Federal application processes are starting this week and you'll want any funds being provided to arrive as quickly and easily as possible. Access or setup your CRA account here.
2. Defer your PST and Employer Health Tax payments to the end of September.
See full list of BC tax deferments here.
3. Defer GST and Federal tax payments to the end of June.
The CRA will allow all businesses to defer, until the end of June 2020, any GST/HST payments or remittances that become owing on or after March 27th and before June 2020. This means that no interest will apply if your payments or remittances are made by the end of June. The deadline for businesses to file their returns is unchanged.
The Canada Revenue Agency will allow all businesses to defer, until August 31st, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act.
Read more about federal tax deferrals here.
4. Explore options with BC Hydro to defer bill payments or arrange for flexible payment plans with no penalty.
BC Hydro is offering customer assistance programs to help customers experiencing financial hardship during the Coronavirus outbreak.
It was announced today that residential customers who have lost their jobs or are unable to work as a result of COVID-19 will receive a credit to help cover the cost of their electricity bills. The credit will be three times their average monthly bill over the past year at their home and does not have to be repaid. Small businesses that have been forced to close due to COVID-19 will have their power bills forgiven for three months. BC Hydro is waiving bills for these customers from April to June 2020.
Contact BC Hydro to receive a 3-month credit here.
5. Defer ICBC payments for 90 days.
Customers on a monthly payment plan who are facing financial challenges due to COVID-19 may defer their payment for up to 90 days with no penalty
Contact ICBC to defer payment here.
6. Explore the Canada Emergency Business Account.
Up to $40,000 loan, interest free for one year through financial institutions, but fully backed by the federal government. For some businesses, up to $10,000 may be forgivable. The loan will be available directly through your financial institution in coming week.
Learn more about the Canada Emergency Business Account here.
7. Explore your eligibility for the Federal Wage Subsidy program.
This program helps companies of all sizes, non-profits, and charities that have faced revenue decreases of at least 30% by providing employers a 75% wage subsidy, back-dated to March 15.
Since the initial announcement, the government has relaxed the qualification metrics, with businesses now needing to prove a 15% decline in revenues as opposed to the original 30% and can choose to use January and February as a reference point as opposed to March to show this loss. Charities and not for profits can choose to include or exclude any government funding when showcasing loss year over year. However, there is no clear guideline yet for businesses that just opened in 2020 or for seasonal businesses that are typically closed in March, April, and May.
The Canada Emergency Wage Subsidy would apply at a rate of 75% of the first $58,700 normally earned by employees – representing a benefit of up to $847 per week. The program would be in place for a 12-week period, from March 15 to June 6, 2020.
Read about the recent changes to the EWS.
Learn more about the Emergency Wage Subsidy here.
8. Defer individual tax payments.
For individuals, the deadline to file taxes is now June 1st. If you do owe taxes after this later filing date, you will now have until August 31st to make the payment.
9. Consult with your municipality to see if they are offering any tax deferral options.
At this time, we do not know of any tax deferral options from the City of Prince Rupert, however, we have submitted a request listing some municipal relief programs we ask that hey consider specific to the tourism sector.
10. Share information about the employment benefits available to your staff: