Ontario Government’s Economic Response to COVID-19

On March 25, 2020, the Ontario government announced a $17 billion plan to protect businesses, households, and public services from the financial fallout of the novel coronavirus. These measures include the following:

Ontario’s economic response measures include the following:

1. 1. Five-month relief for Ontario businesses who are unable to file or remit select Provincial taxes Employer Health Tax
      • Tobacco Tax
      • Fuel Tax
      • Gas Tax
      • Beer
      • Wine & Spirits Tax
      • Mining Tax
      • Insurance Premium Tax
      • International Fuel Tax Agreement
      • Retail Sales Tax on Insurance Contracts and Benefit Plans
      • Race Tracks Tax
   2. The government is also temporarily suspending audit interactions with most Ontario businesses and representatives for the month of April 2020.
   3. Increasing the Employer Health Tax (EHT) exemption for 2020 from $490,000 to $1 million. This exemption will be retroactive to January 1, 2020.
   4. Deferral of Workplace Safety and Insurance Board (WSIB) payments for up to six months.
   5. A new 10-per-cent refundable corporate income tax credit for certain capital investments in non-Toronto-area regions of the province.
   6. One-time payments to parents of $200 per child up to 12 years of age, and $250 for children with special needs.
   7. Increasing the Guaranteed Annual Income System (GAINS) maximum payment to $166 per month for individuals and $332 per month for couples for six months, starting in April 2020.
   8. Providing six months of Ontario Student Assistance Program (OSAP) loan and interest accrual relief for student borrowers, in partnership with the federal government.
   9. Reducing time-of-use electricity costs for consumers, allowing them to be charged at the lowest level.