For those who used direct-deposit to file their tax return with the IRS, they can expect to receive electronic payments into their bank accounts around April 13-20.
I modified my tax return before submitting it to get a little bit of money back instead of applying the entire refund to estimated taxes just for this reason. We’ll see if it works. I also get Social Security directly deposited and that might work also.
I got my refund already - record speed since I suspect most people are delaying filing.
I’ll rephrase an inquiry.
The setup: An individual who last earned $74,950 and thus receives $1200 gets a 1.6% bonus. For someone at $50,000 income the bonus is 2.4%. For a pobrecito who made $10,000 it’s a 12% bonus.
The question: How much of the [del]stimulus[/del] relief money will go to households that will barely notice it, versus those to whom it’s a real difference?
Follow-up question: How much will lucky recipients spend on paying down bills rather than buying consumables?
Of course the homeless and accountless will receive nothing. They’re the folks who would actually increase consumption and thus provide an economic boost. But they’re irrelevant, right?
Rent is taxed to the property owner, typically built into your rent
I haven’t yet filed my taxes, and I believe the deadline has been extended. But I think that means no stimulus for me. I’m getting a tax refund as always, so I don’t see why my returns matter here. Can someone tell me?
So they know where & who to send the checks to.
You will still get the stimulus, just mauch later.
OTOH- why not just file your taxes?
A landlord that has a net gain on his Schedule E is a rare landlord indeed. After depreciation and expenses, few pay taxes on the rent they recieve.
In any case, they dont pay SALES TAXES on it.
I did not get a tax refund in 2018 or 2019, so the IRS does not have direct deposit info for me. I heard that Social Security recipients would get refunds direct deposited based on their payment info, but as a Federal retiree I don’t get Social Security benefits. I haven’t been able to find out if the IRS will be accessing Federal retiree payment info. Supposedly the IRS will be setting up a way for people to provide direct deposit info, but so far there’s no info on the IRS website.
Canada’s plan is a little different.
Canada Emergency Response Benefit is for workers affected by the coronavirus pandemic.
CERB pays $2,000 every four weeks for up to four months to workers who have lost all of their income as a result of COVID-19. The benefit is open both to Canadians who qualify for employment insurance (EI) and those who don’t, including employees who don’t have enough work hours to meet EI requirements and the self-employed.
This is in addition to other relief moneys going to small business owners. Provinces are also making efforts.
Under the US Plan, my family would be getting $3400. Under the Canadian plan, my family will not be getting anything because I am still employed and have not suffered a loss of any income.
I don’t mind. I think it’s fair. The money is going to be sent to those who have lost their jobs and still have bills to pay.
If I got the money, it would just be extra for me. I guess I’d spend it on hobbies or fun stuff, or just stick it in the bank.
Oh, and there is also money in another program for the homeless and other folks. Knowing that they can’t exactly give cheques out to homeless folks, this is what was announced:
This funding will be provided in the following ways:
$157.5 million to address the needs of Canadians experiencing homelessness through the Reaching Home program. The funding could be used for a variety of needs such as purchasing beds and physical barriers for social distancing and securing accommodation to reduce overcrowding in shelters.
$40 million to be given to Women and Gender Equality Canada (WAGE), up to $30 million of which will address immediate needs of shelters and sexual assault centres
$10 million to be provided to Indigenous Services Canada’s (ISC) existing network of 46 emergency shelters on reserve and in Yukon to support Indigenous women and children fleeing violence.
For businesses, there is now the Canada Emergency Wage Subsidy (CEWS)
The subsidy would cover 75 per cent of an employee’s wages – up to $847 per week - for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15 per cent in March, and 30 per cent in April and May.
The program would be in place for a 12-week period, from March 15 to June 6, 2020.
I just noticed that some large employers have announced that they will NOT be taking this subsidy, as they feel it should more appropriately be used by smaller employers who need it more. (Eg. Tim Hortons parent company will not take this for corporate staff, saying their franchise owners need it more)
The first stimulus checks are starting to arrive in some Americans’ bank accounts already.
I can live with that.
But can the Federal budget?
Here’s Liz Plank on what a Trump Coronavirus apology would sound like: What A Trump Coronavirus Apology Would Sound Like - YouTube