The Government of Canada has introduced a wide range of economic supports to organizations, both businesses and nonprofits, in the wake of the massive impact of COVID-19. The Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus. Additionally, CRA is extending the filing deadline to December 31, 2020, for all charities with a Form T3010, Registered Charity Information Return due between March 18, 2020 and December 31, 2020. This will allow charities more time to complete and submit their T3010. Read more about these measures in the Department of Finance update.

A 75% wage subsidy has also been announced, a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). The subsidy is retroactive to March 15, and covers up to $847 per employee. Find out more in this FAQ from the CRA. Note – the subsidy was originally announced at a 10% rate, but has since been increased to 75%.