CERB extended by 4 weeks
On August 20th, the Federal Government announced the extension of the Canada Emergency Response Benefit (CERB) by one month and the subsequent transition, on September 27th, to a simplified Employment Insurance (EI) Program for those who remain unable to work and are eligible.
Temporary revised EI benefit qualifications:
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120 hours of work required to qualify
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Minimum benefit rate of $400 per week
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At least 26 weeks of regular benefits
Canada Recovery Benefit
Effective September 27th, 2020 for 1 year, the Canada Recovery Benefit will provide $400 / week for up to 26 weeks for those who are not eligible for EI, like self-employed and gig economy workers.
Eligibility from canada.ca:
“The benefit would be available to residents in Canada who:
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are at least 15 years old and have a valid Social Insurance Number (SIN);
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have stopped working due to the COVID-19 pandemic and are available and looking for work; or are working and have had a reduction in their employment/self-employment income for reasons related to COVID-19;
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are not eligible for Employment Insurance;
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had employment and/or self-employment income of at least $5,000 in 2019 or in 2020; and,
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have not quit their job voluntarily.
Workers would apply after every two-week period for which they are seeking income support and attest that they continue to meet the requirements. In order to continue to be eligible for the benefit the claimant wound need to look for and accept work when it is reasonable to do so. The benefit is taxable.”
Canada Recovery Sickness Benefit
Effective September 27th, 2020 for 1 year, the new Canada Recovery Sickness Benefit will provide $500 / week for up to 2 weeks for workers who are unable to work because they are sick or must isolate due to COVID-19.
Eligibility from canada.ca:
“The benefit would be available to:
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Residents in Canada who are at least 15 years of age and have a valid Social Insurance Number (SIN);
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Workers employed or self-employed at the time of the application; and
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Workers who earned at least $5,000 in 2019 or in 2020.
Workers would not be required to have a medical certificate to qualify for the benefit. Workers could not claim the Canada Recovery Sickness Benefit and receive other paid sick leave for the same benefit period. Workers would need to have missed a minimum of 60% of their scheduled work in the week for which they claim the benefit.
Workers would apply after the one-week period in which they are seeking income support and attest that they meet the requirements. The benefit would taxable.”
Canada Recovery Caregiving Benefit
Effective September 27th, 2020 for 1 year, the new Canada Recovery Caregiver Benefit will provide $500 / week for up to 26 weeks per household to eligible Canadians.
The news release from canada.ca, states that:
“The closure of schools and other daycare and day program facilities to prevent the spread of COVID 19 has meant that many Canadians have been unable to work because they needed to provide care to children or support to other dependents who had to stay home. While it is anticipated that facilities will gradually re-open as the economy restarts, the Government of Canada recognizes that access may vary over time and across communities. The Government is committed to ensuring that parents and others with dependents do not need to choose between caring for them and paying the bills.”
Eligibility from canada.ca:
In order to be eligible for the Canada Recovery Caregiving Benefit, individuals would need to:
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reside in Canada;
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be at least 15 years of age on the first day of the period for which they apply for the benefit;
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have a valid Social Insurance Number;
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be employed or self-employed on the day immediately preceding the period for which the application is made;
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have earned at least $5,000 in 2019 or in 2020;
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have been unable to work for at least 60% of their normally scheduled work within a given week because of one of the following conditions:
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not be in receipt of paid leave from an employer in respect of the same week; and
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not be in receipt of the CERB, the EI Emergency Response Benefit (ERB), the Canada Recovery Benefit, the Canada Recovery Sickness Benefit, short-term disability benefits, workers’ compensation benefits, or any EI benefits or Quebec Parental Insurance Plan (QPIP) benefits in respect of the same week.
Workers would apply after the period in which they are seeking income support and attest that they meet the requirements. Two members residing in the same household could not be in receipt of the benefit for the same period. The benefit is taxable.
Do you REALLY need life insurance?
/in blog, Business Owners, Family, Individuals, life insurance /by Bryan WilsonYou most likely do, but the more important question is, What kind? Whether you’re a young professional starting out, a devoted parent or a successful CEO, securing a life insurance policy is probably one of the most important decisions you will have to make in your adult life. Most people would agree that having financial safety nets in place is a good way to make sure that your loved ones will be taken care of when you pass away. Insurance can also help support your financial obligations and even take care of your estate liabilities. The tricky part, however, is figuring out what kind of life insurance best suits your goals and needs. This quick guide will help you decide what life insurance policy is best for you, depending on who needs to benefit from it and how long you’ll need it.
Permanent or Term?
Life insurance can be classified into two principal types: permanent or term. Both have different strengths and weaknesses, depending on what you aim to achieve with your life insurance policy.
Term life insurance provides death benefits for a limited amount of time, usually for a fixed number of years. Let’s say you get a 30-year term. This means you’ll only pay for each year of those 30 years. If you die before the 30-year period, then your beneficiaries shall receive the death benefits they are entitled to. After the period, the insurance shall expire. You will no longer need to pay premiums, and your beneficiaries will no longer be entitled to any benefits.
Term life insurance is right for you if you are:
The family breadwinner. Death benefits will replace your income for the years that you will have been working, in order to support your family’s needs.
A stay-at-home parent. You can set your insurance policy term to cover the years that your child will need financial support, especially for things that you would normally provide as a stay-at-home parent, such as childcare services.
A divorced parent. Insurance can cover the cost of child support, and the term can be set depending on how long you need to make support payments.
A mortgagor. If you are a homeowner with a mortgage, you can set up your term insurance to cover the years that you have to make payments. This way, your family won’t have to worry about losing their home.
A debtor with a co-signed debt. If you have credit card debt or student loans, a term life insurance policy can cover your debt payments. The term can be set to run for the duration of the payments.
A business owner. If you’re a business owner, you may need either a term or permanent life insurance, depending on your needs. If you’re primarily concerned with paying off business debts, then a term life insurance may be your best option.
Unlike term life insurance, a permanent life insurance does not expire. This means that your beneficiaries can receive death benefits no matter when you die. Aside from death benefits, a permanent life insurance policy can also double as a savings plan. A certain portion of your premiums can build cash value, which you may “withdraw” or borrow for future needs. You can do well with a permanent life insurance policy if you:
…Have a special needs child. As a special needs child will most likely need support for health care and other expenses even as they enter adulthood. Your permanent life insurance can provide them with death benefits any time within their lifetime.
…Want to leave something for your loved ones. Regardless of your net worth, permanent life insurance will make sure that your beneficiaries receive what they are entitled to. If you have a high net worth, permanent life insurance can take care of estate taxes. Otherwise, they will still get even a small inheritance through death benefits.
…Want to make sure that your funeral expenses are covered. Final expense insurance can provide coverage for funeral expenses for smaller premiums.
…Have maximized your retirement plans. As permanent life insurance may also come with a savings component, this can also be used to help you out during retirement.
…Own a business. As mentioned earlier, business owners may need either permanent or term, depending on their needs.
A permanent insurance policy can help pay off estate taxes, so that the successors can inherit the business worry-free. Different people have different financial needs, so there is no one-sized-fits-all approach to choosing the right insurance policy for you. Talk to us now, and find out how a permanent or term life insurance can best give you security and peace of mind.
CERB transitions to NEW Recovery Benefits and EI
/in 2020, blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Retired, Coronavirus - Retiring, Coronavirus - Students /by Bryan WilsonCERB extended by 4 weeks
On August 20th, the Federal Government announced the extension of the Canada Emergency Response Benefit (CERB) by one month and the subsequent transition, on September 27th, to a simplified Employment Insurance (EI) Program for those who remain unable to work and are eligible.
Temporary revised EI benefit qualifications:
120 hours of work required to qualify
Minimum benefit rate of $400 per week
At least 26 weeks of regular benefits
Canada Recovery Benefit
Effective September 27th, 2020 for 1 year, the Canada Recovery Benefit will provide $400 / week for up to 26 weeks for those who are not eligible for EI, like self-employed and gig economy workers.
Eligibility from canada.ca:
“The benefit would be available to residents in Canada who:
are at least 15 years old and have a valid Social Insurance Number (SIN);
have stopped working due to the COVID-19 pandemic and are available and looking for work; or are working and have had a reduction in their employment/self-employment income for reasons related to COVID-19;
are not eligible for Employment Insurance;
had employment and/or self-employment income of at least $5,000 in 2019 or in 2020; and,
have not quit their job voluntarily.
Workers would apply after every two-week period for which they are seeking income support and attest that they continue to meet the requirements. In order to continue to be eligible for the benefit the claimant wound need to look for and accept work when it is reasonable to do so. The benefit is taxable.”
Canada Recovery Sickness Benefit
Effective September 27th, 2020 for 1 year, the new Canada Recovery Sickness Benefit will provide $500 / week for up to 2 weeks for workers who are unable to work because they are sick or must isolate due to COVID-19.
Eligibility from canada.ca:
“The benefit would be available to:
Residents in Canada who are at least 15 years of age and have a valid Social Insurance Number (SIN);
Workers employed or self-employed at the time of the application; and
Workers who earned at least $5,000 in 2019 or in 2020.
Workers would not be required to have a medical certificate to qualify for the benefit. Workers could not claim the Canada Recovery Sickness Benefit and receive other paid sick leave for the same benefit period. Workers would need to have missed a minimum of 60% of their scheduled work in the week for which they claim the benefit.
Workers would apply after the one-week period in which they are seeking income support and attest that they meet the requirements. The benefit would taxable.”
Canada Recovery Caregiving Benefit
Effective September 27th, 2020 for 1 year, the new Canada Recovery Caregiver Benefit will provide $500 / week for up to 26 weeks per household to eligible Canadians.
The news release from canada.ca, states that:
“The closure of schools and other daycare and day program facilities to prevent the spread of COVID 19 has meant that many Canadians have been unable to work because they needed to provide care to children or support to other dependents who had to stay home. While it is anticipated that facilities will gradually re-open as the economy restarts, the Government of Canada recognizes that access may vary over time and across communities. The Government is committed to ensuring that parents and others with dependents do not need to choose between caring for them and paying the bills.”
Eligibility from canada.ca:
In order to be eligible for the Canada Recovery Caregiving Benefit, individuals would need to:
reside in Canada;
be at least 15 years of age on the first day of the period for which they apply for the benefit;
have a valid Social Insurance Number;
be employed or self-employed on the day immediately preceding the period for which the application is made;
have earned at least $5,000 in 2019 or in 2020;
have been unable to work for at least 60% of their normally scheduled work within a given week because of one of the following conditions:
they must take care of a child who is under 12 years of age on the first day of the period for which the benefit is claimed:
because their school or daycare is closed or operates under an alternative schedule for reasons related to the COVID-19 pandemic;
who cannot attend school or daycare under the advice of a medical professional due to being at high risk if they contract COVID-19; or
because the caregiver who usually provides care is not available for reasons related to the COVID-19 pandemic; or
they must provide care to a family member with a disability or a dependent:
because their day program or care facility is closed or operates under an alternative schedule for reasons related to COVID-19;
who cannot attend their day program or care facility under the advice of a medical professional due to being at high risk if they contract COVID-19; or
because the caregiver who usually provides care is not available for reasons related to the COVID-19 pandemic;
not be in receipt of paid leave from an employer in respect of the same week; and
not be in receipt of the CERB, the EI Emergency Response Benefit (ERB), the Canada Recovery Benefit, the Canada Recovery Sickness Benefit, short-term disability benefits, workers’ compensation benefits, or any EI benefits or Quebec Parental Insurance Plan (QPIP) benefits in respect of the same week.
Workers would apply after the period in which they are seeking income support and attest that they meet the requirements. Two members residing in the same household could not be in receipt of the benefit for the same period. The benefit is taxable.
Details of the EXPANDED Canada Emergency Wage Subsidy
/in 2020 Only, blog, Coronavirus, Coronavirus - Practice Owners /by Bryan WilsonOn August 11th, the Government of Canada updated the calculator and Canada.ca with the changes to the Canada Emergency Wage Subsidy (CEWS).
If you’re a business owner who has suffered losses as a result of COVID-19 and did NOT qualify previously for CEWS, you may now qualify.
The changes expand the program to include more businesses for periods 5 to 9 (July 5 to November 21, 2020) and have been published on Canada.ca, here are some of the changes:
the subsidy rate varies, depending on how much your revenue dropped
if your revenue drop was less than 30% you can still qualify, and keep getting the subsidy as employees return to work and your revenue recovers
employers who were hardest hit over a period of three months get a higher amount
employees who were unpaid for 14 or more days can now be included in your calculation
use the current period’s revenue drop or the previous period’s, whichever works in your favour
for periods 5 and 6, if your revenue dropped at least 30%, your subsidy rate will be at least 75%
even if your revenue has not dropped for the claim period, you can still qualify if your average revenue over the previous three months dropped more than 50%
the maximum base subsidy rate is 60% in claim periods 5 and 6
the maximum base subsidy rate will begin to decline in claim period 7, gradually reducing to 20% in period 9
The Government of Canada has updated the CEWS calculator to reflect these changes and can be found here:
6 Steps to Retirement Success
/in blog, Business Owners, Family, Investment, Retirees, RRSP, Tax Free Savings Account /by Bryan WilsonRetirement planning can be challenging, we’ve outlined what we feel are 6 steps to retirement success.
Have a written plan which merges life priorities with financial resources.
Consolidate your income-producing assets with one advisor.
Layer different sources of income in the most efficient manner.
Structure income in order to preserve valuable tax credits and government benefits.
Create efficient cash flow by investing your income-producing assets wisely.
Implement efficient solutions for health-cost risks and wealth transfer strategies.
Talk to us about a complimentary comprehensive review of your retirement plan.
Canada Emergency Wage Subsidy expanded to include more businesses!
/in blog, Business Owners, Coronavirus, Coronavirus - Practice Owners, corporate /by Bryan WilsonOn July 17th, Finance Minister Bill Morneau announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) that will expand the number of businesses that qualify for the program.
The major changes he announced were:
“First, we’re proposing to extend this program through until December 19th.”
“Secondly, we know that it’s also critical that we have the businesses able to continue to hire people even as they get into the restart and we know that the requirements in businesses have a 30% reduction in revenue is not helpful in that regard.”
“businesses will get the wage subsidy if they’ve had any reduction in revenue so it’s going to go all the way down to businesses who even have a small amount of revenue reduction they’ll get the subsidy and it will be in proportion to the amount of the revenue reduction that they will get a subsidy.”
“Third, we’ve tailored the program so that it helps those organizations that are particularly hard hit. So for organizations with over a 50% reduction of revenue over the last few months they’ll actually get a top up, they’ll get up to 25% additional subsidy so that they can deal with this really challenging time for their businesses.”
“What that means for businesses, those that were already in the program that have that 30% revenue decline that will continue to be the case for July and August. For those businesses as I said that are particularly hard hit it will be even more. It will go up to 85% wage subsidy or $960 per person.”
“For those businesses less hard hit but still hit they will be able to get into the program. The program will continue but as we restart, the program will be tailored to help businesses appropriately in that restart.”
The new rules will be retroactive to July 5th but require parliamentary approval.
VIEW THE NEWS RELEASE FOR THE REVISED CEWS
Canada Emergency Wage Subsidy extended into December!
/in blog, Business Owners, Coronavirus, Coronavirus - Practice Owners, corporate /by Bryan WilsonOn July 13th, Prime Minister Justin Trudeau announced the extension of the Canada Emergency Wage Subsidy (CEWS) until December. The Prime Minster stated:
More details will be released during the week.
Retirement Planning for Business Owners
/in blog, Business Owners, corporate, Retirees, RRSP, Tax, Tax Free Savings Account /by Bryan WilsonRetirement planning can be a complex process for us all, but if you are the owner of a small business it may can get even more complicated, due to the various factors and circumstances that you have to take into consideration. A common mistake made by small business owners is reinvesting extra money to grow their business, at the expense of putting it aside to save for their retirement.
Although there is no magic formula for getting started on a retirement strategy for your business, there are some general principles which might help you to get a handle on the steps that you need to take. One of the key ideas is the consideration of both your business and your personal finances and how to structure and integrate the two in order to create a robust retirement financial strategy.
Here are some tips on how to get started on a retirement plan.
Set aside time to plan for the future – It’s important to make retirement planning a priority, or you run the risk of never getting around to it. A professional financial planner can help you to assess your personal circumstances and create a personalized plan that suits you and your business, with the right balance between saving and reinvestment to help your business to grow.
Think about your future retirement income – Here are the main sources of retirement income that small business owners usually rely on:
Equity held in your business – If your business is successful, you are likely to benefit from equity from it in your retirement. Selling your company is an option, particularly attractive to some as, in some cases, you could benefit from the lifetime capital gains exemption on the sale. Of course, finding the right person to run your business in the future is easier said than done. A clear succession plan, created in advance of your retirement, can help you to ensure that business continuity will be affected as little as possible and will give you peace of mind as you approach your retirement. You may also want to consider using the expertise of an accountant or mergers and acquisitions specialist to help you to value your business correctly and also look after your interests when liaising with potential purchasers.
Alternatively, you may choose for your children to inherit your business, or you may decide to retain ownership of dividend-paying preferred shares in order to maintain an ongoing source of income.
Registered plans – A Registered Retirement Savings Plan (RRSP) can offer personal tax deductions on your contributions, plus your savings will grow as tax-deferred whilst in the plan. In addition, tax-free savings accounts (TFSAs) can be a useful way to save tax-free in particular circumstances.
Consider offering a retirement savings plan to your employees – Paying your statutory contribution of the Canada Pension Plan is just the minimum – many small businesses choose to offer their employees enhanced pension contributions as an incentive or employee benefit. For example, you could match their RRSP contributions to a set limit, to help their retirement nest grow more quickly. Alternatively, you could offer a benefit plan with an investment contribution package from an insurance company, which can be a more straightforward and cost-effective choice.
Be sure to diversify – As a small business owner, you should avoid putting all of your eggs in one basket, financially speaking, as this could leave you vulnerable to changes in the market. Try to diversify your investments and spread your funds in order to protect yourself and engage the help of a professional where necessary to help you to do so.
In summary, it’s important to remember that retirement planning is a process which is unique and personal to your own and your business’ circumstances and there is no uniform approach which works across the board. Take time to take stock of your current situation, as well as your goals for the future and this will help you to create a retirement plan that is right for your needs, both current and future.
CERB Extended | Business Owners who did not qualify previously – expanded CEBA starts June 19th
/in 2020 Only, blog, Business Owners, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Students, corporate, Individuals /by Bryan WilsonCERB Extended 2 more months
Great news for Canadians out of work and looking for work. The CERB will be extended another 8 weeks for a total of up to 24 weeks.
As the country begins to restart the economy, the Federal government will be making changes to the program to encourage Canadians receiving the benefit to get people back on the job. From Prime Minister Justin Trudeau’s website:
“The Government of Canada introduced the CERB to immediately help workers affected by the COVID-19 pandemic, so they could continue to put food on the table and pay their bills during this challenging time. As we begin to restart the economy and get people back on the job, Canadians receiving the benefit should be actively seeking work opportunities or planning to return to work, provided they are able and it is reasonable to do so.
That is why the government will also make changes to the CERB attestation, which will encourage Canadians receiving the benefit to find employment and consult Job Bank, Canada’s national employment service that offers tools to help with job searches.”
More small businesses can apply for CEBA $40,000 no-interest loans
Applications for the expanded Canada Emergency Business Account (CEBA) will be accepted as of Friday, June 19th, 2020. Small businesses that are:
“… owner-operated small businesses that had been ineligible for the program due to their lack of payroll, sole proprietors receiving business income directly, as well as family-owned corporations remunerating in the form of dividends rather than payroll will become eligible this week.”
Apply online at the financial institution your business banks with:
TD: https://www.forms.td.com/app/ceba/#/ceba/ceba-form
Scotiabank: https://www.scotiabank.com/ca/en/personal/scotia-support/latest-updates/business-banking/small-business/supporting-our-customers-is-our-top-priority.html
BMO: https://www.bmo.com/small-business/financial-relief-loc/#/login?PID=MBLBC&language=en
CIBC: https://www.cibc.com/en/business/advice-centre/covid-19/canada-emergency-business-account/now-available.html
RBC:https://www.rbc.com/covid-19/business.html
National Bank: https://www.nbc.ca/forms/business/covid-emergency-account.html
HSBC: https://www.hsbc.ca/1/2//applications/business-apply
Canadian Western Bank: https://www.cwbank.com/en/news/2020/canada-emergency-business-account-now-available (via phone/email)
There are restrictions on the funds can be used. From their website https://ceba-cuec.ca/:
Insurance Planning for Young Families
/in blog, disability insurance, Family, health benefits, Insurance, life insurance, travel insurance /by Bryan WilsonFor young families, making sure your family is financially protected can be overwhelming, especially since there’s so much information floating online. This infographic addresses the importance of insurance- personal insurance.
The 4 areas of personal insurance a young family should take care of are:
Health
Disability
Critical Illness
Life
Health: We are so fortunate to live in Canada, where the healthcare system pays for basic healthcare services for Canadian citizens and permanent residents. However, not everything healthcare related is covered, in reality, 30% of our health costs* are paid for out of pocket or through private insurance such as prescription medication, dental, prescription glasses, physiotherapy, etc.. Moreover, if you travel outside of Canada, medical emergencies can be extremely expensive.
Disability: Most people spend money on protecting their home and car, but many overlook protecting their greatest asset: their ability to earn income. Unfortunately one in three people on average will be disabled for 90 days or more at least once before age 65. Disability insurance can provide you with a portion of your income if you were to become disabled and unable to earn an income.
Critical Illness: For a lot of us, the idea of experiencing a critical illness such as a heart attack, stroke or cancer can seem unlikely, but almost 3 in 4 (73%) working Canadians know someone who experience a serious illness. Sadly, this can have serious consequences on you and your family, with Critical Illness insurance, it provides a lump sum payment so you can focus on your recovery.
Life: For young families, if your loved ones depend on you for financial support, then life insurance is absolutely necessary, because it replaces your income, pay off your debts and provides peace of mind.
Talk to us about helping making sure you and your family are protected.
Small Businesses! Applications for Canada Emergency Commercial Rent Assistance starts May 25th
/in 2020 Only, blog, Business Owners, Coronavirus, Coronavirus - Practice Owners, corporate /by Bryan WilsonLower rent by 75% for small businesses that have been affected by COVID-19
The Application portal for the Canada Emergency Commercial Rent Assistance (CECRA) opens at 8:00am EST on May 25th. The description from the CMHC website:
Application Dates
Due to expected high volumes of applications, the application dates will be as follows:
Monday – Property owners who are located in Atlantic Canada, BC, Alberta and Quebec, with up to 10 tenants who are eligible for the program
Tuesday – Property owners who are located in Manitoba, Saskatchewan, Ontario and the Territories, with up to 10 tenants who are eligible for the program
Wednesday – All other property owners in Manitoba, Saskatchewan, Ontario and the Territories
Thursday – All other property owners in Atlantic Canada, BC, Alberta and Quebec
Friday – All
Eligibility
From the CMHC website:
“To qualify for CECRA for small businesses, the commercial property owner must:
own commercial real property* which is occupied by one or more impacted small business tenants
enter (or have already entered) into a legally binding rent reduction agreement for the period of April, May and June 2020, reducing an impacted small business tenant’s rent by at least 75%
ensure the rent reduction agreement with each impacted tenant includes:
a moratorium on eviction for the period during which the property owner agrees to apply the loan proceeds, and
a declaration of rental revenue included in the attestation
The commercial property owner is not and is not controlled by an individual holding federal or provincial political office.
CECRA will not apply to any federal-, provincial-, or municipal-owned properties, where the government is the landlord of the small business tenant.
Exceptions
Where there is a long-term lease to a First Nation, or Indigenous organization or government, the First Nation or Indigenous organization or government is eligible for CECRA for small businesses as a property owner.
Where there are long-term commercial leases with third parties to operate the property (for example, airports), the third party is eligible as the property owner.
Also eligible are post-secondary institutions, hospitals, and pension funds, as well as crown corporations with limited appropriations designated as eligible under CECRA for small businesses.
NOTE: Small businesses that opened on or after March 1, 2020 are not eligible.
* We define commercial Real Property as a commercial property with small business tenants. Commercial properties with a residential component and multi-unit residential mixed-use properties would equally be eligible with respect to their small business tenants.
NOTE: Properties with or without a mortgage are eligible under CECRA for small businesses.
What is an impacted small business tenant?
Impacted small business tenants are businesses — including non-profit and charitable organizations — that:
pay no more than $50,000 in monthly gross rent per location (as defined by a valid and enforceable lease agreement)
generate no more than $20 million in gross annual revenues, calculated on a consolidated basis (at the ultimate parent level)
have experienced at least a 70% decline in pre-COVID-19 revenues **
NOTE: Eligible small business tenants who are in sub-tenancy arrangements are also eligible, if these lease structures meet program criteria.
** Small businesses can compare revenues in April, May and June of 2020 to that of the same period in 2019 to measure revenue losses. They can also use an average of their revenues earned in January and February of 2020.“
For Full Details and to apply: