Additional Support for Canadian Businesses from the Economic Impact of COVID-19
The Government of Canada is making additional investments to support Canadian businesses from the economic impacts of COVID-19. These new investments provide support to financial institutions and allow them to quickly provide credit and liquidity options for a range of businesses.
These measures are a part of the Government of Canada’s COVID-19 Economic Response Plan, which provides direct support and tax deferrals to Canadian workers and businesses to help them in these difficult times.
Deferral of Sales Tax Remittance and Customs Duty Payments
Deferral of Customs Duty and Sales Tax for Importers
New Loan Programs for Businesses
Canada Revenue Agency’s Additional Measures for Individuals and Businesses
Prime Minister Trudeau also announced that retroactive to March 15th, Ottawa will now subsidize 75 percent of the wages of employees kept on the payroll of an SME, even if there is no work for them to do. Previously the government said it would subsidize just 10 percent of employee wages under the same circumstances. The plan is designed to support workers, but also to maintain the connection between companies and their workers so that they are ready to be quickly to swing into action when social distancing ends and the economy can recover. Further details not yet available.
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Additional Support for Canadian Businesses from the Economic Impact of COVID-19. From: Department of Finance Canada Backgrounder. These measures are a part of the Government of Canada’s COVID-19 Economic Response Plan, which provides direct support and tax deferrals to Canadian workers and businesses to help them in these difficult times.
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