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  • Finding the way forward: Guiding businesses through coronavirus (COVID-19)
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Finding the way forward: Guiding businesses through coronavirus (COVID-19)

Discuss the impacts of coronavirus with one of our experts

Downloadable Resources

The federal government has announced several economic measures to assist employers and their employees as a response to the COVID-19 pandemic.

Program information

  • Canada Emergency Rent Subsidy and Lockdown Support
  • Canada Emergency Business Account (CEBA) (Updated November 20, 2020)
  • Canada Emergency Wage Subsidy (CEWS) (Updated January 13, 2020)
  • What the new Canada Emergency Wage Subsidy rules means for your business (July 2020)
  • Canada Emergency Commercial Rent Assistance (CECRA)
  • Canadian Emergency Response Benefit (CERB) (Program Ended)
  • Work-Sharing Program
  • Temporary Wage Subsidy
  • EI Sickness Benefit
  • Project-based incentives and grant programs
  • Additional financial support for the food industry
  • New credit and loan programs through the BCAP and BDC
  • Setting up My Account for Individuals with the Canada Revenue Agency
  • Setting up My Business Account with the Canada Revenue Agency
  • Canada Summer Jobs Program (CSJP)
  • Canada Emergency Student Benefit (CESB)

Your COVID-19 business questions answered

Get insights on the latest Canadian government programs, business risks and more in our series of Q&A videos intended to help guide businesses through the COVID-19 pandemic. 

Watch the complete video series

The Canada Emergency Wage Subsidy (CEWS) Explained

The Canada Emergency Wage Subsidy (CEWS) is a 75% subsidy to help businesses retain their workforce, or, in some cases, even hire back employees who have been laid off due to the pandemic. Michael Espinoza explains the important points you need to remember if applying for the CEWS program.


The Canada Emergency Student Benefit (CESB) Explained

To provide financial support to eligible students and new graduates, the government has introduced the Canada Emergency Student Benefit (CESB). Alli Cheng, Manager, Tax Services, explains the important points you need to remember if applying for the CESB program.


Support for your business

Millennials are driving recovery in Canada’s real estate market

While many assume this generation is less interested in home ownership, the hard data now says otherwise, as millennials are trading city living for the suburbs.

Millennials are driving recovery in Canada’s real estate market

A guide to selling your business in turbulent times

Selling a business is a significant step that deserves careful attention even at the best of times, and Canada’s ongoing recovery from the economic impacts of 2020 could pose additional challenges.

A guide to selling your business in turbulent times

A blueprint for moving forward: Lessons learned from COVID 19

To help businesses prepare for the future, we decided to aggregate COVID-19 learnings from both our virtual roundtable meetings and IBR results to develop a blueprint, of sorts, on how to navigate a crisis.

A blueprint for moving forward: Lessons learned from COVID 19

Disclosing the ongoing impacts of COVID-19 in your entity’s financial statements

Since mid-March 2020, COVID-19 has impacted virtually all businesses in Canada. For example, as a result of the pandemic, your entity may have experienced a decrease in revenue, obtained new sources of income (such as government funding), or identified impairment indicators for certain assets.

Disclosing the ongoing impacts of COVID-19 in your entity’s financial statements

COVID-19 Accounting considerations for CFOs

Events after the reporting period: If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period.

COVID-19 Accounting considerations for CFOs

(Re)-Open for business: The impact of timing on CEWS and CERB

Now that provinces have implemented reopening strategies, businesses may be looking to rehire employees who were previously put on unpaid leave or laid-off altogether.

(Re)-Open for business: The impact of timing on CEWS and CERB

US state tax: Another business cost of COVID-19?

Projections indicate the pandemic will cause a $160 billion decrease in US state tax revenue from 2019 to 2021.

US state tax: Another business cost of COVID-19?

COVID-19: Five accounting considerations relating to revenue recognition

As a result of COVID-19 entities are generally expecting to experience significant declines in revenue and decreases in progress of delivery of performance obligations for long-term contracts.

COVID-19: Five accounting considerations relating to revenue recognition

Heightened diligence is the name of the game in post-COVID-19 transactions

With borders closed, travel restricted and face-to-face meetings impossible, transactions have slowed dramatically. But deals will resume.

Heightened diligence is the name of the game in post-COVID-19 transactions

The Canada Emergency Wage Subsidy (CEWS): Understanding the risks

With the application process for the Canada Emergency Wage Subsidy (CEWS) under way, many Canadian-based employers are looking to this program for support to balance their cash flow and keep their employees working during the COVID-19 pandemic.

The Canada Emergency Wage Subsidy (CEWS): Understanding the risks

How will Canada’s wage subsidy affect your March 31, 2020 reporting?

In response to the unprecedented impact of COVID-19 on Canadian business, in March 2020 the government quickly announced a number of support programs for small businesses.

How will Canada’s wage subsidy affect your March 31, 2020 reporting?

Reporting the impact of COVID-19 on your business

Individuals responsible for preparing financial statements and approving them for issue need to be cognisant of not only what has happened and is happening at the reporting date and the time the financial statements are approved, but also what is likely to happen next.

Reporting the impact of COVID-19 on your business

COVID-19: Financial Reporting and Disclosures

The virus has taken its toll on not just human life, but businesses and financial markets too, the extent of which is currently indeterminate. Entities need to carefully consider the accounting implications of this situation.

COVID-19: Financial Reporting and Disclosures

The impact of rent concessions and lease modifications on financial statements

The COVID-19 outbreak has significantly affected businesses. Companies have had to close their offices, stores and retail locations to the public, resulting in either significantly reduced revenue and cash inflow or, in many cases, no revenue at all.

The impact of rent concessions and lease modifications on financial statements

Additional financial support for the food industry

If you work in the agriculture and food industry and have been negatively impacted by COVID-19, the federal government’s new credit programs with Farm Credit Canada (FCC) may offer some relief.

Additional financial support for the food industry

Understanding the impact of COVID-19 on your 2020 deferred tax provision

This article outlines key areas of your tax provision that could be affected by the impacts of COVID-19 and related tax stimulus and should be considered when preparing your 2020 tax provision for financial reporting purposes under IAS 12 Income Taxes (IAS 12).

Understanding the impact of COVID-19 on your 2020 deferred tax provision

5 tips for extending cash flow

Business owners may be concerned about liquidity for any number of reasons as the country addresses the challenge of COVID-19.

5 tips for extending cash flow

Working from home: Securing your new workplace

Working from home is the “new normal” for many businesses and their employees. We’ve assembled an essential guide for you.

Working from home: Securing your new workplace

Focus on what you can control

It’s easy to feel overwhelmed by the number of decisions you need to make to keep your organization running during the COVID-19 pandemic.

Focus on what you can control

What to consider when facing a temporary business closure

As COVID-19 continues to cause significant disruptions both economically and socially, many businesses are facing the tough decision.

What to consider when facing a temporary business closure

How an estate freeze can help you maintain control of your investments

If you’re a business owner, you might feel especially challenged by the current market conditions.

How an estate freeze can help you maintain control of your investments

COVID-19 and your business: Government and economic resources

The business environment is changing rapidly due to the unfolding COVID-19 situation.

COVID-19 and your business: Government and economic resources

Strategies to help businesses respond to COVID-19

The economic consequences of Coronavirus disease 2019 (COVID-19) may be substantial for Canadian businesses.

Strategies to help businesses respond to COVID-19

COVID-19: 7 Steps to manage cash flow and financial headwinds

The economic consequences of COVID-19 on future trading assumptions may place some companies under liquidity pressures.

COVID-19: 7 Steps to manage cash flow and financial headwinds

What US employers should know about new COVID-19 regulations

To provide relief for US taxpayers, assist employees affected by COVID-19 and bolster US businesses, the US government has released a range of new tax measures and regulations.

What US employers should know about new COVID-19 regulations

Support from the government

New guidance on claiming home office deductions during COVID

In an effort to provide support for individuals and businesses affected by COVID-19, the federal government continues to refine and revise the programs available to Canadians.

New guidance on claiming home office deductions during COVID

New T4 reporting requirements for employers

Employers completing T4 slips and summaries for 2020 should be aware of new reporting requirements related to the completion of these tax documents.

New T4 reporting requirements for employers

Additional $15,000 grant for Alberta businesses

The provincial government is introducing enhancements to the Small and Medium Enterprise Relaunch Grant that could benefit many Alberta businesses.

Additional $15,000 grant for Alberta businesses

Fall Economic Statement 2020

The 2020 Fall Economic Statement provides a summary of government measures introduced in response to COVID-19 to help Canadian businesses and individuals.

Fall Economic Statement 2020

Recent COVID support updates: CERS, CEWS and CEBA

The federal government has confirmed additional financial support to businesses in response to the ongoing pandemic.

Recent COVID support updates: CERS, CEWS and CEBA

$5K grant for eligible Manitoba businesses mandated to close

Given Manitoba’s poor standing in the battle against COVID-19, a public health order has mandated the closure of many provincial businesses.

$5K grant for eligible Manitoba businesses mandated to close

Small businesses can claim $5,000 CUSBRF COVID-19 relief grant

The Canada United Small Business Relief Fund is providing Canadian businesses across different sectors and industries with grants of up to $5,000 to offset the cost of expenses businesses have incurred due to COVID-19.

Small businesses can claim $5,000 CUSBRF COVID-19 relief grant

Now that CERB has ended, what’s next?

The Canada Emergency Response Benefit (CERB) program, which provided many out-of-work Canadians with $2,000 per four-week period, ended on September 26.

Now that CERB has ended, what’s next?

Does the IRS owe you money?

Our checklist can help US corporate tax payers maximize refunds under the US CARES Act as filing deadlines of October 15 approach.

Does the IRS owe you money?

Important changes to BC’s PST filing requirements

Due to COVID-19, the BC provincial government has decided to adjust some of its requirements and deadlines surrounding PST filings.

Important changes to BC’s PST filing requirements

COVID-19: More breathing room for employers?

The federal government made several tax changes in recent weeks, to provide COVID-related economic relief to small businesses and employers.

COVID-19: More breathing room for employers?

The Fish Harvester Grant and Benefit: What you need to know

To help weather the effects of the pandemic, the Government of Canada recently introduced two new financial assistance programs.

The Fish Harvester Grant and Benefit: What you need to know

The Canada Emergency Wage Subsidy rules have changed.

On July 17, 2020, the federal government introduced proposed changes to the Canada Emergency Wage Subsidy (CEWS) rules.

The Canada Emergency Wage Subsidy rules have changed.

Support for New Brunswick businesses, workers and families

The province of New Brunswick has announced a series of economic measures to build on the federal government’s COVID-19 Economic Response Plan.

Support for New Brunswick businesses, workers and families

CRA relief on international tax issues caused by COVID-19 extended

In light of the travel restrictions introduced in Canada and around the world as a result of COVID-19, certain international tax rules and processes have been impacted.

CRA relief on international tax issues caused by COVID-19 extended

Federal government releases its fiscal snapshot

Finance Minister Bill Morneau has released a “fiscal snapshot” on federal spending and the overall economic impact of the COVID-19 pandemic.

Federal government releases its fiscal snapshot

Canada’s COVID-19 response: Province-by-province support for businesses and employers

In response to COVID-19, Canada’s provincial governments have provided measures to support the federal economic response plan.

Canada’s COVID-19 response: Province-by-province support for businesses and employers

COVID-19 support: Provincial response for individuals

Beyond the federal measures introduced in the wake of COVID-19, Canada’s provinces are also offering a range of support to help employees and individuals navigate the ongoing pandemic.

COVID-19 support: Provincial response for individuals

Support measures for agriculture, agri-food, aquaculture and fisheries businesses

This summary outlines the various new measures for employers and employees in the agriculture, agri-food, aquaculture, and fisheries industries.

Support measures for agriculture, agri-food, aquaculture and fisheries businesses

Claiming home office deductions during COVID-19

Here we breakdown what you need to know about eligible deductions and answer some commonly asked questions.

Claiming home office deductions during COVID-19

Rental relief for small businesses: Canada Emergency Commercial Rent Assistance (CECRA)

As part of the federal government’s economic response plan to COVID-19, the Canada Emergency Commercial Rent Assistance (CECRA) is intended to provide rent relief for small businesses.

Rental relief for small businesses: Canada Emergency Commercial Rent Assistance (CECRA)

COVID-19 update: Summary of federal measures for Canadians

The federal government passed measures to assist both Canadian employers and employees during the COVID-19 pandemic.

COVID-19 update: Summary of federal measures for Canadians

The CARES Act: What US citizens need to know during COVID-19

The $2 trillion relief package provides support to individuals, businesses and government organizations during the COVID-19 pandemic.

The CARES Act: What US citizens need to know during COVID-19

What US employers should know about new COVID-19 regulations

To provide relief for US taxpayers, assist employees affected by COVID-19 and bolster US businesses, the US government has released a range of new tax measures and regulations.

What US employers should know about new COVID-19 regulations

Support for PEI businesses, workers and families

On March 16, PEI’s government allocated $25 million to the Emergency Contingency Fund and then increased it by an additional $15 million on April 3.

Support for PEI businesses, workers and families

Help for Canadian businesses and employees, including 75% wage subsidy

This summary provides the latest details available up to April 1, 2020 for the programs announced by the Canadian government to help Canadian businesses and employees.

Help for Canadian businesses and employees, including 75% wage subsidy

Global mobility: International employee considerations during COVID-19

Canadian businesses implementing new work arrangements during the COVID-19 pandemic may face heightened tax risks – particularly those with international employees.

Global mobility: International employee considerations during COVID-19

What employers and employees should know

The federal government has announced several economic measures to assist employers and their employees as a response to the COVID-19 pandemic.

What employers and employees should know

Federal government: Additional resources for businesses

On March 25, 2020, the federal government passed legislation that would provide support for millions of Canadians who are impacted by the economic effects of COVID-19.

Federal government: Additional resources for businesses

Federal government announces measures to combat economic impact of COVID-19

Here’s what you can expect as new filing and payment deadlines apply.

Federal government announces measures to combat economic impact of COVID-19

Alberta responds to COVID-19

Alberta’s provincial government has recently announced several support measures to mitigate some of the damaging effects being felt locally as a result of the global COVID-19 pandemic.

Alberta responds to COVID-19

COVID-19 and your business: Government and economic resources

The business environment is changing rapidly due to the unfolding COVID-19 situation.

COVID-19 and your business: Government and economic resources

Support for Ontario businesses, workers and families

The Province of Ontario has announced a series of tax changes and financial measures to build on the federal government’s COVID-19 Economic Response Plan.

Support for Ontario businesses, workers and families

Support for BC businesses, workers and families

British Columbia has announced a series of tax changes and financial measures including $5 billion in income support, tax relief and direct funding for people, businesses and services.

Support for BC businesses, workers and families

Significant help for businesses

On March 27, Prime Minister Trudeau announced measures aimed at helping all Canadians — whether a business or an employee — address their immediate cash flow needs.

Significant help for businesses

Support for your employees

Working from home: Securing your new workplace

Working from home is the “new normal” for many businesses and their employees. We’ve assembled an essential guide for you.

Working from home: Securing your new workplace

What employers and employees should know

The federal government has announced several economic measures to assist employers and their employees as a response to the COVID-19 pandemic.

What employers and employees should know

COVID-19 Update: To our valued clients

The present COVID-19 crisis has created a challenge that none of us could imagine just a short time ago. Our most immediate priorities are the safety of our colleagues and supporting our clients in any way we can.

Read the full update from Kevin Ladner, Executive Partner and Chief Executive Officer

Manage the impact of COVID-19 on your business

You’ve invested a lot of time and effort into your business, and it’s hard to know what’s ahead. But working with the team at Grant Thornton means you can clearly think of the next logical step and know that you’re not doing it alone.

Discuss the impacts of coronavirus with one of our experts

We are committed to helping our clients, colleagues and communities, as we all try to navigate the impacts of COVID-19.

Where to go for information

  • World Health Organization
  • Canadian Government – Public Health
  • Canadian Government – News
  • Business Development bank of Canada
  • Export Development Canada
  • Employment and Social Development Canada (Work-sharing)
  • Employment and Social Development Canada (Employment Insurance)
  • Prime Minister’s Office – Latest Updates
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