COVID-19 Pandemic - The government is extending a support measure for businesses and modifying certain tax deadlines affecting trusts and corporations

QUÉBEC CITY, May 29, 2020 /CNW Telbec/ - The Québec government is pursuing its initiatives to help businesses and individuals get through the COVID-19 pandemic crisis by extending the duration of a support measure for businesses and by modifying certain tax deadlines stipulated in the Québec taxation system.

First, the contribution credit for employers to the Health Services Fund in respect of employees on paid leave is being extended until August 29, 2020.

Moreover, the payment of the tax balance payable of trusts for 2020 is postponed to September 1, 2020.

Lastly, tax legislation is being amended to attribute in certain cases a discretionary power to the Minister of Revenue that allows him to extend, when there are reasonable grounds, the deadline for applying for a refundable tax credit for businesses.

The terms and conditions of the measures can be consulted in the Information Bulletin published by the Ministère des Finances at http://www.finances.gouv.qc.ca/documents/Bulletins/en/BULEN_2020-8-a-b.pdf.

Reminders

The new measures round out those already implemented since the outset of the pandemic:

  • the Concerted Action to Maintain Employment Program (CAMEP);
  • the Panier Bleu (blue basket) initiative to promote local purchasing;
  • the Incentive Program to Retain Essential Workers (IPREW);
  • the wage enhancement for health and social services personnel;
  • the Aide d'urgence aux petites et moyennes entreprises program ($150 million);
  • a temporary hourly increase of $4 in the wages of orderlies in the private sector;
  • the Temporary Aid for Workers Program (TAWP);
  • the concerted action for businesses program (PACTE);
  • Revenu Québec's increased flexibility for individuals and businesses;
  • the suspension for six months of all student loans repayments;
  • a 25% reduction, in 2020, in the mandatory withdrawal amount from a registered retirement income fund (RRIF);
  • the $45-million investment to support the recruitment of farm workers;
  • participation in the Canada Emergency Commercial Rent Assistance program;
  • the credit to businesses for their contribution to the Health Services Fund.

Quote:

"We are continuing to closely monitor the situation and are acting on several fronts to enable Québec businesses to weather this unprecedented crisis. We want to establish the conditions that will allow the Québec economy to revive quickly, for the benefit of all Quebecers."

Eric Girard, Minister of Finance

Related link:

For information on COVID-19 and all the assistance programs offered, please visit Québec.ca/coronavirus.

Cision View original content: http://www.newswire.ca/en/releases/archive/May2020/29/c5043.html

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