COVID-19 Ontario Action Plan

IMPORTANT UPDATE: ONTARIO ANNOUNCES ACTION PLAN IN RESPONSE TO COVID-19

On March 25, 2020 the Minister of Finance released Ontario’s Action Plan: Responding to Covid-19.  

Please visit the link below from an article provided through our RSM Canada Alliance that details the government release.

CLICK HERE TO READ FULL ARTICLE

Items of note:

• Increase in the Employer Health Tax (EHT) exemption from $490,000 to $1 million for the 2020 taxation year (available to employers with less than $5 million paid in remuneration)

• Introduction of New Regional Opportunities Investment Tax Credit: New 10% refundable corporate tax credit available on the purchase of certain buildings which became available for use after March 24, 2020 and are located in eligible regions

• Workplace Safety and Insurance Board (WSIB) payments can be deferred for up to 6 months. All reporting and payments will be allowed to be deferred until August 31, 2020.

• Education Property Tax Deferral: The government proposed property tax relief by deferring the June 30 quarterly municipal remittance of education property tax to school boards. This will provide municipalities the opportunity to offer flexibility regarding property tax payments.

• Extension of payment deadlines for most provincial indirect taxes (does not include HST.) While normal filing and payment deadlines still apply, no interest will be charged until August 31, 2020. Please see above linked articles for which provincial taxes are included in this tax measure.