COVID-19 Resources
The federal and provincial governments are providing emergency aid for individuals and small businesses to help them weather the economic impacts of the COVID-19 pandemic.
Canada Emergency Response Benefit (CERB)
The federal government announced a new, $2,000 per month Canada Emergency Response Benefit (CERB) for Canadians who have lost their income due to COVID-19. This benefit program replaces the two benefits announced last week.
This taxable benefit will be provided for up to four months to:
workers who must stop working due to COVID-19 and do not have access to paid leave or other income support;
workers who are sick, quarantined, or taking care of someone who is sick with COVID-19;
working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures;
workers who are still employed but aren’t being paid because there’s currently not sufficient work and their employer has asked them not to come to work; and
wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance.
Prime Minister Trudeau promised the benefit will be paid out to workers within 10 days of their application.
How to apply: Application details will be available through My CRA and My Service Canada, beginning the first week of April.
Click here to read the announcement.
Provincial emergency benefit
The BC government announced a one-time, tax-free, $1,000 supplemental benefit to the above two federal benefits.
How to apply: The government is currently setting up the system to provide this benefit and is planning to launch it in May. More information on the application process and eligibility will become available in the coming weeks.
Business Credit Availability Program (BCAP)
The Business Development Bank of Canada (BDC) and Export Development Canada (EDC) are offering relief measures, including:
working capital loans of up to $2 million with flexible terms and payment postponements for up to six months for qualifying businesses;
postponement of payments for up to six months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less; and
reduced rates on new eligible loans.
Additional details about BCAP measures, including industry specific support, will be announced in the coming days.
How to apply: If you’re already a BDC client, contact your account manager. Otherwise, you can call 1-877-232-2269.
Temporary wage subsidy
Employers that are eligible for the small business deduction will also be eligible for a temporary, three-month wage subsidy program. The subsidy will be equal to 10 per cent of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
How to apply: Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration.
Individual tax deferment
The Canada Revenue Agency (CRA) is deferring the 2019 tax filing date for both individuals and certain trusts. The CRA will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18, 2020 and before September 2020.
For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020.
For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020.
Business tax deferment
The CRA is deferring the 2019 tax filing date for businesses.
The CRA will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18, 2020 and before September 2020. No interest or penalties will accumulate on these amounts during this period.
Provincial tax deferment
Businesses with a payroll over $500,000 can defer their employer health tax payments until Sept. 30, 2020.
As well, payment deadlines for the provincial sales tax, motor fuel tax, carbon tax, and others have been extended until Sept. 30, 2020.
Business school tax cut
Business as well as light- and major-industry property classes will see their school tax cut in half. The government expects that landlords will immediately pass these savings on to their tenants in triple-net leases.
Bill payment deferment
The provincial government is working with BC Hydro and ICBC to allow bill payment deferment. ICBC is extending deferrals to up to 90 days. People dealing with job loss, illness or loss of wages due to COVID-19 may also qualify for BC Hydro’s Customer Crisis Fund grant program for up to $600.
More COVID-19 aid information
Sources of reliable information about COVID-19
