We ware entering uncharted territory together and many small business owners are worried about the future of their business and their ability to support their employees. We want to make sure that private company owners are aware of the assistance that is available to them, as well as their obligations during these trying times.

So here is our list of available resources for Private Company and Small Business owners who are trying to navigate the uncertainty that the Coronavirus is bringing.

We are right here with you and will try to help you however we can. If you need someone to talk to, please don’t hesitate to call us at 403-271-3106. No obligations, just people looking after people.

NOTE: We’re trying our best to keep this up-to-date, however, things are changing daily. Please refer to the links included in this blog for the most up-to-date information.

Here’s a list of what Canada’s entrepreneurs need to know during the Coronavirus Pandemic:

“If you have stopped working because of COVID-19, you should apply for the Canada Emergency Response Benefit, whether or not are eligible for Employment Insurance. The Benefit is available for the period from March 15, 2020 to October 3, 2020.

Starting April 6, 2020, there will be a single portal to assist you with the application process.

Until then, Canadians who are eligible for Employment Insurance and who have lost their job can continue to apply for Employment Insurance.

If you applied for EI regular or sickness benefits on March 15, 2020 or later, your claim will be automatically processed through the Canada Emergency Response Benefit.

In addition, for other EI benefits, including maternity, parental, caregiving, fishing and worksharing, you should also continue to apply.” 

  • Top up to Canada Child Tax Benefits ($300 / child) paid in May 2020. This is based on 2018 income tax amounts, so there is no need to rush your 2019 personal tax return for this benefit
  • One-time (automatic) payment by early May 2020 through the Goods and Services Tax credit for low- and modest-income families. The average additional benefit will be ~$400 for single individuals and ~$600 for couples, extra ~$150 for each child < 19 years of age who lives with you. This payment is based on your 2018 income tax amounts, so there is no need to rush your 2019 personal tax return for this credit
  • Student loan repayment holiday. This is a 6-month, interest-free, moratorium on federal student loans (same for Alberta student loans)
  • Mortgage payment protection: The Canada Mortgage and Housing Corporation (CMHC) is working with lenders to help people who have trouble paying their mortgage. This might include:
    • Deferred mortgage payments
    • Capitalization of interest
    • Special payment arrangements
  • Tax filing deadline extension:
    • Canada (link): Individual Tax Return (T1) deadline is extended to June 1 (if you have business income on your T1 your deadline appears to be unchanged and is June 15).
    • Canada (link): Trust Tax Returns (T3) with a taxation year ending on December 31, 2019, will be extended to May 1, 2020.
    • NEW: T5013 Partnership returns and NR4 Non-resident tax withholding forms are extended to May 1, 2020
    • NEW: T2 Corporate tax returns due between March 18, 2020 and June 1, 2020 are extended to June 1, 2020
    • United States (link): The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15.
  • Tax payment holiday (All TAXPAYERS – individuals, trusts and corporations): 
    • All income taxes that become due between March 18, 2020, and September 1, 2020, will have until September 2020, to pay those balances.
    • This includes Income Tax (Part 1 tax) and Instalments.
    • GST payments deferred until June (waiting on details March 27)
    • No announcement to defer Part IV tax (as of March 18, 2020)
    • No announcement to defer Part XIII withholding taxes (as of March 18, 2020)
  • Government of Alberta measures (link)
    • Changed the Employment Standards Code to include 14-day job-protected leave for employees who are required to self-isolate.
    • For individuals who do not have access to EI (such as self-employed individuals and private company owners) and must self-isolate or care for a dependent who is required to self-isolate. This is a one-time payment of $1,146. Eligibility criteria and application details are listed here (link)
    • Corporate tax and Installment payments are deferred until August 31
    • Residents, agri-business and small business can defer utility payments for the next 90-days
    • WCB premiums are deferred until early 2021. When the balance becomes due, the government will cover 50% of it.
    • Student loan repayment holiday. This is a 6-month, interest-free, moratorium on Alberta student loans (same for federal).
    • Residential education property tax rates will be frozen at 2019 rates (as opposed to the planned 3.4% increase).
    • ATB Customers can apply for a deferral for their Loans, Lines of Credit, and Mortgages for up to 6-months.
    • Emergency Financial Assistance (link): Financial assistance for unexpected emergencies is available through the Emergency Needs Allowance. Here is a summary of the allowance rates. This allowance can cover costs for:
      • food
      • clothing
      • child care
      • transportation
      • damage deposit
      • temporary accommodation
      • utility arrears (once only)
      • eviction payments (once only)

The government of Canada has also posted a toolkit for private businesses here.

As we find more useful resources, we’ll add them to this list.

As always, please feel free to get in touch to talk about your small business or anything else that is troubling you.