What is Sysco Doing?
Helping you with credit options so you can weather this storm
We offer flexible payment methods (within existing terms) that will assist with critical cash flow requirements and to ensure social distancing is strictly followed. These include:
Sysco Account Centre to pay online (via EFT) or ‘Click to Pay’
Set Sysco as a Payee with your online banking
Other alternatives to traditional method of payment by cheque such as credit card options for all past due balances
Sysco Credit associates are available to support customers by discussing various payment options and other council
Sysco will not charge NSF fees as well as interest on past due balances during this time.
Government of Canada COVID-19 Economic Response Plan
The Government of Canada’s response to COVID-19 can be found at: https://www.canada.ca/en/department-finance/economic-response-plan.html#business
Some key highlights are noted below, please ensure you educate yourself on all pertinent details:
Support to Businesses
The government has announced the first phase of its response intended to support businesses in Canada in the wake of the COVID-19 outbreak.
Helping businesses keep their workers by offering a three-month temporary wage subsidy for certain small employers. The subsidy is equal to 10% of remuneration paid during that period, up to a maximum of $1,375 per employee and $25,000 per employer.
All businesses can defer until after August 31, 2020 the payment of income tax payments (instalments and balances due under Part I of the Income Tax Act) that become owing between now and before September 1, 2020. No interest or penalties will accumulate on these amounts during this period. Note that the filing deadline for corporate tax returns will not change—it remains no later than six months after the end of the taxation year. Summary of key tax measures are attached.
Ensuring Businesses have access to Credit through the Business Credit Availability Program (BCAP) which is targeted around small and medium sized businesses.
Emergency Care Benefit (April 2020)
Introducing the Emergency Care Benefit providing up to $900 bi-weekly, for up to 15 weeks. This flat-payment Benefit would be administered through the Canada Revenue Agency (CRA) and provide income support to:
Workers, including the self-employed, who are quarantined or sick with COVID-19 but do not qualify for EI sickness benefits.
Workers, including the self-employed, who are taking care of a family member who is sick with COVID-19, such as an elderly parent, but do not qualify for EI sickness benefits.
Parents with children who require care or supervision due to school or daycare closures, and are unable to earn employment income, irrespective of whether they qualify for EI or not.
Business Development Bank of Canada (BDC)
Introduced new relief measures to alleviate the impact of COVID-19 on business activity for qualifying companies such as working capital loans with flexible terms and postponed payments, and reduced rates on eligible new loans
Please note there is free live webinar on March 25th at 12 pm EST (1 pm AST) on how to cope with the impacts of COVID-19 on your business
Please see the details at https://www.bdc.ca/en/pages/special-support.aspx?special-initiative=covid19
Income Tax Filings
For individuals, the CRA will defer the filing due date for 2019 personal taxes to June 1, 2020.
CRA will also defer tax payments and instalments for individuals and businesses that are due from Mach 18th, 2020 and before September 1, 2020, taxpayers will be able to defer payments until after August 31, 2020. No interest or penalties will accumulate on these amounts during this period.
The Canada Revenue Agency (CRA) will now accept electronic signatures as having met the signature requirements of the tax law, as a temporary administrative measure.
Responses and Plans by Province:
Northwest Territories- https://www.gov.nt.ca/en/public-safety-notices
Newfoundland & Labrador- https://www.gov.nl.ca/covid-19/
Nova Scotia- https://novascotia.ca/coronavirus/
Most bank and related financial institutions are offering a combination of loan deferrals, mortgage payment delays, credit limit increases and other important measures.