Prime Minister Justin Trudeau announced a $40 million investment in Mitacs internships to create 5,000 new internships.
The Government of Canada officially launched the Canada Student Services Grant program.
The Government of Canada announced new funding of over $60 million to create 10,000 new job placements through the Canada Summer Jobs program.
Support for BusinessesIf you have questions about how your business can use these programs, please use the live chat function to contact our team, or email firstname.lastname@example.org.
Canada Emergency Wage Subsidy
The Canada Emergency Wage Subsidy will allow all businesses, non-profit organizations, and charities with a revenue decrease of 30 percent or more due to COVID-19 to be eligible for the 75 percent wage subsidy program. This would provide a 75 percent wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020.
Business Credit Availability Program
The Business Credit Availability Program (BCAP) will provide more than $65 billion of support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC), largely targeted to SMEs.
Canada Emergency Business Account
The Canada Emergency Business Account is an interest-free loan of up to $40 000 to small businesses and not-for-profits.
Co-Lending Program for SMEs
Business Development Bank of Canada (BDC) will work with financial institutions to co-lend term loans to SMEs.
Loan Guarantee for SMEs
Overview: Export Development Canada is working with financial institutions to allow them to issue new operating credit and cash flow term loans of up to $6.25 million to SMEs.
How It Works: Businesses must contact their financial institution to determine whether this program is appropriate for their needs.
Work-Sharing Program Extension
The government will extend the maximum duration of the work-sharing program from 38 weeks to 76 weeks.
Income Tax Deferrals
The government will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 1, 2020.
GST/HST Tax and Customs Duty Payments Deferrals
The government will allow businesses, including self-employed individuals, to defer payments of the GST/HST and customs duties owing on their imports until June 30, 2020.
Advance Payments Program
Support for IndividualsMany supports for individuals are being administered by the federal government.
Canada Emergency Response Benefit (CERB)
The Canada Emergency Response Benefit (CERB) is a taxable benefit that would provide $2000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic. The CERB combines and replaces the previously announced Emergency Care Benefit and Emergency Support Benefit.
Reduction in the Minimum RRIF Withdrawal
The federal government is reducing the required minimum withdrawals from Registered Retirement Income Funds (RRIFs) by 25 percent for 2020.
Changes to Canadian Taxes and Benefits
Canada Revenue Agency has deferred filing due dates for the 2019 tax return of individuals, corporations and trusts.
Mortgage Support Payment Deferral
Canada’s largest banks are offering mortgage payment relief to customers by way of deferred mortgage payments. COVID-19 related mortgage deferral is available for an indefinite period and customers do not face a deadline for having to seek relief.