06 Apr 2020

Canada: Federal and Ontario Governments Economic Response Measures (Tax Update)

The Canadian and Ontario governments have pledged over $124 billion to fight the COVID-19 pandemic. MSI's Canadian accounting member Hogg, Shain & Scheck Professional Corporation provides an overview of the programs and initiatives which are geared towards keeping the economy moving by assisting businesses, the public sector and individuals through these challenging times by alleviating cash flow pressures many are facing.

Both levels of government’s economic measures aim to achieve this goal through:
  • direct cash infusions including wage subsidies, tax credits and benefits;
  • reducing cash outflows including deferrals of various federal and Ontario tax payments; and
  • increasing access to cash by way of interest-free loans for small businesses and incentivizing financial institutions to extend credit by guaranteeing credit facilities or sharing default
In many cases, the logistics of the programs and initiatives, such as how funds will flow or how application processes for wage subsidies will work, are still being developed. We will update our newsletter as the plans are fleshed out. However, given the large volume of announcements made to date, we wanted to provide an easy to follow summary of the key economic initiatives announced through March 30, 2020. The summary is separated by businesses, charities/NPOs and individuals so you can hone in on the measures meant for you. Download and view the comparative overview >>

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