On 13 March 2020, the Finance Minister, Bill Morneau, announced COVID-19 Economic Response Plan to help stabilize the economy and help Canadians affected by the impacts of the COVID-19 pandemic period. To support Canadian businesses during this difficult time, the Government is announcing following measures:

• To allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become due on or after today and before September 2020. This relief would apply to tax balances due, as well as installments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. This measure will result in businesses having more money available during this period.
• To increase the credit available to small, medium, and large Canadian businesses. A new Business Credit Availability Program will provide more than $10 billion of additional support to businesses experiencing cash flow challenges through the Business Development Bank of Canada and Export Development Canada. The Government is ready to provide more capital through these financial Crown corporations.
• The CRA is to defer the filing due date for the 2019 individual tax returns until 1 June 2020; and all taxpayers may defer the payment of any income tax amounts until after 31 August 2020, with no interest or penalties becoming due. Eligible small employers are to be granted a temporary wage subsidy for a period of three months.
• Further expand Export Development Canada’s ability to provide support to domestic businesses.
• One-time special payment of goods and services tax credit (GSTC) by early May 2020 that will double the maximum annual GSTC payment amounts for 2019/20.
• Augment credit available to farmers and the agri-food sector through Farm Credit Canada.