Are you ready for government support?

Due to the ongoing complications arising from the tariff war, various levels of government have already announced programs to mitigate the financial impact on small businesses.

How can you prepare? Some programs are already announced – details below- but for any form of subsidy, grant or guarantee loan expect that the government will require proof of the financial impact caused by the tariffs and will want to ensure that all your books are in order and filings are current. Here are a few steps you can take to prepare:

·       Maintain accurate financial records and be prepared to demonstrate the financial impact of the imposed tariff, including revenue declines, cost increases, and specific cost adjustments related to imported or locally sourced products.

·       Ensure compliance with CRA requirements by keeping all corporate and personal filings current (including Corporation, HST, Payroll, and personal filings) as well as making timely payments.

·       It is advisable for owners to pay themselves salaries as employees, rather than taking all compensation in the form of dividends, as this can be beneficial

Support for Canadian Business announced so far

New programs:

Trade Impact Program through Export Development Canada to help businesses to reach new markets

Loans at favourite rate -  Pivot to Grow loan - via the Business Development Bank of Canada to support businesses impacted by the tariffs.

For the agricultural sector and farmer in general Farm Credit Canada has created a new lending program called Trade Disruption Customer Support Program

Existing programs:

Tariffs remission process – to provide tariffs relief  

Canada Small Business Financing Program – is a broad program to help small businesses obtain loans

Trade commission services which help Canadian Businesses finding funding programs and connect with international opportunities

More general there is also a very handy Business Benefit Finder which, with a few simple questions, helps navigate all possible financing and support programs

Need help to get your books ready or to navigate all the resources?  Contact us