We are continuing to monitor relief announcements from all levels of government and share this information with you as it becomes available. Please review the following Federal, Provincial and Municipal Updates.
Federal Government Updates:
- The Federal Government has announced Additional Support for Canadian Businesses from the Economic Impact of COVID-19.
The Federal Government has announced an increase in the Temporary Wage Subsidy for small businesses, not-for-profits and charities from 10% to 75%.
The Government is deferring Goods and Services Tax/Harmonized Sales Tax (GST/HST) remittances and customs duty payments to June 30, 2020.
The Government of Canada has announcing the launch of the new Canada Emergency Business Account. This will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
The Federal Government announced a new program, the Canada Emergency Response Benefit (CERB), which will provide $2,000 a month for the next four months to anyone affected by COVID-19. The CERB combines the two benefits programs (the Emergency Care Benefit and Emergency Support Benefit) announced last week in an effort to streamline the process.
- The CERB covers Canadians who have lost their job, are sick, quarantined, or taking care of someone who is sick with COVID-19, as well as working parents who must stay home without pay to care for children who are sick or at home because of school and daycare closures.
- Workers who are still employed, but are not receiving income because of disruptions to their work situation due to COVID-19, would also qualify for the CERB.
- The government expects that direct deposits will start being made within 10 days of the application portal coming online (currently projected to be April 6th, 2020).
- The CERB would be paid every four weeks and be available from March 15, 2020 until October 3, 2020
- The Government of Canada has introduced a Canada Business App which is a useful tool with a COVID-19 button containing all the links to supports for businesses, forms and direct ways of applying for benefits.
- The Government of Ontario has released an Ontario Action Plan with several economic and fiscal measures.
- The Government of Ontario is providing 5 months of interest and penalty relief for businesses to file and make payments for the majority of provincially administered taxes.
- The Government is deferring the upcoming June 30 quarterly municipal remittance of education property tax to school boards by 90 days, which will provide municipalities with the flexibility to, in turn, provide property tax deferrals to residents and businesses, while ensuring school boards continue to receive their funding.
- The Government of Ontario has announced a List of Essential Services and a reminder of the closure order in effect for at least 14 days.
- The City of Toronto has announced that all City-owned parks, amenities, as well as parking lots attached to its parks system, will be closed effective immediately, in the continuing efforts to stop the spread of COVID-19.
- The City of Toronto has a complete list of Economic Support & Recovery for Businesses. The City has launched immediate actions to establish a contingency fund to support businesses and affected groups.
- Mayor Tory and the Economic Support and Recovery Task Force continue to have consultations with a number of business sectors, including tourism, hospitality, retail, film/media, and property managers/owners to find out how else the municipal government can help them with a long-term recovery.
- Following these consultations, the City will be announcing investments and initiatives aimed at protecting the economy and ultimately boosting its recovery.
I welcome you to join our CPA4IT Self Employed Support Network Facebook Group to get updates, ask questions and get answers.