Register for My CRA Business Account
This is a secure portal that lets you view your business tax accounts and will have updates for you on benefits during this time that you may qualify to apply for. You will need to have access to this account as the Government is saying some benefits you will apply through this account. Click here for your account
Canada Emergency Business Account interest-free loans
Up to $40,000 to small businesses and not-for-profits, to help cover their operating costs. Repaying the balance of the loan on or before December 31, 2022, will result in loan forgiveness of 25 percent (up to $10,000). Requires no minimum monthly principal payments until December 31, 2022. Click here to learn more. To qualify, these organizations must be an operating business and will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019. To apply you will need the following Employer Acct number at the top of your T4 Summary and the amount in Box 14 of your 2019 T4 Summary. These funds must be used for costs that cannot be deferred such as payroll, rent, utilities, insurance, property tax.
Business Credit Availability Program (BCAP)
Available to help business owners with financing - Canadian Businesses seeking support through BCAP should contact the financial institutions with whom they have a pre-existing relationship, so that the financial institutions may assess the client’s financial request. If the needs of the client exceed the level of support the financial institution can provide, the financial institution will work alongside BDC or EDC to access additional resources the Government has made available under BCAP.
Avoiding layoffs, the Government has extended the Work- Sharing Program The work-sharing program provides income support to employees eligible for EI benefits who work a temporarily reduced work week. This is offered to workers who agree to reduce their normal working hours because of developments beyond the control of their employers. The government has extended the maximum duration of the program from 38 weeks to 76 weeks. During the Work-Sharing agreement, the employer may request an employee to work on a Work-Sharing day. The employee is required to report to work as work becomes available.
10% Temporary Wage Subsidy
For eligible small employers introduced March 15, 2020, the federal government is proposing to provide eligible small employers with a temporary wage subsidy for a period of three months. The subsidy will equal 10% of the remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. The eligible period is March 18, 2020, to June 19, 2020 (3 months). Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration. Employers benefiting from this measure will include corporations eligible for the small business deduction, as well as non-profit organizations and charities. Businesses will need to continue to remit their payroll deductions. How it will work is you will Claim the reduction against the income tax remittances owing to CRA. The wage subsidy cannot offset the Canada Pension Plan (CPP) contributions and Employment Insurance (EI) premiums. If income tax remittances are fully offset by the value of the subsidy, future payroll remittances can be reduced by the excess even if they fall outside the application period, which ends June 19, 2020. Do not adjust the employees to check only the remitting amount. MAKE SURE TO KEEP GOOD RECORDS. Click Here to Learn More
Tax Support for Businesses
Payments and filing are immediately deferred to September 30, 2020, for Provincial Sales Tax (PST), Employer Health Tax, municipal and regional district tax on short-term accommodation, carbon tax, motor fuel tax and tobacco tax are also deferred. COVID Action Plan Provincial tax changes. Click Here to learn more! and information on Employer Health Tax Click Here!
Canada Emergency Wage Subsidy
This wage subsidy will cover up to 75% of your salary. This is to encourage businesses to rehire workers previously laid off as of a result of COVID-19. This is for employers who have a decrease in revenue of up to 30% or more over the same period as last year because of the pandemic to qualify. The subsidy will then cover up to 75% of the salaries covered up to ¾ of the first $58,700 per employee working out to up to $847 per week per worker. Employers must make their best effort to top-up employees’ salaries to bring them to pre-crisis levels. Please ensure you are eligible before applying. The government has already warned there will be strictly enforced compliance. Please note you cannot claim this subsidy for any compensation paid to an employee in a week that falls within a 4-week period in which the employee is eligible to receive the Canadian Emergency Response Benefit due to a layoff or job termination. You will need to apply for this subsidy through My CRA Business Account. Eligibility would generally be determined by the change in an eligible employer’s monthly revenues, year-over-year, for the calendar month in which the period began. With this Subsidy part of the challenge will be these funds will not be available for another 6-weeks (approximately) and employers will still need to demonstrate that they’re paying employees up to the $847 limit covered by the government, which will then be recouped through businesses’ CRA accounts. For employers that are eligible for both the Canada Emergency Wage Subsidy and the 10 percent wage subsidy for a period, any benefit from the 10 percent wage subsidy for remuneration paid in a specific period would generally reduce the amount available to be claimed under the Canada Emergency Wage Subsidy in that same period. MAKE SURE TO KEEP GOOD RECORDS. Click here for more info.
Relief for Commercial Property Owner and Tenants
Business and light and major industrial property classes will see a property tax cut in half for 2020 for the owner of property and tenants on triple-net leases, Click Here.
EI for Self Employed Individuals
To access this program immediately, individuals need to have opted into the EI program. If you have not opted into the EI program you can apply here they currently say there is a 1-year wait. Not sure if you are just applying if you will still qualify but I know the government is trying to help those in need so you can try. Here is the link to the EI program to find out more information to see if you are eligible for the program. Click Here to see if you are eligible. and to apply Click Here
Remittances and payments are deferred to June 30, 2020, for more details Click Here.
Licensed Child Care
Providers that stay open will receive enhanced funding to keep operations going. These centers are eligible to receive 7 times their average monthly operating funding from the government. See more, Click Here.
Essential Services and Workplaces
Are you considered an Essential Service? Here is a list of what British Columbia considers Essential Workplaces