Canadian Covid-19 Updates: April 17, 2020
Federal Government Update - April 17, 2020
The following information is based on Prime Minister Trudeau's morning announcement:
Small Business Support
- $962 million in support to regional development agencies and the Community Futures Network of Canada to ensure small businesses in rural areas can access funds.
- $270 million to Futurpreneur and the Industrial Research Assistance Program to support innovators and other early stage development firms that don't qualify for the wage subsidy.
Support for Arts, Culture and Sports
- $500 million to Heritage Canada to help artists, creators and those in sports industries, who do not have access to the announced help, due to how revenue is generated.
Support to the Energy Sector
- $1.7 billion to clean up orphan wells in British Columbia, Alberta and Saskatchewan.
- $750 million emission-reduction fund, with a focus on methane, to create jobs in efforts to cut pollution, including $75 million to help the offshore industry cut emissions in Newfoundland and Labrador.
Provincial Government Update
The Province is taking significant new steps to support B.C. businesses, non-profits and other organizations through the COVID-19 pandemic by:
- School Property Tax Rate
- Further reduction down to an average of 25% for classes 4, 5, 6 (previously cut to 50%)
- Late payment penalties postponed for commercial properties 4, 5, 6, 7, and 8 to Oct 1, 2020.
- Support for Local Government
- Authorized to borrow, interest-free, from their existing capital reserves to help pay for operating expenses
- Delay provincial school tax remittances until the end of the year
- Provide greater flexibility to carry debt for an additional year