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Covid-19: Mazars by your side
The unprecedented health crisis we are facing creates new operational, economic and crisis management challenges for all. The federal and provincial governments have continuously altered regulations. What are the ramifications for your employees and your business?
Below we share action steps and informational items that our teams have identified to assist you through these difficult times.
Below we share action steps and informational items that our teams have identified to assist you through these difficult times.
Covid-19: Canada Emergency Response Benefit
To support workers and help businesses keep their employees, the federal government has proposed legislation to establish the Canada Emergency Response Benefit (CERB). This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic.
Covid-19: Flexibility Measures from the Federal and Québec Governments
Covid-19: Temporary Wage Subsidy for Employers
To support businesses that are facing income losses and to help prevent layoffs, the federal government is proposing a temporary wage subsidy for three months for eligible small-business employers. The subsidy will be equal to 10% of the compensation paid during this period, up to a maximum of $1,375 per employee and $25,000 per employer. Businesses will be able to take immediate advantage of this support measure by reducing their income tax remittances withheld from their employees' wages.
Covid-19: Deferral of Sales Tax Remittance
The Federal government announced on March 27, 2020 that taxpayers will have until June to make their GST and HST payments. Regarding the QST, the Québec government has also announced that taxpayers will have until June 30 to make their payment.
Covid-19: Dealing with the pandemic as a Privately Owned Business
As we all know, the Covid-19 pandemic is a very serious threat to the health and wellbeing of people throughout the world. The spread of the virus, as well as efforts to contain it, are now significantly impacting our daily lives. The priority must be to take all actions required to mitigate the effect of the pandemic and protect our people. We must also acknowledge the inevitable knock-on effect of major economic uncertainty, which hugely impacts privately-owned businesses.
Covid-19: Business Defence Approach
Although the Covid-19 crisis is first and foremost a public health emergency, the economic impact of the virus is beginning to emerge and it is clear that all businesses will be affected, regardless of sector. For some businesses, the pandemic has already had a detrimental effect on cash flow which requires immediate attention; others are at a stage where it is essential to start serious contingency planning for a global economic downturn.
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