Work-Sharing Program
- An adjustment program designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the control of the employer has been extended from 38 weeks to 76 weeks.
Wage Subsidy
- A subsidy will be provided of up to 75% for qualifying businesses for up to 3 months, retroactive to March 15, 2020;
- Eligibility based on employer being able to show revenue has decreased by 30 per cent as a result of the COVID-19 pandemic;
- Maximum subsidy of $58,700 ($847 per week) of employee’s wages, employers have a choice whether to top up the remaining 25%.
Canada Emergency Business Account
- Will Provide up to $40,000 of interest-free loans up to small businesses and not-for profits;
- Application can be made through a financial institution;
- Eligibility requires total payroll between $50,000 to $1,000,000 during 2019;
- Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000);
- More information can be found here.
Canada Emergency Response Benefit (CERB)
- Benefit replaces the previously announced Emergency Care Benefit and the Emergency Support Benefit;
- Will provide a taxable benefit to individuals of $2,000 a month for up to 4 months;
- Will be accessible through a secure web portal starting in early April. Applicants will also be able to apply via an automated telephone line or via a toll-free number;
- Eligibility details can be found here.
FILING AND PAYMENT DEADLINES
Individual tax returns for 2019
- Filing deadline has been extended to June 1, 2020;
- Self-employed filing deadline remains June 15, 2020;
- Payment deadline for all individuals has been extended to September 1, 2020;
- No comments regarding income tax installments in 2020 have been made however, as these payments relate to your 2021 return, we recommend that these amounts be paid.
Trusts and Partnerships for 2019
- Filing deadline has been extended to May 1, 2020;
- Payment deadline for Trusts normally payable on or after March 18 have been extended to September 1, 2020.
Payroll Remittances
- No changes have been proposed, please see above regarding wage subsidy.
GST/HST
- Generally, remittances deferred to June 30, 2020;
- As of the time of writing, it is unclear whether the actual returns need to be filed by their normal due date;
- More information can be found here.
WSIB
- Premiums reporting and payment deferral has been put into place until August 31, 2020.
- More information can be found here.
Employer Health Tax (EHT)
- Increase in the exemption retroactive to January 1, 2020 to $1 million for the 2020 year;
- Previously filed returns will automatically be adjusted by the Ministry of Finance;
- More information can be found here.
All other information concerning filing and payment deadlines can be found here.
STAY HEALTHY. STAY SAFE!
The CBM Team
