The Government of Canada is providing the following aids to assist businesses deal with the financial and economic impacts of COVID-19. 

​

1. GST/HST payments and custom duties on imports that become due in March, April, and May will be deferred to June.
    

2. The filing date for corporations with original filing deadline of March 30, April 30 has been extended to June 1, 2020.
   
   Income taxes that become due after March 17, 2020 and before September 1, 2020 will be deferred to August 31, 2020. This applies to tax instalments payable between this period as well.
    

3. Temporary 10% wage subsidy that will be provided for three months to an eligible employer. An eligible employer includes individuals, partnerships, non-for profit organizations, registered charity, and small businesses. 
   
   How is this temporary wage subsidy calculated and applied?
   
   The subsidy is equal to 10% of the salary/wage paid to all employees (including foreign workers) from March 18, 2020 to June 19, 2020. The maximum subsidy is $1,375 for each employee, and $25,000 per employer.
   
   The employee's income tax remittance will be reduced by that 10%. For example, if the employer has 5 employees with monthly pay of $1,000 per employee, for a total gross pay of $5,000 per month, the subsidy will equal to $500 per month. Your income tax remittance to CRA will be reduced by this amount.
   
   How will we at AATS help you?
   
   For all our payroll clients, we will calculate and track your subsidies and provide you with the appropriate amount of remittances to ensure that you benefit from this program.
    

4. A second wage subsidy program is in place to assist businesses keep employees on payroll. 75% wage subsidy will be provided for up to 12 weeks (between March 15 to June 6, 2020)  to qualifying businesses, backdated to March 15, 2020. This benefit is available to businesses, as well as charities and not-for-profit organizations.
   
   Which businesses are qualified?
   In order to qualify, the businesses must have experienced at least a 30% decrease in revenues are qualifying businesses. The revenues are compared to comparable periods to determine whether the business has suffered this decrease in revenues.
   
   How is this subsidy calculated?
   The amount that businesses will receive depend of various factors such as amount of remuneration paid, pre-crisis weekly remuneration of given employees.
   
   The employers may be eligible to receive this benefit for existing and new employees.
   
   How to Apply?
   Businesses can apply though the CRA My Business Account. This application will be available shortly.
   
   Employers cannot claim this subsidy for employees receiving the Canadian Emergency Response Benefit of $2,000 per month.
   
   How will we at AATS help you?
   
   We will help you prepare the month-to-month revenue analysis and ensure that you have all the documents you need to apply for this program. We will ensure that you receive the maximum benefit that you qualify for.
    

5. Canada Emergency Business Account was launched to allow small businesses and not-for-profits to obtain loans from eligible financial institutions. These funds will assist businesses pay their operational expenses such as rent, and utilities etc. Loan amount of up to $40,000 will be provided interest-free for the first year, and 25% of the loan (up to $10,000) will be forgiven if the loan is paid before January 1, 2023.
   
   Businesses with payroll between $50,000 to $1 million in 2019 will qualify for this loan. Businesses will need to contact their primary financial institution to apply for this loan.
    

6. Small and Medium-sized Enterprise Loan and Guarantee program which is intended to financially assist small and medium-sized companies meet their operational requirements. Companies may contact their primary financial institution to discuss the options.

​

​