March 26, 2020 Update
Good summary of Federal Legislation enacted yesterday:
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.
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.
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.