Canadian government has introduced many new measures to assist Canadian businesses during this difficult time. Here are some the programs that are put into place or that the government has promised to implement:
Canada Emergency Commercial Rent Assistance (CECRA)
Landlords will have new help with their commercial rent for the months of April, May, and June.
Rural businesses and communities
This funding will be allocated to smaller employers and businesses located in rural Canada that do not qualify for the recently announced Canada Emergency Wage Subsidy or for business loans, or that still require assistance in managing their operations through the pandemic.
CRA extends income tax payments for Canadian businesses
The Canada Revenue Agency (CRA) confirmed that businesses may defer, until September 1, 2020, the payment of certain income tax amounts.
Canada Emergency Wage Subsidy (CEWS)
The federal government is introducing a new wage subsidy to help employers keep Canadians in their jobs.
Ontario – Deferral of Workplace Safety and Insurance Board (WSIB) payments
Employers can defer payments to WSIB for up to six months.
Quebec – Fonds local d’investissement (FLI)
The Small and Medium-sized Business Emergency Assistance Program is meant to support, for a limited period, eligible businesses that are experiencing financial difficulties due to COVID-19 and need less than $50,000 in terms of cash flow.
If you need help identifying the programs that are applicable for your business, understanding the impact of these programs or exploring other tactics that might help you recover, please contact me. I’m here to answer any of your business, accounting or tax related questions. #BeAccountedFor