EVENTS

UPCOMING EVENTS

COVID-19 Updates

COVID-19 UPDATES

The link to the main source of information from the Federal Government is:

https://www.canada.ca/en/department-finance/economic-response-plan.html

Clicking on this link, and then accessing any of the topics should always provide the most up to date information that is available.

Highlights of Federal Measures include:

 Increases to Canada Child Benefit (CCB) and GST Credit payments
o No action needed. If already receiving, this will be done automatically

 Filing/payment deadlines for 2019 Personal Tax Returns extended
o Filing deadline currently June 1, 2020 (June 15, 2020 for self-employed)
o Payment due date September 1, 2020
o 2020 instalments deferred to September 1, 2020 without interest/penalty
o 2019 Personal returns still need to be filed for CCB and GST credits to be calculated beyond June 2020 (starting with July 2020 payments)

 New Canada Emergency Response Benefit (CERB)
o Taxable benefit of $2,000/month for up to 4 months for workers who have lost wages resulting from COVID-19
o Accessible starting April 6, 2020 through CRA web portal or by automated telephone line or a toll-free number
o If already on EI should not apply
o Should receive payment with 10 days of application. Paid every four weeks and available from March 15, 2020 to October 3, 2020

 Reduced minimum withdrawals from RRIF
o Reduced by 25% for 2020

 Moratorium on repayment of Canada Student Loans
o Six-month interest-free moratorium on repayment of Canada Student Loans effective March 30, 2020
o Automatic – no action needed

The link to the main source of information from the Ontario Government is:

https://www.ontario.ca/page/2019-novel-coronavirus#section-14

Clicking this link will take you to the news section of Ontario’s main COVID-19 information page. Here you can access the most up to date news releases from the government of Ontario.

Many of the Ontario measures surround business and the health care system. Much of the relief for individuals is being provided through federal programs.

Highlights of Ontario measures that affect individuals include:

 Electricity Relief – effective March 31, 2020 and for a period of 45 days, families, small businesses and farms paying time of use rates, will have off-peak rates charged 24/7. No action required.

 Moratorium on repayment of Ontario Student Loans
o Six-month interest-free moratorium on repayment of OSAP Loans
o Automatic – no action needed


INFORMATION FOR BUSINESSES

The link to the main source of information from the Federal Government is:

https://www.canada.ca/en/department-finance/economic-response-plan.html

Clicking on this link, and then accessing any of the topics should always provide the most up to date information that is available.

Highlights of Federal Measures include:

 Extending the Work-Sharing program
o Maximum duration extended from 38 weeks to 76 weeks
o Details on this program available through the link

 Temporary Wage Subsidy
o Up to 75% wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020
o Eligibility criteria will start with impact of COVID-19 on sales
o Details available by end of March

 Increased Access to Credit
o Various programs have been announced
o For details on these programs contact financial institution
o Programs include:
 Business Credit Availability Program (BCAP)
 Canada Emergency Business Account – providing up to $40,000 interst-free to small businesses and not-for-profits to help cover operating costs. Must have had payroll between $50,000 and $1M in 2019. Repaying loan on or before December 31, 2022 will result in loan forgiveness of 25%. Additional details still to come
 Increasing credit available through Farm Credit Canada

 Filing/payment deadlines for corporate taxes extended
o Filing deadlines from March 18, 2020 to May 31, 2020 extended to June 1, 2020
o Corporate taxes and instalment due on or after March 18, 2020 deferred to September 1, 2020. No interest or penalties will accumulate
o HST remittances due from March 31, 2020 to May 31, 2020 deferred until June 30, 2020

The link to the main source of information from the Ontario Government is:

https://budget.ontario.ca/2020/marchupdate/annex.html#section-0

Clicking on this link will lead to a summary of measures introduced by the Ontario Government in the March 25, 2020 Economic Update.

Highlights of Ontario Measures Include:

 For 2020 only increasing the $490,000 exemption for EHT to $1,000,000, retroactive to January 1, 2020

 Beginning April 1, 2020 penalties & interest will not apply to businesses that miss filing or remitting deadlines under selected provincially administered taxes (EHT plus a number of others). This continues until August 31, 2020.

 New Regional Opportunities Investment Tax Credit
o 10% refundable Corporate Income Tax Credit
o Available to Canadian Controlled Private Corporations that invest in capital property (mainly buildings) (for CCA purposes must be Class 1 or Class 6) that become available for use on or after March 25, 2020
o Includes expenditures for constructing, renovating or acquiring commercial and industrial buildings and other assets in specified regions of the Ontario (see link) https://budget.ontario.ca/2020/marchupdate/annex.html#ca-3
o Expenditures in excess of $50,000 and up to $500,000. So, maximum credit is $45,000.
o There is a mandatory 3-year review – so it looks like this credit is going to be around for a while

 WSIB relief – all premium reporting and payments due on or after March 31, 2020 deferred until August 31, 2020 without penalty or interest. For more details see link. https://www.wsib.ca/en/news-release/wsib-announces-19-billion-financial-relief-ontario-businesses

 Electricity Relief – effective March 31, 2020 and for a period of 45 days, families, small businesses and farms paying time of use rates, will have off-peak rates charged 24/7. No action required.

Chatham-Kent Farm Show

DATE:
January 28-29, 2020

LOCATION:
John Bradley Convention Centre
Chatham, ON

Ottawa Valley Farm Show

DATE:
March 17-18, 2020

LOCATION:
CE Centre
Ottawa International Airport
Ottawa, ON

National Poultry Show

DATE:
April 8-9, 2020

LOCATION:
Western Fair
London, ON