COVID-19: Economic Relief Measures Announced to Date

Changes to Credit Union Regulations

  • The Government of Newfoundland and Labrador amended the Credit Union Regulations in order to allow credit unions to avail of the federal CEBA program (see above).
  • For more information, see the Government of Newfoundland and Labrador’s news release of April 24, 2020.[510]

Legislative amendments for businesses

  • On March 26, 2020, Government of Newfoundland and Labrador announced legislative amendments in order to:
  • introduce $200 million in contingency funding to address the impacts of COVID-19 and reduced oil prices;
  • authorize the temporary variation of deadlines and time periods which an activity needs to be done such as annual reports and audit reviews;
  • authorize additional borrowing capacity to protect against a potential reduction in revenues as a result of COVID-19.
  • For more information, see the Government of Newfoundland and Labrador’s news release of March 26, 2020.[511]

Deadline extended for fuel tax exemption permits and tax returns

  • On March 30, 2020, the Government of Newfoundland and Labrador announced that the expiry date for fuel tax exemption permits is postponed to June 30, 2020 from March 31, 2020. The fuel tax exemption allows permit holders to purchase tax-exempt marked gasoline and light fuel oil. Consequently, gasoline and carbon retailers are authorized to accept such permits and continue to sell marked diesel and light fuel oil exempt of gasoline and carbon tax to these permit holders up to and including June 30, 2020.

  • For more information, see the Government of Newfoundland and Labrador’s news release of March 30, 2020.[512]

  • On April 7, 2020, the Government of Newfoundland and Labrador issued a Public Advisory extending the following tax return filing deadlines:

    • The deadline to file and pay International Fuel Tax Agreement returns for the first quarter of 2020 (January 1, 2020 to March 31, 2020) ordinarily due on April 30, 2020, from interjurisdictional carriers, under section 8 of the Revenue Administration Regulations, is extended to June 1, 2020.

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