Dec 31, 1969 / By: Dominik Jablecki / 0 Comments 

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COVID-19 was declared a pandemic by the World Health Organization on March 11th . We were aware of it prior but it’s that date that spurred a cascading effect on businesses and individuals and as a result, we’ve been forced to adapt our personal and business lives.

In the last few weeks, I’ve been looking for all available financial relief options for businesses and employees. I found it tough to keep up with all the resources as the econony does its best to tread water and new measures are introduced almost daily. There’s no sugar-coating the situation. Our businesses and employees are facing tough months ahead but there’s light at the end of the tunnel. 

The purpose of this blog post is to provide you, sport club owners, operators and employees with information so that you can use this as a quick reference guide for what financial relief may be available to you. New financial benefit and relief programs are released regularly so this is a dynamic list. In this post, I'll focus on initiatives that I’ve found are best suited for sports club and their employees.

I preface this post with a disclaimer that I’m not a lawyer, business consultant or advisor. I’m a business owner who finds himself in a similar position to many of you and if my research can help you and/or your business, then I’m satisfied. 

Note that all the resources provided in this post are aimed towards Canadians and Canadian Sports Clubs or Organizations

My approach is simple. I’ll provide you with a breakdown of available government financial relief initiatives in the following format:

Let's get cracking...

Summary

For all Canadians who have lost their job.

When Can you Apply?

Available now

Summary

Will provide up to $2,000 a month (taxable) for up to four months for club employees, contract workers and self-employed who would not otherwise be eligible for EI.

When Can you Apply?

April 6th, 2020

May be applicable to your coaches or instructors who are still paying off their student loans. 

Summary

When Can you Apply?

There is no need to apply

Summary

You can defer your personal tax filing from the standard due date of April 30th, 2020 to June 1st, 2020 . When you file your personal tax return and owe payment, you can defer the payment until September 1st, 2020

When Can you Apply?

There is no need to apply

The federal government announced an up to 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive from March 15, 2020. The full details are not yet disclosed but will be in the upcoming days.

When Can you Apply?

Date has not been set

Summary

Summary

This is designed for businesses and not-for-profits to help with operating costs. Ideal for Clubs that employ coaches/instructors and/or admin staff.

When Can you Apply?

This is determined by your financial institution

If your club employees are eligible for Employment Insurance (EI) benefits, and your club is suffering a downturn due to COVID-19, you can apply for a work-sharing agreement. The agreement would allow employees to work a temporarily reduced work week while receiving EI benefits.

When Can you Apply?

Available Now

Summary

 The corporate tax return filing date has been deferred to June 1st, 2020 . If your club has taxes owing after March 18th, 2020, including any 2020 corporate tax instalments, you have until September 1st, 2020 to pay.

When Can you Apply?

There is no need to apply

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