Covid-19: Mazars by your side

The unprecedented health crisis we are facing creates new operational, economic and crisis management challenges for all. The federal and provincial governments have continuously altered regulations. What are the ramifications for your employees and your business?
Below we share action steps and informational items that our teams have identified to assist you through these difficult times.

IFRS Newsletter - Covid-19 Special Edition

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Mazars’ experts are busier than ever, ensuring that we are still here to help you with the range of accounting challenges brought up by the COVID-19 outbreak.
In this unprecedented situation, we are sharing Mazars’ preliminary views on topics that are currently being discussed within the accounting profession, in conjunction with standard-setters, market regulators and corporate representatives, and that have not yet been the subject of any "official" publications.

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Covid-19: The Canada Emergency Wage Subsidy

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To help businesses keep and reinstate workers while facing the challenges of the COVID-19 pandemic, Prime Minister, Justin Trudeau, proposed the new Canada Emergency Wage Subsidy. This subsidy would provide eligible employers with a wage subsidy of 75% of base salary, up to a maximum of 12 weeks, retroactive to March 15, 2020.

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Covid-19: Information and recommendations for employers and employees

Covid-19: Specialized Services Intervention

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At Mazars, we help companies act now to protect themselves from the worst effects of the crisis. Discover in the document below a summary of the intervention of our specialized services.

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Covid-19: Deferral of Sales Tax Remittance

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The Federal government announced on March 27, 2020 that taxpayers will have until June to make their GST and HST payments. Regarding the QST, the Québec government has also announced that taxpayers will have until June 30 to make their payment.

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Covid-19: Dealing with the pandemic as a Privately Owned Business

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As we all know, the Covid-19 pandemic is a very serious threat to the health and wellbeing of people throughout the world. The spread of the virus, as well as efforts to contain it, are now significantly impacting our daily lives. The priority must be to take all actions required to mitigate the effect of the pandemic and protect our people. We must also acknowledge the inevitable knock-on effect of major economic uncertainty, which hugely impacts privately-owned businesses.

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Covid-19: Canada Emergency Response Benefit

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To support workers and help businesses keep their employees, the federal government has proposed legislation to establish the Canada Emergency Response Benefit (CERB). This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic.

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Covid-19: Temporary Wage Subsidy for Employers

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To support businesses that are facing income losses and to help prevent layoffs, the federal government is proposing a temporary wage subsidy for three months for eligible small-business employers. The subsidy will be equal to 10% of the compensation paid during this period, up to a maximum of $1,375 per employee and $25,000 per employer. Businesses will be able to take immediate advantage of this support measure by reducing their income tax remittances withheld from their employees' wages.

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Covid-19: Business Defence Approach

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Although the Covid-19 crisis is first and foremost a public health emergency, the economic impact of the virus is beginning to emerge and it is clear that all businesses will be affected, regardless of sector. For some businesses, the pandemic has already had a detrimental effect on cash flow which requires immediate attention; others are at a stage where it is essential to start serious contingency planning for a global economic downturn.

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Covid-19: Flexibility Measures from the Federal and Québec Governments

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Since March 17, our Québec and Federal tax authorities announced flexibility measures.

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Covid-19: Measures taken by Mazars in Canada

March 24, 2020 – Following the latest news from the federal and provincial governments, we would like to inform you that all our physical offices will be closed from March 25, 2020. All our activities are maintained by the teleworking of our teams.

Covid 19

Covid-19: Specialized Services Intervention

At Mazars, we help companies act now to protect themselves from the worst effects of the crisis. Discover in the document below a summary of the intervention of our specialized services.

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