Resources

COVID-19 Support for Canadians – Business/Individuals

Canada Emergency Response Benefit to Help Workers and Businesses

In the early morning hours of March 25, 2020, Bill C-13 “An Act respecting certain measures in response to COVID-19“ was introduced, and received Royal Assent by the afternoon.

Details on a number of measures previously announced (see Canada’s COVID-19 Economic Response Plan) were disclosed.  One common theme throughout the legislation is the ability to change specific amounts and rules by updating regulations rather than law, which means the government has more flexibility in making changes as events unfold.  The key items discussed in this document include:

• Emergency Response Benefit;
• GST tax credit special payment;
• Canada child benefit special payment;
• RRIF minimum withdrawal changes; and
• Temporary wage subsidy for employers.

Read the full publication prepared by Video Tax News.

Temporary Wage Subsidy for Employers

Canada Revenue Agency has posted on their website how the Temporary Wage Subsidy for Employers will operate over the next 3 months.

Employers will reduce their monthly source deductions remittance (subsidy is 10% of remuneration you pay between March 18, 2020 and June 20, 2020, up to $1,375 per employee to a maximum of $25,000 per employer).
Large corporations with >$15 million in taxable capital are not eligible. Not for Profit Organizations, charities and Canadian Controlled Private Corporations that have a business number for payroll and pay wages are eligible.
Frequently asked questions and details about the Temporary Wage Subsidy are found here.
If you receive the subsidy, you have to report the total amount as income in the year in which the subsidy is received.
If you did not pay salary, wages, bonuses, or other remuneration to an employee between March 18, 2020, and June 20, 2020, you cannot receive the subsidy, even if you are an eligible employer.

Understanding Mortgage Payment Deferral

Homeowners may be eligible for a mortgage payment deferral up to 6 months to help ease financial hardship. For more details, click here.

Helping Canadians with the Economic Impact of the Pandemic

A summary of important changes to tax-filing and payment deadlines is found here.

Government Programs & Resources for Business

From the Chamber of Commerce website (www.chamber.ca or click here)
Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses
Business Development Bank of Canada: Business continuity plan and templates for entrepreneurs
Business Development Bank of Canada: Support for entrepreneurs impacted by coronavirus
Coronavirus disease (COVID-19): Resources for Canadian businesses
Coronavirus disease (COVID-19): Employment and Social Development Canada
Export Development Canada: COVID-19
Work-Sharing Program: Temporary special measures
Government of Canada: Mass Gatherings Risk Assessment