Business Owners’ COVID-19 Support Checklist

Since the onset of the COVID-19 pandemic, businesses have been subject to unprecedented challenges. As a response, the Federal Government has implemented numerous economic measures for businesses to help stabilize the economy amidst the COVID-19 pandemic. As we head into the final quarter of 2020, now is a good time to reflect upon what has transpired in 2020 and review the implications for your business. To assist you in this endeavour, we have compiled a checklist of issues which you can go through at your convenience to help you keep up to date with the various government programs available.  Each program below is described briefly and accompanied by a link to our full article on the topic.

Businesses

Business Owners

  • Understand the new tax filing and payment deadlines for individuals and the self-employed.
    • The individual tax filing deadline is deferred until June 1, 2020, and the deadline to pay any balance is deferred until September 30th, 2020.
    • The tax payment deadline for self-employed individuals is also deferred until September 30, 2020.
  • If necessary, inquire with your mortgage provider about deferring payments on homeowner Canada Mortgage and Housing Corporation (CMHC)-insured loans.
  • Capitalize on the prescribed rate loan reduction to 1% with loans to family members or trusts.
  • Review current interest rates to determine if restructuring debt or borrowing funds for investment purposes is beneficial.
  • Consider an estate freeze or review assets that had been frozen in the past.
  • If you have children, apply for the Ontario Government’s Support for Families, a one-time payment of $200 per child under 12 or $250 per child with special needs under 21.
  • Ensure Wills and Powers of Attorney are up to date.
  • Ensure all insurance policies are reflective of current circumstances.

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