COVID-19 – Financial Relief Summary
COVID-19 Financial Relief – the who, what, how and when
Ever since the Department of Finance Canada announced a series of measures to support finances of individuals and businesses alike on March 18, 2020, new possibilities have been introduced and prior announcements have been modified.
With all the news and articles regarding financial relief, it can be difficult to keep track of all the benefits and numbers in your head. To help organize your thoughts, we’ve compiled one article that contains a gallery of charts with the important details for the various programs. Once you know which programs may be relevant, you should refer to the full program links for the specific definition and eligibility components.
We’ve found that most programs involve a payroll requirement, with the most relevant programs being: 75% Canada Emergency Wage Subsidy and Canada Emergency Benefit Account Loan.
The charts will be updated as new information becomes available (like the rent program recently announced).
Although the tax deadline is extended to June 1, the nicer weather will be here before we know it. So let’s get those personal returns wrapped up!
Businesses
Payroll
Loans
Deferral of Tax
Individuals
Individual
Other Individual Support
Deadlines
Filing Deadlines
Other Administrative Deadlines
Conclusion
For the most part, the legislation behind these programs have been constructed in ways that allow the government to make quick modifications to criteria, amounts and timing.
Most of the details for these initiatives will be released on one of these four government webpages:
*As of April 17, 2020.
Disclaimer
The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional.
No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability for its contents or for any consequences arising from its use.