COVID-19 - Temporary Wage Subsidy Increase, GST/HST Remittances, & EPL Insurance Information
There was an announcement yesterday morning about further changes from the federal government. Not all of the information is available yet, we are being told we should know more by Monday, March 30th, 2020, and as soon as we have all of the details, we will update you accordingly. Outlined below are the latest updates on Sales Tax Remittance Payments, the newly increased Temporary Wage Subsidy for Employers, and some information on Corporate Insurance.
Please note that we are aware of the announcement yesterday afternoon with the notice of closure of nonessential businesses. The list of essential services as per the government of Alberta can be found at this link: https://www.alberta.ca/essential-services.aspx. We are considered an essential service, but we would like to assure you that either way, we have the ability and configuration to work remotely, and therefore we will still be able to operate as normal.
Sales Tax Remittance Payments – the Government is deferring Goods and Services Tax / Harmonized Sales Tax (GST/HST) remittances to June 30th, 2020 for the following:
- Remittances due from those who file monthly for the February, March, and April 2020 reporting periods;
- Remittances due from those who file quarterly for the January 1st to March 31st, 2020 reporting period; and
- Those who file annually with installments due in March, April, or May 2020.
For any further information about your obligations, please contact the Canada Revenue Agency (CRA) or visit their website.
Temporary Wage Subsidy for Employers – On March 27th, 2020, the federal government announced an increase to the Temporary Wage Subsidy for Employers from 10% to 75% for eligible employers. Details have not yet been released on eligibility, limits, and next steps.
Employment Practices Liability (EPL) Insurance – Employment practices liability or EPL insurance provides coverage to employers for claims made by employees alleging discrimination, wrongful termination, harassment and other employment-related issues.
As a business owner, you don't have to do something wrong or violate labour laws to be sued, these cases are caused by innocent mistakes or be baseless actions fishing for settlements. Either way, you need to defend yourself and this usually entails hiring a lawyer to prepare a defence.
Consider this, you and your management team never make a mistake and you never have a legitimate claim against you, but you will need to lawyer up when baseless claims arise.
During periods of economic uncertainty layoffs can force employees to make allegations out of desperation which can put you up against the ropes. Even if this policy never pays out a settlement, it will provide you with coverage for legal costs and access to the insurance company's lawyers.
EPL Insurance information courtesy of Tyson Lush at ARC Insurance Brokers. If you have any questions about EPL Insurance or would like further information please contact him by email at tlush@arcinsurance.ca or by phone at 780-809-1583.
We hope you are all staying safe and well during this time of uncertainty. The King Business Solutions Centre is currently operating within our standard office hours, but our front interior door is locked. You are still welcome to drop-off and pick-up from our front vestibule and call us if you need any assistance. We also have a client portal, email, and fax capabilities. Give us a call at 780-986-4132, we are here to help!