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Federal COVID-19 Relief — More Details Released

Federal COVID-19 Relief — More Details Released

Canadians should review new details of the federal COVID-19 relief plan

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Canadian individuals and businesses should review new details of the federal government's COVID-19 relief plan now that it has passed these measures into law. These new rules provide additional information on financial measures that were recently announced, including a temporary wage subsidy to help small businesses retain employees and the Canada Emergency Response Benefit that offers financial support to affected individuals.

As Canadians cope with disruptions caused by COVID-19, they may want to determine whether they may benefit from these new support measures. In particular, these changes may help certain businesses improve cash flow or retain their employees during this uncertain time. Canada tabled emergency legislation to implement these measures, and advised that it will consider additional tax or economic changes as needed. Note that some recent announcements related to COVID-19, such as changes to tax filing and payment deadlines, are administered by the CRA and are therefore not addressed by these new rules.

Download this edition of the TaxNewsFlash to learn more.

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