Both Provinces of British Columbia (“BC”) and Saskatchewan (“SK”) recently announced provincial sales tax (“PST”) updates that may impact certain suppliers who do not have a physical presence in the BC or SK and supply goods or services in BC and SK.
The Government of Canada recently announced the Highly Affected Sectors Credit Availability Program which provides loans between $25,000 and 1 Million to business that have been hardest hit by the pandemic.
The government of Canada announced the “Canada Emergency Rent Subsidy”, a new program designed to provide financial assistance to commercial tenants who have been impacted by the ongoing COVID – 19 pandemic
To support businesses through these tough economic times, the Government is proposing to introduce a wage subsidy of 75 per cent for qualifying businesses, for up to 3 months, retroactive to March 15, 2020
Canada Emergency Commercial Rent Assistance is a program designed to offer unsecured, forgivable loans to landlords who agree to reduce the rent payable to them by tenants who have experienced a reduction in revenues due to COVID-19
The government has established the Canada Emergency Response Benefit (“CERB”). This taxable benefit will provide temporary income support to workers who have stopped working and are without employment or self-employment income for reasons related to COVID-19.
Tax filing and remittance deadlines will remain the same. However, beginning April 1, 2020, penalties and interest will not apply to Ontario businesses that miss any filing or remittance deadline under select provincial taxes. This will continue for a period of five months.
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.
To support businesses through these tough economic times, the Government is proposing to introduce a wage subsidy of 75 per cent for qualifying businesses, for up to 12 weeks, retroactive to March 15, 2020.
As you may be aware, the CRA has recently extended the personal tax filing deadline to June 1, 2020. While this allows everyone more time to prepare and file their tax returns, we are urging everyone to send us their tax filing information as soon as possible, preferably in digital format.
For now, accounting firms are considered as essential services as outlined by the recent Ontario pronouncements. We continue to have almost all of our staff working from home so that our employees and clients reduce their physical interaction with others.