Support Canadian Businesses through the Canada Account
The government is changing the Canada Account so that the Minister of Finance is able to determine the limit of the Canada Account in order to deal with exceptional circumstances.
Helping Businesses Keep their Workers
To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
Flexibility for Businesses Filing Taxes
The CRA will allow all businesses to defer the payment of income tax amounts owing on or after today and before September 2020, until after August 31, 2020. This relief would apply to tax balances due, as well as installments. No interest or penalties will accumulate on these amounts during this period.
Ensuring Businesses Have Access to Credit
The Business Credit Availability Program (BCAP) will allow the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses. This will be an effective tool for helping viable Canadian businesses remain resilient during these very uncertain times.
Full details on these programs can be found at https://www.canada.ca/en/department-finance/economic-response-plan.html#business
Canada’s COVID-19 Economic Response Plan – Canada.ca
The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak. On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. Visit www.canada.ca