Last update: 2020-03-18 at 1:20 p.m.
Hello everyone,
In this period of uncertainty, we wanted to help you navigate the turbulence and the various announcements. We will therefore update this table daily to help you in times of crisis.
Some of you are directly affected, I am thinking especially of the service industry, but other companies will suffer the indirect upheavals of the crisis , and keeping us informed will allow us to emerge from this new economic context with companies strong .
We believe that the measures put in place by the government are the right ones and we will be there, throughout the crisis, to communicate them to you and help you implement them.
Tax changes
| Corporate tax |
Quebec |
|
For businesses, Quebec orders a suspension of corporate tax payments and installments due from
March 17, 2020 until July 31, 2020. |
|
|
|
Canada |
|
Canada should soon announce a postponement as well.
In the meantime :
- Tax compliance, audit and collection activities can be postponed when you notify the CRA that you are affected by the coronavirus. If you have any problems with the deferral, contact one of our advisors or ask to speak with the debt collector’s team leader.
- In addition to deferring collection, the CRA is flexible with payment arrangements. To make arrangements, contact your debt collector with information on how the coronavirus is preventing you from paying your debt.
|
|
|
| Personal tax |
Quebec |
|
For individuals, the payment date is also
postponed by Quebec to July 31, 2020. |
| |
Canada |
|
The federal government should follow suit. |
|
|
| Self-employed workers |
Quebec |
|
For those who are not eligible for any measure, Quebec is setting up a program to help workers in isolation. This especially applies to self-employed workers. |
|
|
GST/QST and
deductions
at source. |
The Quebec government should make an announcement today for the GST/QST, you are trustees of the government for these amounts until further notice. |
Incentives
Loans
|
| Ottawa announces 10 billion available for loans. We invite you to contact your lenders to obtain capital and interest holidays and the 6 big banks are following suit. We can help you negotiate an agreement that will reduce your working capital. |
Employment Insurance
|
- Temporarily quarantined employees are eligible for employment insurance
- Removed the one-week waiting period so that they are paid for the first week
- Implementation of a new toll-free telephone number reserved for inquiries
- Priority processing of Employment Insurance sickness benefit claims from people in quarantine
|
Other measures
|
| Minister Girard announced $500 million in leeway to respond to the COVID-19 crisis and Ottawa has just announced $27 billion in measures . There will be other measures announced in the coming days, for SMEs and workers. We will keep you posted. |
Business advice
Non-essential services
|
| We suggest you cut non-essential services now. For our part, we have stopped cleaning and fruit services, while offering compensation of 20% of the monthly bill to support them. These partners are experiencing the same difficulties as us, don’t forget that. |
Management of employment records
|
| We can help you manage employment records and requests for tax measures put in place. Contact your business advisor to learn more. |
Communication
|
| We invite you more than ever to assume the position of leader with your teams. Communication is key, your very presence is sometimes more important than the message. |
Layoff
|
| If you need to lay people off, we suggest you do so as soon as necessary. They are eligible for employment insurance for lack of work (Code A) . Employees can make their request before the record of employment is issued by the employer to reduce the payment period by 28 days from the time of layoff. |
–
We believe that the measures put in place by the government
are the right ones and we will be there, throughout the crisis, to
communicate them to you and help you implement them.
We remain available to answer your questions,
do not hesitate to contact your business advisor so
that we can assist you.
Thomas-Louis and the Le Chiffre team
