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

An aerial shot of Cedar Valley Lodge this past August, LNG Canada’s newest accommodation for workers. This is where one employee is still currently isolating after a COVID-19 outbreak was first declared on Nov. 19. (Photo courtesy of LNG Canada)
54 positive COVID-19 cases associated with LNG Canada site outbreak

There’s been a two-person increase in positive cases since Tuesday (Dec. 1)

K-J Millar/The Northern View
8 confirmed COVID-19 deaths in the Northern Health Authority

Since Nov. 27, there have been 191 new cases reported in NHA

A coal-fired power plant seen through dense smog from the window of an electric bullet train south of Beijing, December 2016. China has continued to increase thermal coal production and power generation, adding to greenhouse gas emissions that are already the world’s largest. (Tom Fletcher/Black Press)
LNG featured at B.C. energy industry, climate change conference

Hydrogen, nuclear, carbon capture needed for Canada’s net-zero goal

Two snowmobilers stranded overnight near Yanks Peak were rescued Wednesday, Dec. 2 by Central Cariboo Search Rescue with mutual aid from Prince George Search and Rescue and South Cariboo Search. (Central Cariboo Search and Rescue photo)
Central Cariboo Search and Rescue rescues two snowmobilers from Cariboo Mountains

Prince George Search and Rescue, South Cariboo Search and Rescue did mutual aid

Victoria’s Royal Jubilee Hospital took in two COVID-19 patients from Northern Health as part of a provincial agreement. (Black Press Media file photo)
Victoria hospital takes in two COVID-19 patients from Northern Health

Royal Jubilee Hospital takes patients as part of provincial transport network

Pickleball game in Vancouver on Sunday, November 8, 2020. B.C.’s public health restrictions for COVID-19 have been extended to adult team sports, indoors and outside. THE CANADIAN PRESS/Darryl Dyck
711 more COVID-19 cases detected in B.C. Friday

‘Virus is not letting up and neither can we’

Demonstrators, organized by the Public Fishery Alliance, outside the downtown Vancouver offices of Fisheries and Oceans Canada July 6 demand the marking of all hatchery chinook to allow for a sustainable public fishery while wild stocks recover. (Public Fishery Alliance Facebook photo)
Angry B.C. anglers see petition tabled in House of Commons

Salmon fishers demand better access to the healthy stocks in the public fishery

(Hotel Zed/Flytographer)
B.C. hotel grants couple 18 years of free stays after making baby on Valentines Day

Hotel Zed has announced a Kelowna couple has received free Valentines Day stays for next 18 years

Farmers raise slogans during a protest on a highway at the Delhi-Haryana state border, India, Thursday, Dec. 3, 2020. Prime Minister Justin Trudeau rejected the diplomatic scolding Canada’s envoy to India received on Friday for his recent comments in support of protesting Indian farmers. Tens of thousands of farmers have descended upon the borders of New Delhi to protest new farming laws that they say will open them to corporate exploitation. THE CANADIAN PRESS/AP-Manish Swarup
Trudeau brushes off India’s criticism for standing with farmers in anti-Modi protests

The High Commission of India in Ottawa had no comment when contacted Friday

Nurse Kath Olmstead prepares a shot as the world’s biggest study of a possible COVID-19 vaccine, developed by the National Institutes of Health and Moderna Inc., gets underway Monday, July 27, 2020, in Binghamton, N.Y. U.S. biotech firm Moderna says its vaccine is showing signs of producing lasting immunity to COVID-19, and that it will have as many as many as 125 million doses available by the end of March. THE CANADIAN PRESS/AP-Hans Pennink
Canada orders more COVID vaccines, refines advice on first doses as cases reach 400K

Canada recorded its 300,000th case of COVID-19 on Nov. 16

Apartments are seen lit up in downtown Vancouver as people are encouraged to stay home during the global COVID-19 pandemic on Thursday, Dec. 3, 2020. British Columbia’s deputy provincial health officer says provincewide data show the most important area B.C. must tackle in its response to the COVID-19 pandemic is health inequity. THE CANADIAN PRESS/Marissa Tiel
Age, income among top factors affecting well-being during pandemic, B.C. survey shows

Among respondents earning $20,000 a year or less, more than 41 per cent reported concern about food insecurity

Victoria-based driving instructors are concerned for their own and the community’s safety with the continued number of residents from COVID hotspots in the Lower Mainland coming to the city to take their driving road tests. (Black Press Media file photo)
Students from COVID hotspots travel to Vancouver Island for driving tests

Union leader calls on government to institute stronger travel ban

British Columbia Health Minister Adrian Dix wears a face mask to curb the spread of COVID-19, during an announcement about a new regional cancer centre, in Surrey, B.C., on Thursday, August 6, 2020. THE CANADIAN PRESS/Darryl Dyck
PHSA bought faulty respirators; spent money on catering, renovations: Dix

Such spending included ‘unnecessary, unbudgeted renovations’ to the authority’s headquarters in Vancouver

B.C. NDP leader John Horgan releases his election platform, Vancouver, Oct. 6, 2020, featuring COVID-19 relief payments promised for most households. (B.C. NDP photo)
Next $1.5 billion in B.C. COVID-19 cash ‘prudent,’ Horgan says

New round of payments for household incomes up to $175,000

Most Read