|Please visit the COVID-19 section of your extranet for all the latest developments.|
The QPAREB is aware that the COVID-19 pandemic is causing a sudden slowdown in the real estate market, which has a concrete impact on your professional activities and sales.
This is why we will be regularly sending you the broad outlines of the announcements and programs unveiled by government authorities to support self-employed workers, such as real estate brokers, who could find themselves in a precarious situation for an indefinite period of time, as well as for businesses by helping them remain active in the current context.
Because the information is constantly evolving, we will be publishing summaries in the COVID-19 section of the extranet.
On March 18, 2020, the federal government unveiled an $82 billion economic assistance plan.An amount of $27 billion will be allocated to direct support for businesses and workers.An amount of $55 billion will be allocated for the liquidity of families and workers.
For workersEmergency support allowance ($5 billion) to assist workers who do not qualify for employment insurance (EI). (18.03.2020)Emergency care benefit ($10 billion) of up to $900 biweekly for a maximum of 15 weeks. This will be offered to workers who have to stay home and who don’t have paid sick leave. (18.03.2020)Abolition, for at least six months, of the mandatory one-week waiting period for EI sickness benefits for workers who are under imposed quarantine or who have been instructed to isolate themselves. (18.03.2020)Abolition of the requirement to provide a medical certificate to access EI sickness benefits. (18.03.2020)Extension to June 1 of the deadline for filing personal income tax returns. All taxpayers can defer, until after August 31, 2020, the payment of any income tax amounts that become due between March 18 and September 2020. (18.03.2020)
For businessesEligible small businesses may receive a wage subsidy equal to 10 per cent of salaries for the next 90 days up to a maximum of $1,375 per employee and $25,000 per employer. (18.03.2020)Businesses will be able to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. (18.03.2020)Increased credit available to small, medium and large Canadian businesses through the Business Development Bank of Canada and Export Development Canada. (18 .03.2020)Increased credit available to farmers and the agri-food sector through Farm Credit Canada (18.03.2020)
For workersImplementation of a Temporary Aid for Workers Program for those affected by COVID-19 in order to financially support workers who are not entitled to employment insurance and who must be in isolation. (16.03.2020)
For companies and individuals
Flexibility measures (17.03.2020)The deadline for producing and filing income tax returns has been extended to June 1, 2020.For individuals in business and individuals, the deadline for paying any balance due related to income tax returns for the 2019 taxation year has been extended to July 31.Payment of installments and taxes that would be due as of today has been suspended until July 31. The date and terms of payment will be announced later. Businesses will have a reasonable period of time to pay the amount due.
For full details:
BANKSCanada’s six major banks have announced plans to provide financial support to Canadians who are suffering the economic consequences of COVID-19.The Bank of Montreal, the CIBC, the National Bank du Canada, the Royal Bank, Scotiabank and the TD Bank are committed to collaborating with their clients – individuals and small businesses – to provide them with tailored solutions that enable them to manage the challenges posed by the current situation, such as payment interruptions, child care due to school closures and the contraction of COVID- 19.The Bank of Canada lowered the target for the overnight rate by 50 basis points to 0.75 per cent.,
Take care of yourself.