Deferral or Abatement for property taxes/ Accessing programs

Deferral or Abatement for property taxes/ Accessing programs

  COVID-19 Support for Businesses  A wide-range of support is available to businesses in British Columbia affected by the COVID-19 pandemic, including: Credit and financing options, Rent support, Wage support, Changes to taxes, and Monthly expenses.Government of BC June 15, 2020
 Exemption from the Foreign Buyers Tax Introduced for Certain Limited Partnerships On May 19, 2020, the British Columbia provincial government amended the Property Transfer Tax Regulation, B.C. Reg. 74/88, to take effect on June 1, 2020. The amendment introduces a new exemption for foreign entities and taxable trustees from the obligation to pay additional property transfer tax of 20% on acquisition of residential property within specified areas, often referred to as the foreign buyer’s tax, under the Property Transfer Tax Act. Lawson Lundell May 22, 2020
 The CECRA for small businesses application portal opens on May 25, 2020
 
Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19. It offers unsecured, forgivable loans to eligible commercial property owners.
 CMHC May 22, 2020
  25% decrease in Commercial Property Tax   The Province is taking significant new steps to support B.C. businesses, non-profits and other organizations through the COVID-19 pandemic by further reducing the school property tax rate for commercial properties to achieve an average 25% reduction in the total property tax bill for most businesses, enhancing the 50% reduction to the provincial school property tax rate that was originally announced for classes 4, 5, and 6 as part of B.C.’s COVID-19 Action Plan.  Government of BC   April 16, 2020
  Businesses only need to show 15% drop in revenue to access the Canada Emergency Wage Subsidy   The initial wage subsidy announced required businesses show a 30% drop in revenue in March 2020 compared to March 2019. Businesses will just have to show a 15% decline in revenue in March compared to 30%, and that businesses can compare March revenue to January and February 2020.  Government of Canada  April 08, 2020
  COVID-19: Suports for Businesses in B.C.  Governments and the private sector are providing a wide-range of supports for businesses in British Columbia affected by the COVID-19 pandemic. As part of B.C.’s COVID-19 Action Plan, the B.C. government is providing an additional $5 billion in income supports, tax relief and funding for people, businesses and services in response to the COVID-19 outbreak. Government of BC   April 01, 2020
How to Access the Business Credit Availability Program

A Business Credit Availability Program (BCAP) to provide $65 billion of additional support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). 

Government of Canada   April 01, 2020
Support for employers: CRA and COVID-19 

The Government announced a temporary wage subsidy for employers for a period of 3 months. Also, The CRA will allow all businesses to defer, until the end of June 2020.

 Canada Revenue Agency  March 31, 2020
COVID-19 Action Plan - Provincial Tax Changes  

Information on Deferred Tax payments, Delayer PST Budget 2020 Tax Changes, Delayed Carbon Tax increase, Reduced School Tax Rates for Business and Enhanced BC Climate Action Tax Credit.

  B.C. Government March 27, 2020
 COVID-19 Economic Development Resources

 Learn about the provincial tax filling and payment deadlines, business resources and federal economic supports available.

B.C Government  March 24, 2020 
Temporary Wage Subsidy for Employers  

 Subsidy helps companies of all sizes that have faced revenue decreases of at least 30% by providing employers a 75 per cent wage subsidy. This subsidy will cover the first $58,700 per employee - up to $847/week per employee.

Canada Revenue Agency   March 15, 2020 

 

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