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On March 3, 2021, the Government of Canada announced that it intends to extend the current rate structures for the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Rent Subsidy (CERS) and Lockdown Support from March 14 to June 5, 2021.
What is the CRSB?
The CRSB provides income support to eligible employed or self-employed individuals who have been unable to work due to being ill or needing to self-isolate due to COVID-19. This benefit helps individuals who do not qualify for Employment Insurance (EI) and still require assistance, now that the Canada Emergency Response Benefit (CERB) has ended. The CRSB is also available to employed or self-employed individuals who have underlying health conditions that put them at higher risk of becoming infected with COVID-19.
The effect the ongoing COVID-19 pandemic has had on businesses by way of lockdowns and declines in general business activity has been immeasurable. As many businesses experience declines in activity, the trickle-down has also impacted employees who have seen a reduction in their business or personal mileage use for their employer-provided automobile.
The deadline for application of the Canada Emergency Wage Subsidy (CEWS) for periods one through five is Sunday, January 31, 2021, which is just 23 days away!
Small and medium-sized businesses fuel British Columbia’s economy. Providing them with the support they need during and after the COVID-19 pandemic is crucial to the province’s economic future. The BC Small and Medium-Sized Business Recovery Grant program does just that by investing up to $300 million in financial support to BC businesses that employ between 2 and 149 BC residents and have experienced a decline in revenue since March 10, 2020.
With more and more Canadians working from home due to the COVID-19 pandemic, the Canada Revenue Agency (CRA) has simplified the way employees can claim the home office expenses deduction on their personal tax return for the 2020 tax year by way of a new temporary flat rate method. Employees with larger claims for their home office can still utilize the detailed method to calculate their home office expenses deduction.
Qualifying businesses affected by the ongoing COVID-19 pandemic will have rent and mortgage support until June 2021 through the Canada Emergency Rent Subsidy (CERS). The CERS replaces the Canada Emergency Commercial Rent Assistance (CECRA) program, which provided rent support of over $1.8 billion to over 130,000 small businesses across the country.
With the various COVID-19 Relief Measures announced by the Federal Government, we have created a quick reference chart that outlines various programs available to both businesses and individuals. To view the chart, please refer below.
NOTE: Bill C-9 has not officially been passed as of the date this article was posted.
Bill C-9 is in the process of being amended and is receiving its first reading in the House of Commons. If passed, this amendment will extend the Canada Emergency Wage Subsidy (“CEWS”) and create the Canada Emergency Rent Subsidy (“CERS”).
Federal Government Minister of Small Business, Export Promotion and International Trade, Mary Ng, announced on October 20, that the Government of Canada will be investing $12 million in the Canada United Small Business Relief Fund (CUSBRF).
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