In response to the recent development of the COVID-19 pandemic, on March 18th, 2020 the Federal Government of Canada announced the release of an aid package in order to provide financial support during this difficult time. The announcement introduced an array of economic measures targeting individual taxpayers as well as small businesses.
Below are two notable measures that Canadian businesses may want to take advantage of.
A wage subsidy to help businesses keep their employees
Eligible small businesses will receive a temporary wage subsidy to help them keep their employees on payroll. The subsidy will be equal to 10% of the remuneration paid during a 3-month period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
Businesses that qualify include corporations eligible for the small business deduction, as well as non-profit organizations and charities. We suggest that you consult your accountant or lawyer to advise on eligibility.
To alleviate some of the economic impacts of COVID-19, we want to help small businesses take advantage of the available resources. If you are a current Humi Payroll customer and qualify for the subsidy, please email your Client Experience Manager or firstname.lastname@example.org.
Added flexibility for filing business taxes
The Canadian Revenue Agency is allowing all businesses to defer, until after August 31, 2020, any business tax payment amounts that become owing on or after March 18th 2020 and before September 2020.
We hope that you find this resource helpful. Stay tuned to the latest developments by bookmarking Humi's dedicated COVID-19 page for all our updates and resources.