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Updates to the Federal & Provincial Government COVID-19 Relief Programs

The following are some recent updates made to Federal and Provincial Government COVID-19 relief programs. All information is updated and available on the MRSB COVID-19 resource page.

Canada Emergency Wage Subsidy (CEWS)

The Government of Canada announced that CEWS will be extended by an additional 12 weeks, to August 29, 2020. The eligibility criteria for period 4 (June 7 – July 4, 2020) remain unchanged. Any potential changes of period 5 (July 5, 2020 to August 1, 2020) and/or period 6 (August 2, 2020 to August 29, 2020) are expected to be announced in the near future.

Canada Emergency Response Benefit (CERB)

The Government of Canada announced that CERB will be extended by an additional eight weeks, bringing the extension for eligible workers for up to a total of 24 weeks. CERB is a taxable benefit of $2,000 per month to employees whose income and employment has been affected by COVID-19.

Tax Deadlines

Corporations

GST/HST payments or remittances that became owing on or after March 27, 2020 and before June 2020 are due on June 30, 2020. Tax return filing deadline for corporate returns that would otherwise have been due in June, July or August 2020 have been extended to September 1, 2020.

Individuals

Tax payment deadline for personal tax balances due for 2019 have been extended to September 1, 2020.

US Tax Returns

US federal tax return filing deadline is extended to July 15, 2020.

Canada Emergency Bank Account (CEBA)

The Government of Canada announced that more businesses may qualify for a CEBA loan of up to $40,000, including small businesses with payroll below $20,000. Sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll may also qualify for CEBA if they have:

  • A business operating account at a participating financial institution;

  • A Canada Revenue Agency business number;

  • Tax returns from 2018 or 2019; and

  • Eligible non-deferrable expenses of between $40,000 and $1.5 million.

Applications for CEBA were scheduled to open on June 19, 2020 but have been delayed with more details expected in the near future.

Moving Forward

Our team continues to monitor the updates and available programs that will best assist our clients with moving forward.

The Provincial Business Adaption Program is available for submissions until July 1, 2020 for any PEI business or entrepreneur to hire a professional for advice and support to adapt or recover from impacts of COVID-19. MRSB has been working with a number of clients to assist with accounting, tax and consulting advice.

As businesses on PEI continue to open up, a reminder of The COVID-19 Workspace Adaption Assistance Fund. This fund is to help small businesses purchase and install protective measures such as plexiglass dividers or handwashing stations to safeguard employees and customers. Businesses can receive up to $2,000 and the program will be retroactive to March 16th to support businesses that have already put measures in place to operate safely. Applications for this fund are open until July 16, 2020.

Please contact any member of our team with questions or requesting more information.

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