On March 25, 2020 the Canadian Federal Government announced a
$107 billion emergency response package for Canadians and
businesses. The Crowe MacKay tax team summarizes how this will
positively impact you.
The global community is working together to prevent the spread
of COVID-19 within our own communities. With the increase in social
distancing, our daily routines have been impacted significantly. On
March 18, the Federal Government first announced new economic
measures that would be forthcoming in response to the COVID-19
crisis in an effort to stabilize the Canadian economy.
In total, the Canadian Government has committed a $107 billion
aid package to help Canadians and businesses across the country.
These measures will be delivered as part of the Government of
Canada’s COVID-19 Economic Response Plan, providing up to $52
billion in direct support to Canadian workers and businesses, and
another $55 billion to help business liquidity through tax
deferrals.
