Government economic response to COVID-19

To keep you informed of recent developments in our federal and provincial/territorial governments’ economic response to COVID-19, we will be providing you updates of key government announcements that may impact you or your business.

August 12, 2020 update

Information is accurate as at 3:00 p.m. EDT. Information may be affected by subsequent announcements.

Links to government announcements follow at the end of the daily update.

Tax Updates:

  • Ontario - Extension of filing and payment deadlines: The Ontario government announced an extension of the interest and penalty-free period for businesses to file returns and make payments for the majority of provincially-administered taxes by one month to  October 1, 2020. 

Updates:

  • Ontario - 2020-2021 Q1 finances: The Ontario government released its 2020-2021 First Quarter Finances report, which provides information about the province’s 2020-2021 fiscal and economic outlook as of June 30, 2020. For 2020-2021, government projections estimate a deficit of $38.5 billion, with a 6.6% decline in Ontario’s real gross domestic product for 2020. The Ontario government has committed to delivering a multi-year provincial budget no later than November 15, 2020.
  • Ontario -  Emergency funding for municipalities: The Ontario government announced up to $1.6 billion of funding to be provided to Ontario municipalities in fall 2020, as part of a first phase of emergency funding under the Safe Restart Agreement with the federal government. $695 million will address operating pressures faced by municipalities related to the COVID-19 pandemic; $660 million will support transit systems; and $212 million will be provided through the Social Services Relief Fund to provide shelter for vulnerable people.

Links to government announcements:

Contact us

Dean Landry

National Tax Leader, Toronto, PwC Canada

+1 416 815 5090

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Shawn Reain

National Markets Leader, Tax, Calgary, PwC Canada

+1 403 509 6373

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William Holms

Western Canada Tax Leader, Vancouver, PwC Canada

+1 604 806 7052

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Éric Labelle, LL.L.

Greater Montreal Tax Leader, Montreal, PwC Canada

+1 514 205 5063

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Julien Lassonde

Partner, PwC Associates, National Incentives Leader, Montreal, PwC Canada

+1 418 997 4019

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Liam Fitzgerald

Competency, Innovation & Legal Tax Leader, Toronto, PwC Canada

+1 416 869 2601

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