Students cannot pay first month Covid (Ontario, Canada)

[Josh Michael]

I have 4 students set to move in to my property May 1st fulfilling the signed lease with deposit. They have just indicated they cannot pay for may. My fear is that my tenants continue to not pay as the crisis is prolonged and come September, Universities announce they are holding their first semesters classes online, and the students do not move in at all. I'm in the unique position that I'm renting now and could move into the house at any time.
I see the scenarios as as this:

1. Allow the tenants to take possession but defer payment until June.
2. Propose to the tenants that we start the lease on June 1. I lose May's rent but I give myself the flexibility to move in before they take possession in June if they yet again announce they can't pay on June 1.
3. Refund the tenants deposit before they take possession and announce I have to cancel the lease due to my financial obligations and move in.

Any advice would be appreciated.