Last update: 2020-03-18 at 1:20
Bonjour à tous,Â
In this time of uncertainty, we want to help you find yourself in the turbulence and the various announcements. We will therefore update this table daily to help you in times of crisis.
Some of you are directly affected, especially the service industry, but other companies will be affected by the indirect turmoil of the crisis, and keeping us informed will allow us to get out of this new economic environment in good shape.Â
We believe that the measures put in place by the government are the right ones and we will be there throughout the crisis to communicate them to you and help you implement them.Â
Fiscal changesÂ
| Corporate tax |
Quebec |
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For businesses, Quebec orders a suspension of corporate tax payments and instalments due from March 17, 2020 until July 31, 2020. |
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Canada |
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Canada should announce a delay as well in the near future.
In the meantime:Â
- Tax compliance, verification and collection activities can be deferred when you notify the CRA that you are affected by coronavirus. If you have any issues with the deferral, contact one of our advisors or ask to speak with the Collection Officer Team Leader.Â
- In addition to deferring collection, the CRA is flexible for payment agreements. To make arrangements, contact your collections officer with information on how the coronavirus is preventing you from paying your debt.Â
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| Personal income tax |
Quebec |
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For individuals, the payment date is also extended by
Quebec City to July 31, 2020. |
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Canada |
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The federal government should follow suit. |
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| Self-employed |
Quebec |
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For those who do not qualify for any measures, Quebec is setting up a program to help workers in isolation. This applies especially to the self-employed. |
| GST / QST and deductions to the source. |
The Government of Quebec should make an announcement today for the GST / QST, you are the government trustees for these amounts until further notice. |
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Incentives
Loans
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| Ottawa announces $ 10 billion available for loans. We invite you to contact your lenders for capital and interest holidays and the 6 major banks are following suit. We can help you to negotiate an agreement that will lighten your working capital. |
Employment Insurance
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- Employees temporarily quarantined are eligible for employment insurance
- Elimination of the waiting period of one week so that the first week is paid to them
- Installation of a new toll-free telephone number reserved for requests
- Priority processing of EI sickness benefit claims from people in quarantine
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Other measures
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| Minister Girard announced $ 500 million in room to maneuver to respond to the COVID-19 crisis and Ottawa has just announced $ 27 B in measures. There will be other measures announced in the coming days, for SMEs and workers. We will keep you posted. |
Business advice
Non-essential services
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| We suggest that you cut non-essential services now. For our part, we stopped the cleaning and fruit services, while offering compensation of 20% of the monthly bill to support them. These partners are experiencing the same difficulties as us, don’t forget. |
Management of employment records
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| We can help you with the management of records of employment and requests for the tax measures implemented. Contact your business advisor for more information. |
Communication
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| We invite you more than ever to assume the position of the leader with your teams. Communication is the key, your very presence is sometimes more important than the message. |
Layoff
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| If you have to lay people off, we suggest that you do so as soon as necessary. They are eligible for employment insurance for lack of work (Code A). Employees can apply before the statement of employment is issued by the employer to reduce the payment period by 28 days from the time of layoff. |
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We believe that the measures put in place by the government
are the right ones and we will be there throughout the crisis for you
communicate them and help you implement them.
We remain available to answer your questions,
do not hesitate to contact your business advisor to
so that we can assist you.
Thomas-Louis and the team at Le Chiffre
