The CMHC has posted some additional information on its website regarding the Canada Emergency Commercial Rent Assistance for small businesses. While the CMHC’s comments are helpful, it is important to remember that there is no legislation on the CECRA program, draft or otherwise. Once legislation implementing the CECRA program has been passed into law, the […]
Canada Emergency Commercial Rent Assistance for Small Businesses
Prime Minister Trudeau announced this morning that the Federal Government has reached an agreement in principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. Our DMCL comments are in the brackets. This program will lower rent by 75 per cent for small businesses that have been […]
Support for Students and New Grads During COVID-19
On April 22, 2020, Prime Minister Trudeau announced a $9 billion support package for post-secondary students and recent graduates. The support package includes: the Canada Emergency Student Benefit Available to students and new graduates who are not eligible for the Canada Emergency Response Benefit. A benefit of $1,250 per month for eligible students. A benefit […]
Economic Measures Update: For the Week Ending April 17, 2020
CANADA EMERGENCY WAGE SUBSIDY (“CEWS”) – 75% WAGE SUBSIDY UP TO $847/WEEK CRA application portal ready in 1-3 WEEKS [Sources say it may be ready April 27, 2020] The legislation received royal assent late last Saturday night (April 11th). It is a wage subsidy of up to $847 per employee per week if the business […]
COVID-19 US Relief Measures for Individuals and Businesses
On March 27th 2020, President Trump signed into law the Coronavirus Aid Relief and Economic Security (“CARES”) Act which contains certain US tax relief, low interest and forgivable loans and other direct subsidies to US businesses and individuals to deal with COVID-19. These measures could provide relief for our US clients so we should make […]
75% Canada Emergency Wage Subsidy (CEWS)
The Government of Canada passed into law on Saturday, April 11th 2020 Bill C-14 the COVID-19 Emergency Response Act No. 2 which provides a 12 week wage subsidy of up to $847 per employee per week: to “eligible entities” in respect of “eligible remuneration” paid to “eligible employees” during a “claim period” (four week periods […]
The Value of Cash Forecasting
This article was written by Richard DeRienzo, from Citrin Cooperman, an independent firm associated with the Moore Global Network. Stress is knowing that you have a problem and not knowing how to solve it. Real stress is not knowing you have a problem and having to come up with a solution on the fly. As we approach […]
Changes to the Canada Emergency Wage Subsidy
On April 08, 2020, the Prime Minister and the Minister of Finance announced changes to the Canada Emergency Wage Subsidy program and provided further guidance on the application of the rules. Please review the full announcement below. Here are some of the highlights. Eligible Employers Under the new rules, the subsidy is available to employers […]
CRA Benefits, Credits and Support Payments During COVID-19
On April 03, 2020, the CRA posted the following information on the Canada Emergency Response Benefit and on the GST tax credit. COVID-19: Canada Emergency Response Benefit (CERB) You can apply for the CERB with CRA online or by phone. April 9 – GST/HST credit payment: The one-time supplementary GST/HST credit payment will be issued starting on April 9, 2020. This […]
Canada Emergency Wage Subsidy: Additional Department of Finance Commentary
The Department of Finance has posted additional information on the Canada Emergency Wage Subsidy on their web-site. The posting provides some clarification on various elements of the subsidy. Revenue Decline For the purpose of measuring the decline in the business’s revenues, the revenue must: be from a business carried on in Canada, be from arm’s-length […]
