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COVID-19: Business resources and information

Posted on Thursday March 26, 2020

From subsidies, tax and loan deferral, and financing, there is a lot for business owners to be aware of. We’ve put together some information which may clarify what is available and where to get more details.

Announcements from all levels of government will continue to be updated on our COVID-19: Support for Business page.  


Canada Emergency Response Benefit

Replaces Emergency Care Benefit and the Emergency Support Benefit

To provide support to workers including self-employed individuals, and contract workers, who would not otherwise be eligible for Employment Insurance (additional persons are eligible)

A taxable benefit of $2,000 a month for up to 4 months.

To apply:

Accessible through web portal or by telephone sometime in April.

More information

Temporary Business Wage Subsidy

Eligible small employers - temporary wage subsidy for a period of three months.

The subsidy will be equal to 75% of remuneration paid during that period, retroactive to March 15 for up to 3 months.

To apply:

Once you have calculated your subsidy, you can reduce your current remittance of federal, provincial, or territorial income tax that you send to the CRA by the amount of the subsidy.

More information available on the CRA website in the coming weeks.

Business Tax Filing Payment Deadline

The deadline for businesses to pay any income tax amounts that become owing or due after March 18, 2020 and before September 1, 2020 has been extended to September 1, 2020. This means you will not be assessed any penalties or interest if your balance due is paid by September 1, 2020.

Work Sharing Program: Forestry, Steel, Aluminum Sectors

Temporary special measures for the downturn in business due to COVID-19 and for the forestry and steel and aluminum sector 

To apply:

Please apply at least 30 days before you want the temporary special measures to begin.

More Information


Provincial Tax and WSIB Deferral

Five-month interest and penalty-free period for businesses to make payments for the majority of provincially administered taxes.

The Workplace Safety and Insurance Board (WSIB) will allow employers to defer payments for a period of six months.

More information


Property Tax Deferral

Remaining 2020 property tax payments may be deferred by approximately two months.

More information


Business Credit Availability Program (BCAP)

Business Development Bank of Canada (BDC) and Export Development Canada (EDC) to provide more than $10 billion of additional support largely targeted to small and medium-sized businesses (as defined by 499 employees or less). 

Relief measures for qualified businesses include:

Working capital loans of up to $2 million with flexible terms and payment postponements for up to 6 months for qualifying businesses

Postponement of payments for up to six months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less

Reduced rates on new eligible loans.

To apply:

BDC Website

EDC Website

Purchase Order Financing

Cover up to 90% of the purchase order amount to ease cash flow to your suppliers.

To apply:

BDC Website


Mortgage Payment Deferrals

The six largest banking institutions in Canada have made a commitment to work with personal and business banking customers on a case-by-case basis to provide flexible solutions to help them manage through various challenges.

This support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products.

To apply:

This will be done on a first come, first serve basis and requires a direct call to your bank.

Here are the helplines for each institution:

BMO:  1- 877-788-1923

CIBC:  1-877-454-9030

RBC:  1-800-769-2511

Scotiabank:  1-833-315-4357

TD:  1-888-730-0075

National Bank of Canada:  1-844-394-4494

Caledon business information:

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