COVID-19 March 26 update
At the end of the day yesterday, the Ontario government announced further measures in its action plan to curb the impact of Covid-19 on Ontario and its residents. The plan is focused on providing funding to the health care system as well as critical funding for Ontario residents and businesses. The plan is expected to reach $17 billion, including $7 billion for heath care and $10 billion for the people and businesses of the Province.
To help the people and businesses the plan will include:
- Help with day care and childcare, a one-time payment of $200/child up to the age of 12 and $250 for those with special needs.
- Ontario Student Assistance Program (OSAP) will have a six-month loan and accrual of interest relief.
- The deferral of the June 30, 2020 quarterly municipal remittance of education and property tax to school boards by 90 days with the view that residents will ultimately be provided with deferrals on property taxes.
- The provision of affordable electricity usage while home, residents, farmers, and small businesses will be charged at the “off peak” time of use rate for 24 hours per day for 45 days.
- Businesses will be given five months of interest and penalty relief on provincially administered taxes.
- Employers will be able to defer payments to the Workplace Safety and Insurance Board (WSIB) by six months.
- Businesses will be aided with a temporary increase to the exemption level on which Employers Health Tax (EHT) is levied.
We hope you and your families remain safe and healthy throughout this challenging time.