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ARTICLE · 30 MARCH 2020

Government Of Canada Announces COVID-19 Economic Response

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

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The Government of Canada has announced a sweeping package of relief and liquidity support for Canadian businesses in response to the COVID-19 pandemic.

CanadaStrategy
Alexis Levine
Alexis Levine
Paul Belanger
Paul Belanger
Jeffrey Shafer
Jeffrey Shafer
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The Government of Canada has announced a sweeping package of relief and liquidity support for Canadian businesses in response to the COVID-19 pandemic.

A number of details regarding implementation remain outstanding. While most business liquidity programs will be effective immediately, certain programs will require legislative changes and may be delayed until early April.

A summary of key programs and announcements is set out below.

  • Income Tax Deferrals: Individual income tax return filing deadlines are extended to June 1, 2020; deadlines for trusts with a December 31, 2019, year end are extended to May 1, 2020. Income tax payment deadlines for all taxpayers are extended until after August 31, 2020, for amounts that are or become owing before September 2020.

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