The Government of Canada is taking immediate, significant and decisive action to support Canadians and businesses facing hardship as a result of the global COVID-19 outbreak.
In regard to relief for employers, the Government of Canada has several programs in place, and is continuing to review and enhance relief options for businesses. These relief programs provide access to credit, payment deferrals and financial stimulus to avoid employee layoffs and encourage rehiring.
While the scope of these programs is wide ranging, this communication is a high-level overview of several cash flow and tax relief considerations available to our valued customers.
The Canada Emergency Wage Subsidy (CEWS)
10% Wage Subsidy
Business Credit Availability Program (BCAP)
$40,000 Canada Emergency Business Account
Farm Credit Canada (FCC) COVID-19 Support Program
Delayed Payment of Income Taxes
Deferral of Sales Tax Remittance and Customs Duty Payments Until June
The Canadian Federation of Independent Business (CFIB) has established a small business help center with numerous resources to navigate the COVID-19 pandemic, including a guide to the financial assistance by province
Canadian companies should review the legislation, determine your eligibility and seek guidance from your accounting, tax and finance professionals.
Helpful links are provided below.
As your business partner, Penske will continue to monitor and provide timely updates on developments as they arise.
Government of Canada:
Canada’s COVID-19 Economic Response Plan:
Farm Credit Canada COVID-19 Support:
Canadian Federation of Independent Business (CFIB):
Financial Assistance by Province / Territory: