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COVID-19 March 30 update

POSTED March 30, 2020 BY Yuri Kostowskyj Blog

Re: GST/HST payments and new wage subsidy

We continue to monitor the government’s response to COVID-19 which is changing daily as they try to keep up with its impact on our economy.

On March 27, 2020 the federal government announced that the deadline for the payment of GST/HST has been extended until June 30, 2020 for the following payments:

  • Monthly filers – remittances collected for the February, March and April 2020 reporting periods
  • Quarterly filers – remittances collected for the January, February and March 2020 reporting periods
  • Annual filers – if your GST/HST return or instalment is due in March, April or May 2020, remittances due from the previous fiscal year and the current year instalment

The federal government also announced a new wage subsidy on March 27, 2020 and provided more details today. The wage subsidy will apply to large and small businesses, non-profits and charities who have experienced a decline in revenue of 30% or more as a result of COVID-19.

We expect to get more details on this tomorrow and will be providing you with another update once the details are known, but in the meantime, the high-level announced today are:

  • The 75% wage subsidy will apply to an annual salary of up to $58,700 and the amount of the subsidy will be a maximum of $847 per week per employee
  • The wage subsidy will be available for up to 3 months
  • It will be retroactive to March 15, 2020
  • Businesses will have to show that revenue has declined by 30% or more as a result of COVID-19

We will continue to keep you informed and hope your families remain safe and healthy.