Worker & Business Supports | Mar 18, 2020
Today the Prime Minister announced economic support for workers and small and medium sized business owners facing hardship due to the nationwide effort to slow the spread of the COVID-19 virus. Please see the summary below for the latest updates.
Economic Support:
- The government has allocated $27 billion for support to Canadians and $55 billion to meet liquidity needs through tax deferrals. This is a total of $93 Billion in financial aid.
Employment Insurance:
- The Office of Employment and Social Development states that Employment Insurance (EI) sickness benefits will provide up to 15 weeks of income replacement and is available to eligible claimants who are unable to work because of illness, injury or quarantine, to allow them time to restore their health and return to work.
- Canadians quarantined can apply for Employment Insurance sickness benefits.
Emergency Care Program/Emergency Care Benefits:
- In addition, funds will be provided in the form of an Emergency Care Program or Emergency Care Benefits for those who would not normally qualify for Employment
Insurance.
Enhanced Child Tax Filing Deadlines:
- Families can receive further funds through top ups on their Canada Child Benefits and the GST Credits.
Extended Tax Filing Deadline:
- Tax filing deadline is extended until June 1st, 2020 and tax payment deadline extended until July 31, 2020.
Small Business – Temporary Wage Subsidy:
- For employees and small businesses, the government of Canada has now provided a Small Business Temporary Wage Subsidy of 10% to keep employees on the pay roll.
This will provide up to $25000 per employer.