Canadian government response to COVID-19 – Business owner impact

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On March 18, 2020 the Canadian federal government announced an economic stimulus plan of $82B in COVID-19 Aid and below are a few highlights, as it relates to you and your business:

To assist with cash flow:
  • Eligible small employers can apply for a temporary wage subsidy for a period of three months up to $25K per employer
  • BDC and EDC are cooperating with private sector lenders to coordinate on $10B in credit solutions for individual businesses
  • Businesses and individuals may defer, until after August 31, 2020, the payment of any income tax amounts that become owing, and installments, without interest and penalties
  • For the vast majority of businesses, the Canada Revenue Agency will temporarily suspend audit interaction with taxpayers and representatives
Filing deadline extensions:
  • Personal income tax deadline deferral to June 1, 2020
  • Trust income tax deadline deferral to May 1, 2020
 Following are deadlines that have NOT been changed as yet:
  • March 31, 2020 deadline for partnership returns and slips
  • All corporate filing deadlines including corporate tax returns
  • Payroll remittances
  • Self employed individual tax returns due June 15, 2020
  •  HST filings and payments
  • All reporting issuer (mainly public company) filing deadlines

There are also several initiatives to assist Canadian workers and parents in the short and long term, which are summarized at the beginning of the following Government of Canada website. The website also contains further details about the provisions for business.

As a firm, we are currently and will continue to be 100% operational, with our staff and partners servicing you from the safety of their homes. Please reach out to your trusted Zeifmans advisor for assistance in benefiting from any of the provisions highlighted above, as well as the many additional aids available.

 

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