Covid-19 Economic Relief

There are a few options for economic relief that applies to farriers. Your best resource for what applies is contacting your local MP.

https://www.ourcommons.ca/Members/en

HST remittance due after March 27 will remain interest free until July 2020

There are two main relief options available that may or may not apply. Farriers earning $1000 or less per month are able to apply for the CERB (Canada Emergency Response Benefits). This is a payment of $2000 a month. Keep in mind, this is taxable income. You can apply for this easily on the CRA webpage and the money is deposited within days. Approval is automatic. If you receive these benefits and are later found to be ineligible, these funds must be paid back the following year.

https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra.html

The second option is for those farriers who have structured their business as a corporation and pay themselves or their help payroll. You must have a CRA payroll account and have paid $20,000 or more in payroll for 2019. These business have access to credit up to $40,000. If this loan is paid in full by December 2022, there will be up to 25% of the loan forgiven. (up to $10,000). This program is accessed through your financial institution.

https://ceba-cuec.ca/