Note: The following information is based on the guidance provided by the federal government. For further details see the government’s Frequently Asked Questions, Backgrounder and Deferral of GST/HST Tax Remittances
What payments can I defer?
Income tax, GST/HST and customs duties can be deferred.
Income tax amounts that become owing by a business between March 18, 2020 and September 2020 can be deferred until August 31, 2020. This applies to tax balances due, as well as instalments, under Part I of the Income Tax Act.
Note: The following information is based on the guidance provided by the federal government. For further details see the government’s Frequently Asked Questions.
How much is the Canada Temporary Wage Subsidy (CTWS)?
10% of the wages normally earned by an employee.
The subsidy is equal to 10% of the remuneration you pay from March 18, 2020 to June 19, 2020, up to $1,375 for each eligible employee and to a maximum of $25,000 total per employer.
Ed. Note: Since posting, the CEWS was extended to August 29, 2020. The Government is consulting with business and labour representatives on potential adjustments to the program to incent jobs and growth, including the 30% revenue decline threshold. Further updates will be provided once available.