COVID-19 has been declared a pandemic by the World Health Organization. As the global response continues to evolve, companies across all industries are facing several potentially significant challenges to which they need to respond rapidly.
The Government of Canada is offering support to businesses and individuals facing hardships due to COVID-19.
Some of the support put in place for businesses include:
– Canada Emergency Wage Subsidy
– More time to pay income taxes
– Deferral of Sales Tax Remittance until June
– Establishing a Business Credit Availability Program
Some of the support for individuals include:
– Increasing the Canada Child Benefit
– Extra time to file income tax returns
– Canada Emergency Response Benefit (CERB)
As always, I’m here to answer any of your business, accounting or tax related questions. #BeAccountedFor