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Important: Learn about the key points to Canada's Economic Stimulus plan

Client Communication:

COVID-19 UPDATES

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July 30, 2020

Corporate tax extension:
Payments date for current tax year (including instalments): extended to September 30, 2020.
No further filing deadline extensions

CRA will be waiving interest on existing tax debts related to:
    • corporate income tax returns from April 1, 2020, to September 30, 2020 
    • and from April 1, 2020, to June 30, 2020 for HST returns.

May 26, 2020

Corporations Tax Return -Filing date for current tax year:
• Returns due June 2 – August 31 – filing deadline of September 1, 2020.
• Returns due March 18 and June 1– filing deadline of June 1, 2020 (unchanged).

April 27, 2020

Canada Emergency Commercial Rent Assistance (CECRA)

This program will lower rent by 75% for small businesses that have been affected by COVID-19.

  • will provide forgivable loans to qualifying commercial property owners to cover 50% of 3 monthly rent payments that are payable by eligible small business tenants during April, May, and June.
  • loans will be forgiven if the mortgaged property owner agrees to reduce the small business tenants’ rent by at least 75% under a rent forgiveness agreement.
  • small business tenants are businesses paying less than $50,000 per month in rent and who have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID revenues. This support will also be available to non-profit and charitable organizations.

It is expected that CECRA will be operational by mid-May, and further details will be announced soon.

More information can be found here: https://www.jarvisryan.com/communications/20

April 16, 2020

New developments:

  • Canada Emergency Business Account (CEBA) will now be available to businesses with payroll between $20,000 and $1.5 million in 2019
  • Assistance to help small business pay commercial rents for April, May and June in the works. Details to come.

https://www.cbc.ca/news/politics/trudeau-business-supports-premiers-1.5534124

April 8, 2020

  • SR&ED Filings are not affected by the filing extensions
  • Corporate tax payments for current tax year: extended to September 1, 2020 (balances and installments due on or after March 18 and before September 1, 2020) for PART I tax only.
  • If CRA account balances cannot be paid given COVID reasons, CRA will review fairness applications to waive interest on a case-by-case base.

April 4, 2020

EHT:

  • Exemption: The Employer Health Tax (EHT) exemption for 2020 from $490,000 to $1 million. The EHT exemption will return to $490,000 on January 1, 2021.
  • Tax filing and Remittance deadlines for EHT: remain the same. Relief applies by way of no penalties and interest applicable from April 1 to September 30, 2020

March 31, 2020

Corporate Tax Return – Filing and Payment Extension

Filing date for current tax year: extended to June 1, 2020 (corporations with a due date after March 18 and before June 1, 2020)

Payment date for current tax year: extended to September 1, 2020 (balances and installments due on or after March 18 and before September 1, 2020)

HST – Payment Extension

Payment remittance (including installments) requirement extended to June 30, 2020 for balances due after March 18 and before June 1, 2020.

WSIB - Filing and Payment Extension

Premium reporting and payment deferred to August 31, 2020.

Additionally, the WSIB will cease interest accrual on all outstanding premium payments. They will not charge penalties during this six-month deferral period.

Source: https://www.wsib.ca/en/financialrelief

Canada Emergency Business Account

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.

To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019.

Source: https://www.canada.ca/en/department-finance/programs/financial-sector-policy/business-credit-availability-program.html

March 30, 2020

Temporary Wage Subsidy:

“Businesses and non-profit organizations seeing a drop of at least 30 per cent in revenue due to COVID-19 will qualify for the government's 75 per cent wage subsidy program, Prime Minister Justin Trudeau announced today.

During the daily media briefing outside his residence at Rideau Cottage, Trudeau said the number of people a business employs will not determine its eligibility. Charities and companies big and small will qualify, he said.

For those companies experiencing a decrease in revenues of at least 30 per cent, the government will cover up to 75 per cent of a salary on the first $58,700, which could mean payments of up to $847 a week. The prime minister also encouraged businesses to top up their employee’s wages with the remaining 25 per cent of their salaries.

Trudeau said the wage subsidies will be retroactive to March 15, 2020.

More details of the program will be unveiled later today.”

Source: https://www.cbc.ca/news/politics/trudeau-covid19-business-supports-1.5514558

March 27, 2020

As the changes to the response to COVID-19 are constantly evolving we will continue to keep you posted with updates

  1. The government will also guarantee bank loans of up to $40,000 for small businesses
  2. HST payments are suspended to June.

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