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In the wake of newly imposed tariffs affecting Canadian businesses and individuals, the federal government has announced a comprehensive set of measures aimed at easing financial strain and supporting economic resilience.
Tax Relief Measures from CRA
Following a March 21, 2025 release from the Prime Minister’s Office, the Canada Revenue Agency (CRA) will implement temporary relief measures to help businesses manage their cash flow:
- Deferral of Payments: GST/HST remittances and corporate income tax payments originally due between April 2 and June 30, 2025 can now be deferred until June 30, 2025.
- Interest Waivers: Interest will be waived on GST/HST and T2 instalment and arrears payments required during this period. Additionally, interest relief will be provided on existing balances.
- Compliance Reminder: While payments are deferred, businesses must continue to file their GST/HST and T2 returns on time to remain compliant.
Interest charges will resume on July 1, 2025, marking the end of the temporary relief window.
Financial and Trade Support Initiatives
On March 7, 2025, the Department of Finance unveiled several initiatives designed to help Canadian businesses adapt to the economic challenges posed by the tariffs:
- Trade Impact Program: Export Development Canada will deploy $5 billion over two years to help exporters access new markets and navigate tariff-related disruptions.
- BDC Loan Support: The Business Development Bank of Canada will offer $500 million in favourably priced loans to businesses directly affected by tariffs and those in their supply chains.
- Agriculture Financing: Farm Credit Canada will provide $1 billion in new financing to support the agriculture and food sectors, helping reduce financial barriers.
- Expanded EI Work-Sharing Program: Temporary enhancements to the EI work-sharing program will allow more businesses to retain skilled workers during downturns. Employees working reduced hours due to external business challenges will receive EI benefits, helping maintain employment and skills.
