PwC Canada experts offer advice on federal and provincial business assistance in a webinar. (Greater Vancouver Board of Trade)

PwC Canada experts offer advice on federal and provincial business assistance in a webinar. (Greater Vancouver Board of Trade)

Businesses advised to prepare for federal, B.C. COVID-19 assistance

Canada Revenue Agency portal expected to open this week

Navigating Canadian and B.C. government programs offering business assistance for the effects of the COVID-19 pandemic has been a daunting task, with the programs themselves evolving and taking time to establish as millions of people are forced out of work.

A web program presented April 1 by the Greater Vancouver Board of Trade offers a checklist of steps for businesses to take as they prepare for Ottawa’s expanded wage subsidy program and other assistance to businesses.

The 75 per cent wage subsidy requires a vote in the House of Commons to approve the expenditure. Finance Minister Bill Morneau has indicated that delivery of funds will take about six weeks to establish an application and approval process.

An important step that can be taken now, said PwC Canada experts leading the web program, is to make sure a Canada Revenue Agency business account is set up with accurate direct deposit information to allow transfer of funds. The “my CRA business account” page is here.

CRA is establishing a new portal to house various application forms, expected to be up and running the week of April 6. The CRA is allowing deferred GST and federal tax payments owing from March 27 to the end of June, but requires businesses to continue to file tax returns. More information from CRA is here.

The federal finance department has established the Canada Emergency Business Account, with loans of up to $40,000, interest free for one year. They will be delivered through financial institutions with a federal loan guarantee. That program is also expected to be available the week of April 6, and information is available here.

The federal wage subsidy program will extend to businesses, non-profits and charities, aimed at keeping people in their jobs. It requires employers to show a 30 per cent drop in gross revenues of at least 30 per cent in March, April or May, compared with the same month or months in 2019. It would apply at a rate of 75 per cent of the first $58,700 normally earned by an employee, for a benefit of up to $847 per week. Employers should check their eligibility here.

RELATED: Canada’s 75% wage subsidy is coming – in six weeks

RELATED: Trudeau says Parliament needs to pass COVID-19 aid

Businesses should share information with employees on the Canada Emergency Response Benefit, which offers up to $2,000 per month for four months for workers who have lost their income for reasons related to COVID-19 including sickness, quarantine, and needing to stay home with children. Applications for that are expected to be open the week of April 6, with payments expected to begin by April 16. Details are here.

From the B.C. government, provincial sales tax and employer health tax payments may be deferred to Sept. 30. A list of provincial tax deferments is available here.

The B.C. emergency benefit for workers, a tax-free one-time payment of $1,000 for individuals who qualify for the Canada Emergency Response Benefit, is expected to be available in May. Details are here.

B.C. Hydro is offering residential and small business customers who lose employment due to COVID-19 a three-month “holiday” equal to their average monthly bill over the past year. Bills will be waived for April, May and June for qualifying businesses, and details are available here.

• ICBC is allowing affected customers to defer payments for 90 days, including for fleet insurance. Details are here.

The PwC Canada presentation is part of a series of web programs hosted by the Greater Vancouver Board of Trade. The series can be found here.


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

BC legislatureCoronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

(Photo: MOSAIC/Facebook)
Organization receives $10K from B.C. government to tackle racism in Surrey, White Rock

Funding to go toward forum for International Day for the Elimination of Racial Discrimination

A science class at L.A. Matheson Secondary. March 2021. (Photo: Lauren Collins)
Reports of student attendance ‘dwindling’ at Surrey schools: teachers’ association

STA president said he’s heard from staff that students might not attend in-person for 4th quarter

Sports broadcaster and 30-year high school football coach Farhan Lalji. (Image via farhanlalji.com)
Farhan Lalji chats about the new B.C. high school sports governance proposal

Lalji, a 30-year high school football coach, thinks the new proposal will be bad for student athletes

Delta character - and former White Rock resident - Pansy May Stuttard inspects a loaded revolver in the cover photo for Jim Dwight and Gary Cullen’s fascinating biography, Lord don’t want me Devil won’t take me. Contributed photo
West Coast’s ‘Pistol-packin’ Pansy’ lives on in colourful biography

Infamous Delta character ended her days in White Rock and South Surrey

Vancouver resident Beryl Pye was witness to a “concerning,” spontaneous dance party that spread throughout social groups at Kitsilano Beach on April 16. (Screen grab/Beryl Pye)
VIDEO: Dance party erupts at Vancouver’s Kitsilano Beach to the dismay of onlookers

‘It was a complete disregard for current COVID-19 public health orders,’ says Vancouver resident Beryl Pye

Pall Bearers carrying the coffin of the Duke of Edinburgh, followed by the Prince of Wales, left and Princess Anne, right, into St George’s Chapel for his funeral, at Windsor Castle, in Windsor, England, Saturday April 17, 2021. (Danny Lawson/Pool via AP)
Trudeau announces $200K donation to Duke of Edinburgh award as Prince Philip laid to rest

A tribute to the late prince’s ‘remarkable life and his selfless service,’ the Prime Minister said Saturday

B.C. homeowners are being urged to take steps to prepare for the possibility of a flood by moving equipment and other assets to higher ground. (J.R. Rardon)
‘Entire province faces risk’: B.C. citizens urged to prepare for above-average spring flooding

Larger-than-normal melting snowpack poses a threat to the province as warmer weather touches down

Vancouver-based Doubleview Gold Corp. is developing claims in an area north of Telegraph Creek that occupies an important place in Tahltan oral histories, said Chad Norman Day, president of the Tahltan Central Government. (THE CANADIAN PRESS/HO)
B.C. Indigenous nation opposes mineral exploration in culturally sensitive area

There’s “no way” the Tahltan would ever support a mine there, says Chad Norman Day, president of its central government

Stz’uminus Elder George Harris, Ladysmith Mayor Aaron Stone, and Stz’uminus Chief Roxanne Harris opened the ceremony. (Cole Schisler photo)
Symbolic red dresses rehung along B.C. highway after vandals tore them down

Leaders from Stz’uminus First Nation and the Town of Ladysmith hung new dresses on Sat. April 17

A Western toadlet crosses the centre line of Elk View Road in Chilliwack on Aug. 26, 2010. A tunnel underneath the road has since been installed to help them migrate cross the road. Saturday, April 24 is Save the Frogs Day. (Jenna Hauck/ Progress File)
Unofficial holidays: Here’s what people are celebrating for the week of April 18 to 24

Save the Frogs Day, Love Your Thighs Day and Scream Day are all coming up this week

Local carpenter Tyler Bohn embarked on a quest to create the East Sooke Treehouse, after seeing people build similar structures on a Discovery Channel show. (East Sooke Treehouse Facebook photo)
PHOTOS: B.C. carpenter builds fort inspired by TV’s ‘Treehouse Masters’

The whimsical structure features a wooden walking path, a loft, kitchen – and is now listed on Airbnb

The Attorney General’s Ministry says certain disputes may now be resolved through either a tribunal or the court system, pending its appeal of a B.C. Supreme Court decision that reduced the tribunal’s jurisdiction. (AP Photo/Mark J. Terrill)
Court of Appeal grants partial stay in ruling on B.C. auto injuries

B.C. trial lawyers challenged legislation brought in to cap minor injury awards and move smaller court disputes to the Civil Resolution Tribunal

An Extinction Rebellion Vancouver Island (XRVI) climate change event in 2019 saw a large crowd occupy the Johnson Street bridge. Black Press File Photo
‘In grief for our dying world’: B.C. climate activists embark on 4-day protest

Demonstrators will walk through Vancouver for the first two days before boarding a ferry Sunday morning

Most Read