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Last updated: April 1, 2020

This page will summarize how to access the benefits designed to help you and your business through the financial difficulties caused by COVID-19.  It will be updated as more announcements are made.  Where possible, links (shown in green font) will be provided to further information and resources.  We encourage you to visit the Federal and Alberta links for a full list of benefits.

Whether you're an individual or a business or both, if you expect any financial hardship from COVID-19, we strongly encourage you to take action now.  It's easier to get concessions from your financial institution, landlord, utility company and suppliers if you engage with them early in the process.

If you're not sure how bad it will get, a good place to start is by preparing a detailed analysis of your current cost structure along with a cash flow forecast that incorporates sensitivity analysis. That may sound like it only applies to businesses, but a simplified version can help individuals too.

If you have any questions or need help with anything, please contact us. That's what we're here for!

Support for Individuals

Federal
  • Employment Insurance - Apply online if you were recently laid off or have reduced hours
  • Canada Emergency Response Benefit ($2,000 a month for up to 4 months) - Apply online starting April 6 and receive benefit in 3-5 days by direct deposit or in 10 days by cheque through the mail.  The CRA has set-up specific dates for you to apply based on your birth month.  If you plan to apply for this benefit, the government has recommended you sign up for My Account through CRA and direct deposit to receive the benefit as soon as possible.
  • Increased Canada Child Benefit "CCB" (extra $300 per child = approx. $550 for average family in May) - Automatic; no need to apply if you already receive the CCB
  • Increased GST credit (average of approx. $400 for single individuals and $600 for couples by early May) - Automatic; no need to apply
  • A reminder to file your 2019 personal tax return if you are expecting a refund or expect to qualify for the CCB or GST credit... don't wait until June 1 to file!

Alberta
Defer payments such as:
  • Utilities - Call your utility provider
  • Canada Student Loans and Alberta Student Loans - Six months beginning March 30, no need to apply
  • Loans and mortgages - Call your financial institution

Support for Businesses

Federal
  • Canada Emergency Wage Subsidy - Effective Mar 15/20, any business or non-profit organization that experienced a decrease in revenue of at least 30% will qualify for a wage subsidy of 75% of the first $58,700 of each employee's annual salary, which is a maximum of $847 per week per employee.  The 30% is calculated by comparing to the same month last year (e.g. March 2020 vs. March 2019) and businesses will have to re-apply each month.  Applications can be made through CRA's My Business Account or a web-based application in the coming weeks.  Businesses that don't qualify for the 75% subsidy will still have access to the Temporary Wage Subsidy (next bullet).
  • Temporary Wage Subsidy - Subsidy of 10% of remuneration paid between Mar 18/20 and Jun 20/20 up to $1,375 per employee and a maximum of $25,000 per employer. If you have a payroll provider, see if they have a solution. Otherwise, here is a free Excel template and instructions on YouTube from Tax Templates Inc.
  • GST/HST deferral - Certain payments have been deferred until June 30. Click on the link to read the details as the specifics vary based on your reporting period.
  • Work-Sharing program - An EI program that helps to avoid layoffs; must be submitted 30 days before the requested start date
  • New Loan Programs for Businesses - Additional support, largely targeted to small and medium-sized businesses.  One interesting program is the Canada Emergency Business Account, which will provide interest-free loans of up to $40,000 to small businesses and not-for-profits.  To qualify, organizations need to show they paid between $50,000 and $1,000,000 in total payroll in 2019.  Repaying the loan by December 31, 2022 will result in loan forgiveness of 25% (up to $10,000).  Contact your financial institution to apply for these loans.
  • Note that only income tax and GST/HST payments are deferred until August 31. Businesses must still make their scheduled payroll remittances.

Alberta
  • WCB premium payment deferral (pdf) - 2020 premiums deferred to 2021 at which time small and medium-sized private employers will have 50% of their 2020 premiums waived. If you have already made payments towards 2020 premiums, they will be refunded automatically.
  • Education property tax deferral - The increase from Budget 2020 was reversed and collection will be deferred for 6 months. Commercial landlords have been encouraged to pass savings on to tenants.
  • If you have tough decisions surrounding employees, speak to your employment lawyer first. There are new rules around job-protected leave related to COVID-19 as well as possible implications around restricting travel, notification of possible exposure, privacy rights, occupational health and safety, human rights and so on.

Defer payments such as:
  • Utilities - Call your utility provider
  • Loans and lines of credit (or access additional working capital) - Call your financial institution

Contact Us

  •   102 - 7777 10 Street NE
  •   Calgary, AB T2E 8X2



Send Us a Message


Contact Us

  •   102 - 7777 10 Street NE
  •   Calgary, AB T2E 8X2
  •   M - F  9:00am - 5:00pm

Send Us a Message