The CRA will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.

• This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act.
• No interest or penalties will accumulate on these amounts during this period. This measure will result in businesses having more money available during this period.

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To further support businesses and their employees, the government is proposing a wage subsidy for a period of three months to help prevent layoffs and mitigate revenue losses. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Businesses will be able to benefit from this immediately by reducing their remittances of income tax withheld on employee's remuneration.

• Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities.
• This will help employers keep people on their payroll and help Canadians keep their jobs.

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As a Canadian employer who has seen a drop in revenue due to COVID-19, you may be eligible for a subsidy to cover part of your employee wages, retroactive to March 15. This subsidy will enable you to re-hire workers, help prevent further job losses, and ease you back into normal operations.

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The government will establish a $10 billion credit facility to lend money to businesses under stress as a result of the spreading COVID-19 pandemic. The program will support:

• Financing through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC).
• BDC and EDC will enhance their cooperation with private sector lenders to coordinate financing and credit insurance solutions for Canadian businesses.

More Information? Click here.

This $25 billion program provides interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus.

This will better position them to quickly return to providing services to their communities and creating employment.

More information? Click here. 

The Government of Canada will provide up to $306.8 million in short-term, interest-free loans and non-repayable contributions for First Nations, Inuit, and Métis businesses.

These federal support measures should complement support offered by the provinces and territories.

More information? Click here. 

The COVID-19 pandemic has already had significant impacts on businesses, workers and communities across the country.

The Government of Canada recognizes this and will be there to support you during and after the crisis.

The Fund will help to:

• mitigate the financial pressure experienced by businesses and organizations.
• support projects by businesses, organizations and communities to prepare now for a successful recovery.

More information? Click here. 

Grants of up to $5,000 available

Applications are open for all provinces and territories as of February 16th, 2021 at 1 p.m. EST.

Created by RBC, Canada United is a movement to support local businesses in communities across the country. The Canada United Small Business Relief Fund (CUSBRF) was established to help small businesses offset the cost of expenses to open safely or adopt digital technologies to move more of their business online.

More information? Click here. 

Businesses heavily impacted by COVID-19 can access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs.

More information? Click here. 

On February 24, 2021, the Government announced a proposed change to make lockdown support available to an eligible property owner whose tenant is not at arm’s length but uses the qualifying property that is subject to a lockdown. The property owner must meet all other applicable conditions to qualify for the lockdown support.

More information? Click here. 

Other supports for your business may be available to you in your province or territory

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