Ontario’s Action Plan - Responding to COVID-19

On March 25, 2020, the government of Ontario announced $17 billion of financial measures to assist the health care system, families and businesses cope with the effects of COVID-19.

 

More specifically, the following measures are included:

 

HELPING FAMILIES

 

Provides for one-time payment of $200 per child up to 12 years of age, and $250 for those with special needs, including children enrolled in private schools.

 

GUARANTEED ANNUAL INCOME SYSTEM

 

Proposing to double the Guaranteed Annual Income System (GAINS) payment for lowincome seniors for six months.

 

WSIB DEFERRAL

 

The financial relief package allows businesses to defer the premium reporting and payments until August 31, 2020. Businesses who report and pay monthly, quarterly or annually based on their insurable earnings are eligible for this

deferral.

 

EMPLOYER HEALTH TAX

 

The government is proposing a temporary increase to the Employer Health Tax (EHT) exemption from $490,000 to $1 million for 2020. The exemption would return to $490,000 on January 1, 2021.

 

Eligible private-sector employers with annual payrolls of up to $5 million would be exempt from EHT on the first $1 million of total Ontario remuneration in 2020. The maximum EHT relief would increase by $9,945 to $19,500 for 2020 for eligible employers.

 

REGIONAL OPPORTUNITIES INVESTMENT CREDIT

 

The Regional Opportunities Investment Credit would be available to eligible businesses that construct, renovate or acquire qualifying commercial and industrial buildings in designated regions of the province. The credit is available at a rate of 10% of the expenditures in excess of $50,000 to a maximum of $500,000 resulting in a credit of up to $45,000

 

 

For more information, please visit WSIB Ontario: https://www.wsib.ca/en/financialrelief