Both the province and the feds announced a combination of tax deferrals and new loans to help farmers and small businesses weather the COVID-19 outbreak.
From the federal government:
• The Canada Emergency Business Account: Interest-free loans of up to $40,000. Up to 25 per cent will be forgiven if repaid by Dec. 31, 2022.
• Canada Emergency Wage Subsidy: Businesses that lose at least 30 per cent in gross revenue in March, April or May compared to last year can get up to $847 per employee per week, retroactive to March 15 and ending June 6, to help keep employees on or bring laid-off workers back.
• Deferred GST/HST payments and import duties until June 30.
• Opened up an additional $300 billion in lending capacity from the banks.
• Defer tax payment deadline to Aug. 31.
• Put an additional $5 billion into Farm Credit Canada to loan to farmers.
From the provincial government:
• Deferring $6 billion in provincial taxes until Aug. 31.
• Deferring Workplace Safety & Insurance Board premium payments for six months.
• Postponed the Municipal Property Assessment Corporation’s 2021 property value review.
• Deferred $1.8 billion in education taxes for 90 days, with the expectation that municipalities would pay it forward.
• Set time-of-use rates for hydro at the lowest rate for 45 days.
• Put $350,000 into the Ontario Food Terminal for washing and sanitizing to ensure it stays open.
• Added $150,000 to meat and dairy inspection services.
