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Information on resources for businesses and individuals dealing with pandemic

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March 26, 2020 Update

Good summary of Federal Legislation enacted yesterday:

https://www.videotax.com/march-25-update-covid_19

Also, the Province of New Brunswick has announced that Opportunities NB will be providing working capital loans of up to $200,000 for qualifying small businesses. The details are not yet known – here is a link to their site which will be updated as this progresses.

https://www2.gnb.ca/content/gnb/en/gateways/for_business/covid19.html

 

March 19, 2020

Yesterday, the Government of Canada unveiled a range of measures to assist businesses and individuals faced with financial difficulty as a result of the COVID-19 outbreak.

https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Extension_of_Deadline

Among the highlights:

  • Personal tax filing deadline extended to June 1
  • Temporary wage subsidy for employers, equal to 10% of remuneration paid for a period of 3 months to a maximum of $1,375 per employee and $25,000 per employee
  • No post assessment GST or Income Tax audits for next 4 weeks for small businesses
  • Deferred payment of any corporate tax amounts due between now and September 1 to August 31 with no penalties or interest (including instalments)
  • Expanded access to EI, including those who are self-employed

If you have further questions, please feel free to reach out to your Thiel Greene advisor and we would be happy to discuss the details of your situation.

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