What government supports are currently available to Ontario businesses?

Canada Emergency Wage Subsidy
Any company can qualify no matter what size. This includes non-for-profits and charities. Companies must demonstrate their revenues have decreased by 30% or more to be eligible. The federal government will cover up to 75% of an employee’s salary on the first $58,700 earned which means up to $847 a week. Funds will be back-dated to March 15. The Prime Minister encouraged businesses that have the means to pay the remaining 25% of salaries.

Tax Filing
Deadline extensions:
Individuals have until June 1, 2020, to submit their income tax return.
For trusts (having a taxation year ending on December 31, 2019), tax filing is deferred until May 1, 2020.

Tax Payment Deferrals
Federal taxes: Individuals and businesses will be able to defer their income tax payments (for taxes owed between March 18, 2020 and September 2020) until August 31, 2020. Businesses can defer GST and HST remittances until June 30. Importers can defer customs duty and sales tax payments until June 30.

Provincial and municipal taxes: Ontario is deferring provincially administered taxes from April 1 to August 31. Ontario is also deferring education property taxes for 90 days, and working with municipal partners to provide municipal property tax relief to businesses and residents.

Employer Health Tax: Ontario is retroactively reducing the Employer Health Tax (EHT) and temporarily increasing the exemption from $490,000 to $1 million for 2020.

Government Financing
A new Business Credit Availability Program has been announced to make more than $10 billion available to Canadian businesses in financing and credit insurance solutions through Export Development Canada (EDC) and the Business Development Bank of Canada (BDC).

Credit support targeted towards small- and medium-sized enterprises (SMEs) includes:
  • Interest-free loans of up to $40,000 through a new Canada Emergency Business Account.
  • A loan guarantee for loans of up to $6.25 million.
  • A co-lending program between financial institutions and BDC.
Businesses seeking support through these programs should contact the financial institutions with whom they have a pre-existing relationship.

Farmers and the agri-food sector will receive additional credit through Farm Credit Canada.

Finally, if your business is able to manufacture technology, equipment, and medical products to aid in the fight against COVID-19, you may be eligible for funding from:

  • Next Generation Manufacturing Canada (NGen). Supercluster funding to support companies as they rapidly respond to the COVID-19 pandemic by building a Canadian supply of essential equipment, products, and therapeutics.
  • The National Research Council of Canada’s Industrial Research Assistance Program and Innovative Solutions Canada. Funding for small- and medium-sized businesses (fewer than 500 staff) to supply products or solutions in response to COVID-19 related challenges.

You will find helpful links to information on our website .

Here is another helpful tool from Baker Tilly Canada to guide you through some of the relief measures.