Updated June 19, 2020
Below please find a recap on the various government programs, resources and filing deadlines available for small businesses and individuals. Announcements on new programs and changes have been on a daily basis so we will attempt to keep this updated:
Tax Filing Extensions
For those not able to work or laid off
Canada Emergency Response Benefit (CERB)
Filing Extensions – Income Tax
Registered Charities with year ends between September 30 2019 to June 30 2020 - Charity Return due date extended to December 31, 2020.
Normal filing deadlines remain in place – still must file on normal due date.
However, payments of HST owing can be deferred until June 30 without interest.
Payroll Deduction Remittances
Normal filing and payment due dates for Payroll Deduction Remittances. However, may be eligible for a reduction of remittance with the 10% Temporary Wage Subsidy (below).
10% Temporary Wage Subsidy
75% Canada Emergency Wage Subsidy
Available to all businesses regardless of size, as well as non-profits, if their revenue for the month has dropped 30% from that same month in the previous year or from their Jan/Feb 2020 average.
More details on the 75% wage subsidy here.
Business Credit and Loan Programs
The government has established a Business Credit Availability Program through Business Development Bank of Canada (BDC) and Export Development Canada (EDC). BDC and EDC are working with the banks to coordinate getting this credit to small businesses. The main program for small businesses is the:
Canada Emergency Business Account (CEBA)
More information can be found here.
We have found the Canadian Federation of Independent Business (CFIB) a great resource for information for businesses dealing with this crisis – see a link to their page here.
Martin Kretzschmann CPA CA. Partner at Brabant & Kretzschmann, Chartered Professional Accountants
BRABANT + KRETZSCHMANN
Chartered Professional Accountants
373 Midland Ave
Midland Ontario L4R 3K8