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Fiscal relief on the way following COVID-19 concerns

Fiscal relief on the way following COVID-19 concerns

Canada will implement new financial stimulus measures in response to COVID-19.

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In an announcement on March 13, 2020, Finance Minister Bill Morneau discussed new government measures to support the Canadian economy, including making additional credit available to businesses struggling to deal with the effects of the virus. The Finance Minister noted that, in addition, a large upcoming stimulus package will also offer new support for affected individuals. It's not yet known whether tax changes may be included as part of the package, although the Finance Minister indicated that the government was reviewing possible delays to certain tax filing deadlines.

This relief comes following news that Canada's House of Commons would suspend activities until April 20, 2020, due to the COVID-19 threat. The media is reporting that this suspension would postpone the federal budget, which was originally scheduled for March 30, 2020, although the Finance Minister did not directly comment on how this year's budget or the timing of its release may be affected at this time.

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