As we’re sure you may have already heard, Prime Minister Justin Trudeau made some announcements this morning (March 27, 2020) about additional programs available to support small businesses. What these programs will have to offer could possibly be substantial to you, so we understand completely that you would like to know what this means to you. Unfortunately, the government has not yet released a lot of details, so we’re not able to answer with any accuracy whether you qualify, or whether it will benefit you.
Please bear with us and all of our accounting and bookkeeping colleagues (who are working together and sharing insights) as more information comes out over the next several days. We promise that as we learn more information about what will impact your business, you will be the first to know.
Here is what we do know so far:
- Temporary Wage Subsidy – Originally introduced at 10% retroactive to March 18th, this new announcement brings the Temporary Wage Subsidy up to 75% retroactive to March 15th. There are no details yet on qualification, caps, or time period.
- Small Business Loans – Up to $40K, government backed, interest free for one year, up to $10K could be forgiven – is what we know at this point. No additional details have been given as yet.
- GST/HST Payments – These payments will be eferred until June 1st. Filings are still due, only payments are deferred.
- Taxes/Duties on Imports – Payments are deferred until June 1st.
- Bank of Canada has also cut the interest rate – down to 0.25%.
Thank you for your patience as we work to get more information. Wishing you and yours safety and good health as we all make our way through these unprecedented times.
“While it is tax season, the government said for individuals, the return filing due date will be deferred until June 1, 2020. The Canada Revenue Agency will also allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.”