Canada's Covid-19 Economic Response Plan; Support for Canadians and Businesses
The federal government has released a backgrounder titled Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses, which contains several newly proposed tax measures. Parliament will reconvene on March 24 to pass this plan.
Here are some highlights:
Support for Canadians
Income Support for Individuals Who Need it Most
Flexibility for Taxpayers
Mortgage Default Management Tools
Role of Financial Institutions
Support for Businesses
Supporting Canadian Businesses Through the Canada Account
Helping Businesses Keep Their Workers
Flexibility for Businesses Filing Taxes
Ensuring Businesses have Access to Credit
Supporting Financial Market Liquidity
How much will this cost? 27.4 Billion
Here are the details from the Department of Finance.