With many financial relief, wage subsidies and other programs being rolled out from the Canadian government, there is a small pocket of businesses that will receive little to no compensation. More than half of small businesses in Canada employ between 1 - 4 people. Many small business owners who do not take a salary for payment because of how their businesses are set up are not eligible for the programs.
Deferrals of Tax Payments
For small businesses, there are allowances that have been made for the time being, including tax payment deferrals, deferral of sales tax remittance and customs duty payments until June.
Canada Emergency Response Benefit (CERB)
The Canada Emergency Response Benefit (CERB) provides a taxable benefit of $2,000 a month for up to 4 months to eligible workers who have lost their income due to COVID-19, which includes those who are self-employed.
