UPDATES March 18, 2020
Economic Response Package from Canadian Government for COVID-19
March 18, 2020 – The Government of Canada has announced details on the $82 billion aid package for Canadians and Businesses. This includes the information below that details how and when assistance will be arriving. We encourage all employers to share the resources below with employees. Each company will have to best decide how to achieve a contingency plan with help from these aid programs. Combined support for both employers and employees offers the best option to maintain health concerns with being able to have a business to return to.
There is a potential as the pandemic progresses that all non-essential businesses will be forced to close. Please ensure you are taking that possibility in to consideration when planning for the next weeks and months.
- Supporting Canadian Businesses Through the Canada Account Helping Businesses Keep Their Workers – Tax credits for small business to help keep cash flow positive.
- Flexibility for Businesses Filing Taxes – Extension to file taxes to again keep cash working for you.
- Ensuring Businesses have Access to Credit
- Supporting Financial Market Liquidity
Support for Individuals
- Income Support for Individuals Who Need it Most – Includes easier access to EI for people impacts, GST and Canada Child Benefit payments, and an Emergency Support fund for those unable to access EI (contract workers, business owners, etc)
- Flexibility for Taxpayers
- Mortgage Default Management Tools – Defer mortgage or auto payments for up to 6 months. Much needed flexibility in uncertain times.
- Role of Financial Institutions
The full details on the Government of Canada Economic Response Package can be found at the link below. Please visit there directly for more details. https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html
New Resource Links for Alberta
OHS: Respiratory viruses and the workplace
WCB: COVID-19 worker fact sheet
WCB: COVID-19 employer fact sheet
Updates March 19, 2020
Support for Albertans
- Emergency Isolation Support – a one-time payment via online application that will help bridge the gap until Federal funds are available in early April.
- Utility payment holiday – Defer payment on electricity and natural gas bills regardless of provider for up to 90 days.
- Student Loan Repayment – The Alberta Student repayments will be paused for 6 months beginning March 30, 2020. No interest will accrue during this period.
- ATB Financial customers – Will be able to defer loan, line of credit and mortgage payments by up to 6 months.
Full details here – https://www.alberta.ca/covid-19-supports-for-albertans.aspx
COVID-19 supports for Albertans | Alberta.ca
The Alberta government will provide immediate financial relief to Alberta’s families and vulnerable populations. Albertans should be focused on their health and not worry about whether they can pay their bills so the government has put a number of options in place for those struggling financially … www.alberta.ca
Work Sharing
This Federal program allows for employees to remain working during times where there is a reduction in normal levels of business activity. Employees wages are supplemented by EI payments. This has been expanded to 76 weeks due to COVID-19 related issues. Please note this does not apply to seasonal staff and must be by mutual agreement between employer and employees.
Full details here – https://www.canada.ca/en/employment-social-development/services/work-sharing.html
Q&A Document of ROEs and Payroll
The Canadian Payroll Association has made this resource available through ESDC. It is a great resource to ensure through this crisis you as the employer are ensuring prompt access to EI for your employees as well as providing several options for alternative pay structures supplemented by EI. Check it out HERE to ensure you are up to speed on the technical details around payroll and COVID-19.