Over the last weeks, there were dozens of financial measures put in place to help individuals and companies handle the economic fallout of recent events. The accounting team that helps me personally at Campbell Lawless LLP summarized these measures. They graciously allowed me to share it with you.
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Dear Clients and Friends,
Over this past week, there have been a series of announcements from all levels of government with respect to COVID-19 response measures. We have summarized the more notable announcements below.
Federal Government
- Tax filing and payment extensions
- Extension of personal tax filing deadline to June 1, 2020.
- Self-employed individuals must still file by June 15, 2020.
- Extension of deadline to pay balance of income tax to September 1, 2020.
- Businesses with income tax payments due between March 18, 2020 and August 31, 2020 can defer payments until September 1, 2020.
- Trusts filing deadline extended to May 1, 2020.
- Trusts can defer payment of income tax until September 1, 2020.
- Extension of T3010 filing deadline to December 31, 2020 for returns due between March 18, 2020 and December 31, 2020.
- Federal Government’s COVID-19 Relief Measures
- Temporary wage subsidy for employers
- The government will subsidize 10% of remuneration up to a maximum subsidy of $1,375 per employee and $25,000 per employer for remuneration paid during the period March 18, 2020 to June 20, 2020.
- Temporary Wage Subsidy – FAQ’s
- Emergency Care Benefit
- Up to $900 bi-weekly for workers and self-employed individuals who are not eligible for EI.
- Business Credit Availability Program (BCAP)
- BCAP will allow the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide additional support, largely targeted to small and medium-sized businesses
- GST credit payment
- One-time special payment by May 2020, doubling the maximum entitlement.
- Canada Child Benefit (CCB)
- Increase of CCB to eligible families by $300 per child.
- Registered Retirement Income Funds (RRIFs)
- Reduction of the 2020 minimum RRIF withdrawal by 25% so that funds can remain invested given the volatile markets.
Ontario Government
Closure of Non-Essential Business in Ontario
- All non-essential workplaces are mandated to close their operations in the province of Ontario for a period of 14 days effective midnight March 24, 2020;
- This only affects those operations who cannot have employees work from home.
The Ontario government’s “List of Essential Workplaces” is attached.
City of Toronto
Economic Support & Recovery for Businesses
Economic Support & Recovery for Individuals & Families
- 60 day extension for property tax and utility payments
Canadian Banks
Banks are providing relief measures such as deferral of mortgage and loan payments for up to 6 months and extending additional financing. Links to the COVID-19 support pages for the “Big Five” banks are below:
We are doing our best to stay current and will continue to provide updates as further information is released. We are here to support you and your business, and welcome your questions or comments.
Campbell Lawless LLP
Chartered Professional Accountants
p 416.864.0915 | info@clcpa.ca
