We know that this is a time of uncertainty and we would like to help provide you with information and resources to help reduce any confusion for you, your family, friends and your employees.

Here is a breakdown and links to the federal assistance available...   

 

 

 

 

 

Support for individuals

Support for Individuals and Families

  • Increasing the Canada Child BenefitThe federal government is providing an extra $300 per child through the Canada Child Benefit (CCB) for 2019-20. This will mean approximately $550 more for the average family.   More...

  • Special Goods and Services Tax credit payment The federal government is providing a one-time special payment by early May through the Goods and Services Tax credit for low and modest-income families.  The average additional benefit will be close to $400 for single individuals and close to $600 for couples.   More... 

  • Extra time to file income tax returns The federal government is deferring the filing due date for the 2019 tax returns of individuals.  For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020.  We will also allow any new income tax balances due, or instalments, to be deferred until after August 31, 2020, without incurring interest or penalties.  More...

  • Mortgage support -  Canadian banks have committed to work with their customers on a case-by-case basis to find solutions to help them manage hardships caused by COVID-19. Canadians who are impacted by COVID-19 and experiencing financial hardship, as a result, should contact their financial institution regarding flexibility for a mortgage deferral. This allows flexibility to be available − when needed − to those who need it the most.  More...    

  • Suspending audit activities - CRA will not initiate contact with taxpayers for audits, with certain exceptions. This includes:   

    • ​no new audits being launched;

    • no requests for information related to existing audits; and

    • no audits should be finalized and no reassessments should be issued.

      More...

  • Suspending collections on new debt - Collections activities on new debts will be suspended until further notice, and flexible payment arrangements will be available.   More...

Support for People Facing Unemployment

  • The new Canada Emergency Response Benefit If you have lost income because of COVID-19, the Canada Emergency Response Benefit (CERB) will provide you with temporary income support.  The CERB will provide you with $500 a week for up to 16 weeks.  More...

  • Apply for Employment Insurance - If you were recently laid off or have reduced hours and qualify for Employment Insurance benefits, you can submit your request today.   More...

Support for People Who Are Sick, Quarantined or in Directed Self-isolation

  • The new Canada Emergency Response Benefit If you have lost income because of COVID-19, the Canada Emergency Response Benefit (CERB) will provide you with temporary income support.  The CERB will provide you with $500 a week for up to 16 weeks.  More...

  • Improved access to Employment Insurance Sickness benefits - If you are sick, quarantined or have been directed to self-isolate, we will waive the requirement to provide a medical certificate to access EI sickness benefits. More...

Support for People Who Are Unable to Work

  • The new Canada Emergency Response Benefit If you have lost income because of COVID-19, the Canada Emergency Response Benefit (CERB) will provide you with temporary income support.  The CERB will provide you with $500 a week for up to 16 weeks.  More...

Support for People Who Need it Most

  • A new Indigenous Community Support Fund - The federal government will provide $305 million for a new distinctions-based Indigenous Community Support Fund to address immediate needs in First Nations, Inuit, and Métis Nation communities.  More...

  • Enhancing the Reaching Home initiative -  The federal government will continue to support people experiencing homelessness during the COVID-19 outbreak by providing $157.5 million to the Reaching Home initiative.  The funding could be used for a range of needs such as purchasing beds and physical barriers for social distancing and securing accommodation to reduce overcrowding in shelters.  More...

  • Support for women’s shelters and sexual assault centres - The federal government is supporting women and children fleeing violence, by providing up to $50 million to women’s shelters and sexual assault centres to help with their capacity to manage or prevent an outbreak in their facilities.

Support for Seniors

  • Reduced minimum withdrawals for Registered Retirement Income Funds - The federal government is reducing the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25% for 2020.   More...

Support for Student and Recent Graduates

  • A moratorium on the repayment of Canada Student LoansReduced minimum withdrawals for Registered Retirement Income Funds - Effective March 30, the federal government is placing a six-month interest-free moratorium on the repayment of Canada Student Loans for all student loan borrowers. No payment will be required and interest will not accrue during this time.  More...

Support for businesses

 

Deferral of Sales Tax Remittance and Customs Duty Payments

 

  • GST/HST Remittance Deferral - In order to provide support for Canadian businesses during these unprecedented economic times, the Government is deferring Goods and Services Tax/Harmonized Sales Tax (GST/HST) remittances and customs duty payments to June 30, 2020. ​  

    • To support Canadian businesses in the current extraordinary circumstances, the Minister of National Revenue will extend until June 30, 2020 the time that:

      • Monthly filers have to remit amounts collected for the February, March and April 2020 reporting periods;​

      • Quarterly filers have to remit amounts collected for the January 1, 2020 through March 31, 2020 reporting period; and

      • Annual filers, whose GST/HST return or instalment are due in March, April or May 2020, have to remit amounts collected and owing for their previous fiscal year and instalments of GST/HST in respect of the filer’s current fiscal year.   More...

 

  • Deferral of Customs Duty and Sales tax for Importers - Imported goods by businesses are generally subject to the GST, at a rate of 5 per cent, as well as applicable customs duties, which vary by product and country of origin.  Payment deadlines for statements of accounts for March, April, and May are being deferred to June 30, 2020.  More...

New Loan Programs for Businesses

  • Canada Emergency Business Account​ - This $25 billion program 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, due to the economic impacts of the COVID-19 virus.  This will better position them to quickly return to providing services to their communities and creating employment.  Small businesses and not-for-profits should contact their financial institution to apply for these loans.  To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019. Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).  More...

​​​​

Canada Emergency Business Account Details

The Canada Emergency Business Account will provide qualifying business customers with access to a $40,000 line of credit:

- at 0% interest until Dec 31, 2022

- requires no minimum monthly principal payments until December 31, 2022

- principal repayments can be made at any time

- $10,000 loan forgiveness is available provided outstanding balance is fully paid on or before Dec 31, 2022.

When you are approved and accept the relief measure, you will have access to a $40,000 line of credit that has a 0% interest rate with no fees and requires no principal repayments until December 31, 2022.

 

Any balance owing on this account can be repaid at any time.  If the whole balance is repaid by December 31, 2022, you will not be charged any interest charges or service fees.  

 

Customers and clients that meet each of the following criteria will be eligible for the program:

- The person applying has the ability and authority to bind the organization.

- Your organization is an operating business (i.e., not a holding company) in operation on March 1, 2020.

- Your organization’s payroll expense in the 2019 calendar year was between $50,000 and $1 Million. You will need to        provide:

- Your employer account number, as reported at the top of the 2019 T4 Summary

- Your employment income reported in Box 14 of their 2019 T4

- Your 2019 T4SUM when requested upon audit

- As per the requirements of the program set out by the Government of Canada, you will agree to use funds from this loan to pay for operating costs that cannot be deferred, such as payroll, rent, utilities, insurance, and property tax.

- You have an active business operating account at your primary financial institution.  Your account was opened prior to March 1, 2020. 

- You are not applying for this program at any other financial institution.  You understand that applying for this benefit at more than one financial institution, as outlined as part of the government program, may result in prosecution by the federal government. 

  • A New Loan Guarantee for Small and Medium Enterprises​ - Small and medium-sized enterprises (SMEs) may be particularly vulnerable to the impacts of COVID-19. To support their operations, EDC will guarantee new operating credit and cash flow term loans that financial institutions extend to SMEs, up to $6.25 million.  The program cap for this new loan program will be a total of $20 billion for export sector and domestic companies.  More...

  • A New Co-Lending Program for Small and Medium Enterprises - To provide additional liquidity support for Canadian businesses, the Co-Lending Program will bring the Business Development Bank of Canada (BDC) together with financial institutions to co-lend term loans to SMEs for their operational cash flow requirements.  Eligible businesses may obtain incremental credit amounts up to $6.25 million BDC’s portion of this program is up to $5 million maximum per loan. Eligible financial institutions will conduct the underwriting and manage the interface with their customers. The potential for lending for this program will be $20 billion.  More...

Avoiding Layoffs

  • Extending the Work-Sharing program - The federal government is extending the maximum duration of the Work-Sharing program from 38 weeks to 76 weeks. The Work-Sharing program is offered to workers who agree to reduce their normal working hours because of developments beyond the control of their employers.  More...

  • Providing small business with wage subsidies -

    • 10% Wage Subsidy on payroll deductions  

      • We are providing eligible small employers a temporary wage subsidy for a period of three months.

      • The subsidy will be equal to 10% of the remuneration paid during that period (retroactive to March 16, 2020), up to a maximum subsidy of $1,375 per employee and $25,000 per employer.

      • Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration.

      • More...

    • 75% Wage Subsidy

      • Businesses of all sizes with a 30% or more decline in gross revenues since this time last year will qualify  

      • 75% of wages up to $58,700 normal salary to a max of $847 per week per employee will be subsidized

      • Compare revenues to the same month last year for March, April or May as proof of the decline in revenue

      • You must re-apply each month

      • Attest that you are doing everything you can to repay the remaining 25% of your employees income

      • Apply online through a CRA portal - launch within the next 3-6 weeks

      • Funds available in approx 6 weeks after applying

      • Severe consequences for anyone attempting to abuse or misuse the system

      • Employees on payroll cannot collect EI or CERB

      • More...

Access to Credit

  • Establishing a Business Credit Availability Program - The federal government established a Business Credit Availability Program (BCAP) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses, through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).  BDC and EDC are cooperating with private-sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation and tourism.  As a first step, businesses in need of credit support should contact their financial institution.   More...

Support for Farmers

  • Increasing credit available - The federal government has increased credit available to farmers and the agri-food sector through Farm Credit Canada.    More...

Support for Financial Stability

  • Launching an Insured Mortgage Purchase Program - The federal government launched an Insured Mortgage Purchase Program, in which we will purchase up to $50 billion of insured mortgage pools through the Canada Mortgage and Housing Corporation.  This action will provide long-term stable funding to banks and mortgage lenders, help facilitate continued lending to Canadian consumers and businesses, and add liquidity to Canada’s mortgage market.  More...

  • Bank of Canada actions - The Bank of Canada is acting in several ways to support the economy and financial system and stands ready to take any and all actions that it can to protect the well-being of Canadians during this difficult time. The Bank has responded by lowering interest rates, intervening to support key financial markets and providing liquidity support for financial institutions.  More...

 

  • Lowering the Domestic Stability Buffer - The Office of the Superintendent of Financial Institutions announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets. This action will allow Canada’s large banks to inject $300 billion of additional lending into the economy.  More...

More Flexibility

  • More time to pay income taxes - The federal government is allowing all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act.  No interest or penalties will accumulate on these amounts during this period.   More...

  • Deadline for charities - CRA is extending the filing deadline to December 31, 2020, for all charities with a Form T3010, Registered Charity Information Return due between March 18, 2020 and December 31, 2020. This will allow charities more time to complete and submit their T3010.   More...

  • Suspending audit activities - CRA will not initiate contact with taxpayers for audits, with certain exceptions. This includes:   

    • ​no new audits being launched;

    • no requests for information related to existing audits; and

    • no audits should be finalized and no reassessments should be issued.

      More...

  • Suspending collections on new debt - Collections activities on new debts will be suspended until further notice, and flexible payment arrangements will be available.   More...