Information on resources for businesses and individuals dealing with pandemic

April 2, 2020 update

Some details have been released on the 75% wage subsidy.

https://www.canada.ca/en/department-finance/news/2020/04/the-canada-emergency-wage-subsidy.html

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April 1, 2020 update

Wondering about when you have to file or pay taxes for various situations – see the following CRA link:

https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-filing-payment-dates.html

Looking for a handy, easy to read summary of assistance available to New Brunswick businesses? See the summary prepared by The Huddle:

https://huddle.today/the-essential-guide-to-government-support-for-n-b-businesses/?utm_source=rss&utm_medium=rss&utm_campaign=the-essential-guide-to-government-support-for-n-b-businesses&utm_source=Daily+Huddle&utm_campaign=c51e1420f5-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_bcede4fdb0-c51e1420f5-121026925&ct=t(RSS_EMAIL_CAMPAIGN)

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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

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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.