Goods and Services Tax (GST) credit got a one-time boost. Eligible singles and couples are getting a special payment of about $400 and $600, respectively. If you’re eligible, the money should have been available on April 9, 2020.

OAS/GIS

There are tax-free top ups for the Old Age Security (OAS) and Guaranteed Income Supplement (GIS) recipients. Seniors are receiving $300 for the OAS and $200 for the GIS.

CESB

Students and recent graduates who do not qualify for CERB and Employment are receiving up to $2,000 from May to August 2020. The Canada Emergency Student Benefit (CESB) pays $1,250 to eligible students plus $750 if you have a disability or dependent.

Self-produced benefit

All the above-named programs are temporary with set payment periods. If you sum up the maximum amount per benefit, the total cash relief is $17,400. Don’t use the above for investing if you need it for living expenses. But if you have this much in excess cash, you can produce a permanent benefit.

Summit Industrial (TSX:SMU.UN) is a quality real estate stock. This $1.57 billion real estate investment trust (REIT) was among the stocks that made it to last year’s inaugural TSX30 Top Performers List.

In the 2020 health crisis, Summit is proving its worth as a top-rated investment option for income investors. Your $17,400 can purchase around 1,519 shares of this REIT stock ($11.45 per share). With its 4.71% dividend, the potential income is $819.54. The investment will be worth more than double if the holding period is 15 years.

Summit did not experience a rent strike in May 2020, as it was able to collect 90.2% of total rent collections. About 5% of the tenants have signed rent deferrals with payment plans, while 3% have free rent arrangements for a limited period with lease extensions and higher monthly rent conditions.

Precious money        

Canada’s COVID-19 Response Plan is massive. The five one-time COVID-19 payouts above are in addition to group programs like the Canada Emergency Wage Subsidy (CEWS) and Large Employer Emergency Financing Facility (LEEFF).

You are fortunate to receive any of the short-term liquidity assistance from the federal government. Apply soon if you qualify to any of them. The emergency money is precious in your hour of need.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Christopher Liew has no position in any of the stocks mentioned. The Motley Fool recommends SUMMIT INDUSTRIAL INCOME REIT.

More on Dividend Stocks

analyze data
Dividend Stocks

Here’s Why the Average TFSA for Canadians Aged 41 Isn’t Enough

The average TFSA simply isn't enough for most Canadians in their early 40s. Here's how to catch up.

Read more »

cloud computing
Dividend Stocks

Insurance Showdown: Better Buy, Great-West Life or Manulife Stock?

GWO stock and MFC stock are two of the top names in insurance, but which holds the better outlook?

Read more »

concept of real estate evaluation
Dividend Stocks

How to Earn a TFSA Paycheque Every Month and Pay No Taxes on It

Canadian REITs can turn your TFSA into a monthly paycheque machine for life. Here's how Morguard North American Residential REIT…

Read more »

A plant grows from coins.
Dividend Stocks

The Smartest Dividend-Growth Stocks to Buy With $1,000 Right Now

New dividend-growth investors should consider CN Rail (TSX:CNR) stock and another top play if they're looking to build wealth over…

Read more »

Dividend Stocks

The 3 Top Canadian Stocks to Buy With $1,000 Right Now

If you want consistent income, look to consistent dividend payers. These three stocks are some of the best in the…

Read more »

A worker gives a business presentation.
Dividend Stocks

Want a 6% Average Yield? 3 TSX Stocks to Buy Today

These stocks pay good dividends that should continue to grow.

Read more »

chart reflected in eyeglass lenses
Dividend Stocks

Is Alimentation Couche-Tard Stock a Buy for its 0.9% Dividend Yield?

Couche-Tard stock's small yield is not enticing, but its growth potential could be a wealth creator.

Read more »

Hourglass and stock price chart
Dividend Stocks

5.2% Dividend Yield! I’m Buying This TSX Stock and Holding for Decades!

With its 5.2% dividend yield, Toronto-Dominion Bank (TSX:TD) is a stock I'm eagerly buying.

Read more »