Prime Minister Justin Trudeau today announced $82 billion rescue package to fight against CoronaVirus or “Covid 19.” Trudeau has also confirmed that Canada and the U.S. will “temporarily restrict” border crossings and business with only happen for non-essential travel. The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the COVID-19 outbreak.
New measures include:
Temporary Income Support for Workers and Parents who are without paid sick leave (or similar workplace accommodation) who are sick, quarantined or forced to stay home to care for children.
For Canadians who lose their jobs or face reduced hours as a result of COVID’s impact, the Government is:
Introducing an Emergency Support Benefit delivered through the CRA to provide up to $5.0 billion in support to workers who are not eligible for EI and who are facing unemployment.
The Canada Revenue Agency will defer the filing due date for the 2019 tax returns of individuals. For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020.
The Canada Revenue Agency will allow all taxpayers 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.
The Govt is also working to help Businesses keep their workers. To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. 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.
The Business Credit Availability Program (BCAP) will allow the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support, largely targeted to small and medium-sized businesses.
For more info on packages, you can visit Govt of Canada website here.