Today’s Update

  • The Government of Canada’s COVID-19 Economic Response plan
  • Support from Chamber member Business Development Bank of Canada
  • Important benefits offered by Chamber Plan group insurance

Government of Canada’s Economic Response Plan For Business

  • All businesses can defer, until after August 31, 2020, 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. No interest or penalties will accumulate on these amounts during this period. This measure will result in businesses having more money available during this period.
  • Increased credit is available to small, medium, and large Canadian businesses. As announced on March 13, a new Business Credit Availability Program will provide more than $10 billion of additional support to businesses experiencing cash flow challenges through the Business Development Bank of Canada and Export Development Canada.
  • Extend the tax filing deadline for individuals to June 1, and allow all taxpayers to defer, until after August 31, 2020, 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 Pa
    rt I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
  • Provide eligible small businesses a 10 per cent wage subsidyfor the next 90 days, up to a maximum of $1,375 per employee and $25,000 per employer. Employers benefiting from this measure would include corporations eligible for the small business deduction, as well as not-for-profit organisations and charities.

Read the full release from the Government of Canada

BDC Announces Additional Measures to Provice Relief for Canadian Entrepreneurs

Effective immediately, new relief measured for qualified businesses include:

  • Working capital loans of up to $2 million with flexible terms and payment postponements for up to 6 months for qualifying businesses;
  • Postponement of payments for up to six months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less
  • Reduced rates on new eligible loans
  • Additional details regarding Business Credit Availability Program (BCAP) measures, including industry specific support, to be announced in the coming days.

Click here to read the full release, or contact Will Deng at the BDC for more info, will.deng@bdc.ca.

The Big Six Banks Update

Effective immediately, Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have made a commitment to work with personal and small business banking customers on a case‑by‑case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; child-care disruption due to school closures; or those facing illness from COVID-19.

The Chambers Plan

The Chambers Plan has developed a COVID-19 updates link to provide up-to-date information. Please check back to the link regularly as the document will be constantly updated.

Resources that are available to you with the Chambers Plan coverage:

  • Teladoc telemedicine service is available, at no charge,providing medical access to a doctor from your smartphone.
  • Healthy Business Bookmark a full suite of HR resources, is available at www.my-benefits.ca under your Admin Access including templates and letters.
  • Business Assistance Service (BAS) provides 9 hours of legal, accounting and HR advice every calendar year (by phone) to help with issues related to your business and employees.

For assistance, please reach out to Your Advantage Insurance here.

Check out Brant.One’s interview with Advantage Insurance Partner Jay Allen here.