Canadian businesses may now receive additional fiscal and tax relief for business disruptions resulting from the coronavirus (COVID-19) pandemic.
The federal government announced that it is increasing the temporary wage subsidy to 75% of eligible remuneration (from 10%), and allowing taxpayers to defer GST/HST* remittances and importers to defer both customs duty and GST payments.
*GST/HST=goods and services tax / harmonized sales tax
In addition, the government will provide interest-free loans of up to $40,000* to small businesses and not-for-profits through the new Canada Emergency Business Account, among other measures.
Lastly, the federal government’s announcement also included details on recent deferrals and extensions allowed by the Canada Revenue Agency (CRA)—including that the CRA will defer the filing deadline for partnership returns to May 1, 2020.
Read a March 2020 report prepared by the KPMG member firm in Canada
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