COVID-19 FLEXIBILITY MEASURES / MESURES D'ASSOUPLISSEMENT

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New filing deadline for your 2019 personal income taxes is now June 1st, 2020.

If you have a balance due, those need to be paid by September 1st, 2020.

La nouvelle date limite pour produire vos impôts personnels pour 2019 est le 1er juin, 2020.

Si vous avez un solde dû, ceux-ci sont dus le 1er septembre, 2020. 

Declarations & payments can be postponed until June 30th, 2020 with no penalties, interest or late fees.

Les déclarations et paiements  peuvent êtres reportés jusqu'au 30 juin, 2020, sans penalites, interets ou frais de retard.

Payroll deduction at source payments are still due on the 15th of every month. No extensions have been announced as of yet by the federal & provincial governments.

Les retenues à la source sont toujours dues le 15 de chaque mois. Aucun prolongation n'a encore ete  annoncee par les gouvernements fédéral et provinciaux. 

CEBA

The Canada Emergency Business Account (CEBA) will provide 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 $20,000 to $1.5 million in total payroll in 2019 or the borrower has eligible non-deferrable expenses between Cdn.$40,000 and Cdn.$1,500,000. Eligible non-deferrable expenses could include costs such as rent, property taxes, utilities, and insurance. Expenses will be subject to verification and audit by the Government of Canada. 

Business owners can apply for support from the Canada Emergency Business Account through their banks and credit unions.

CECRA

We reached an agreement in principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program will lower rent by 75 per cent for small businesses that have been affected by COVID-19.

The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, June & July.

The 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, which will include a term not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25% of the rent.

Impacted 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.

CEWS 

The Canada Emergency Wage Subsidy (CEWS) supports employers that are hardest hit by the pandemic, and protect the jobs Canadians depend on.

The subsidy generally covers 75% of an employee's wages – up to $847 per week - for employers of all sizes and across all sectors who have suffered a drop in gross revenues of at least 15% in March, and 30% in April and May.

The program will be in place for a 12-week period, from March 15 to June 6, 2020.

Employers who are eligible for the CEWS are entitled to receive a 100% refund for certain employer contributions to Employment Insurance, the Canada Pension Plan, the Quebec Pension Plan, and the Quebec Parental Insurance Plan paid in respect of employees who are on leave with pay.

The Government announced on May 15, 2020 that the CEWS would be extended by an additional 12 weeks, to August 29, 2020. The eligibility criteria will apply for the current period (period 4). Any potential changes would commence as of periods 5 (July 5 to August 1) and/or 6 (August 2 to August 29). 

Call us today and we will take care of all applications for you. 

PLEASE BE SAFE AND TAKE CARE OF YOURSELF & YOUR LOVED ONES. 

SVP VEUILLEZ ÊTRE SÉCURITAIRE ET PRENDRE SOIN DE VOUS ET VOS AMOURS.