News Release: 24/03/2020
The Federal Government’s package in response to COVID-19 includes a number of desired-actions you flagged in our network-wide COVID-19 Business Impact Survey the results of which we shared with both the federal and provincial government, including:
- A Temporary Wage Subsidy equal to 10% of the taxes on employee remunerations paid between March 18, 2020, and June 20, 2020, up to $1,375 per employee and to a maximum of $25,000 total per employer. Canadian controlled private corporations are only eligible for the subsidy if their taxable capital employed in Canada for the preceding taxation year, calculated on an associated group basis, is less than $15 million.
- Liquidity measures for business that will be available through banks, other financial institutions as well as BDC and EDC
- An emergency support benefit for those who lose their jobs and don’t qualify for EI (this includes self-employed workers who have to close up shop)
- Extending the tax filing deadline to June 1
- Allowing taxpayers to defer tax payments until after August 31 (for amounts that are due after today and before September)
- Temporarily boosting of the Canada Child Benefit payments, delivering about $2 billion in extra support