Highlights

Summary of the measures adopted in response to Covid-19 virus

In response to Covid-19 virus, here is a summary of the measures adopted up to date :

Taxation

Announcement of the Quebec Minister of Finances.

Tax return filing deadline

Individuals : For personal tax returns which filing due date is April 30, 2020, this date is postponed to June 1, 2020.

Trusts : For trusts (other than a specified investment flow-through trust), the deadline of March 30, 2020, is postponed to May 1, 2020.

Payment of tax balances

Individuals : The tax balances (including RRQ, QPIP, FSS and the drug insurance plan) that would be due on April 30, 2020, can be paid no later than July 31, 2020.

Trusts : For trusts (other than a specified investment flow-through trust), the tax balance that would be due from March 17, 2020 may be paid no later than July 31, 2020.

Corporations : Corporations that have to pay a tax balance between March 17 and July 31, 2020 will be able to pay this balance later. The exact deadline will be announced later.

Installment payments – Tax only

Individuals : Installments due for June 15, 2020 are postponed to a date after July 31 which will be announced later. With regard to the installments of March 15, 2020, no announcement has been made. We will keep you posted if there is any development regarding this matter.

Trusts : For trusts (other than a specified investment flow-through trust), installments due for June 15, 2020 are postponed to a date after July 31 which will be announced later. With regard to the installments of March 15, 2020, no announcement has been made. We will keep you posted if there is any development regarding this matter.

Corporations : Installments due for the period March 17 to July 31, 2020 are postponed to a date after July 31 which will be announced later.

Source deductions, GST and QST

No announcement has been made regarding the remittance of source deductions, the filing of sales tax reports (GST / QST) and the payment of sales taxes

PLEASE NOTE: These measures only apply for Quebec. As soon as we receive information for the federal government, we will notify you. To that effect, there should be an announcement by the end of the week.

Financing

Announcement made by the Federal Government

Additional $ 10 billion support

To meet the challenges which businesses and individuals are presently facing, the Canadian government is currently implementing a business credit program. This will encourage increased private sector funding through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC) by coordinating financing solutions and credit insurance with additional support of $ 10 billion.

Easing of liquidity reserves required in financial institutions (300 billion dollars additional funds)

The OSFI (Office of the Superintendent of Financial Institutions) is relaxing the terms of the stability reserve that banks must hold. This will increase the lending capacity of major Canadian banks by $ 300 billion and support the supply of credit.

Bankers acceptances

The Bank of Canada is implementing a new banker acceptance acquisition mechanism that will support an essential financing market for small and medium-sized businesses.

Bond buyout

The Bank of Canada has announced that it is expanding the scope of the Government of Canada bond buyback program to inject liquidity into the market and support the pricing process.

Employment insurance

Elimination of the one week waiting period for new providers who are placed in quarantine so that this week is paid to them.

Implementation of a new toll-free telephone number for inquiries: 1- 833-381-2725.

Priority processing of EI sickness benefit requests from clients in quarantine.

No medical certificate to provide for quarantined persons who request EI.

People who cannot apply for employment insurance because they are in quarantine can apply later and will have their employment insurance application backdated to cover the period.

Announcement made by the Quebec Government

Temporary worker assistance program ” $ 573 / week ”

Admissibility

1. Quebec residents who :
•Have contracted the virus or present symptoms;
•Have been in contact with an infected person;
•Are back from abroad.

2. Admissible workers who :
•Are not compensated by their employer;
•Have no private insurance;
•Are not admissible to governmental EI programs;
•Are 18 years and older;

Financial assistance

1. $ 573 / week for a period of 14 days
2. Extensions up to 28 days possible

To make a request

1. A form will be available starting March 19, 2020

Other contributors

Financial institutions

Most financial institutions have plans of action to help their clients who are experiencing financial difficulties caused by COVID-19. To this end, we suggest that you contact your account manager.

As we get more details on the various measures already announced by governments as well as the measures to come, we will keep you informed.

Share this article