From his speech this morning (April 15th), Prime Minister Justin Trudeau announced:
“Today, we’re announcing more help for more Canadians. This includes topping up the pay of essential workers. At the same time, we’ll also be expanding the Canada Emergency Response Benefit to reach people who are earning some income as well as seasonal workers who are facing no jobs and for those who have run out of EI recently. Expanding the CERB to include people who earn up to $1,000 per month. Maybe you’re a volunteer firefighter, or a contractor who can pickup some shifts, or you have a part-time job in a grocery store.”
Eligibility for CERB
On eligibility for CERB, the Prime Minister stated:
“If you earn $1,000 or less a month, you’ll now be able to apply for CERB.
If you were expecting a seasonal job that isn’t coming because of COVID-19, you’ll now be able to apply.
If you’ve run out of EI since January 1st, you can now apply for CERB as well
And for others who still need help, including post secondary students and businesses worried about commercial rent, we’ll have more to say to you very soon.”
Wage Boost for Essential Workers
On topping up wages for Essential Workers, PM Justin Trudeau said:
“Our government will work with the provinces and territories to boost wages for essential workers who are making under $2,500 a month, like those in our long-term care facilities”
The government website is being updated with the new qualifications, for full details and to apply click below:
Guide to Covid-19: Government Relief Programs in Canada
/in 2020, Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Retired, Coronavirus - Retiring, Coronavirus - Students, Family, individuals, life insurance /by Tracy DuffThe intention for our “Guide to Covid-19: Government Relief Programs in Canada” is to help businesses and individuals to cut through the noise and make sure they’re getting all the help they can receive from the federal and provincial programs.
Federal programs include:
Small Business Wage Subsidy
Canada Emergency Wage Subsidy
Canada Emergency Business Account
Canada Emergency Response Benefit
Student Loan Programs
Individual provincial programs include:
Utilities
Housing
Student Loan Programs
75% Commercial Rent Assistance Program
/in 2020 Only, Blog, Coronavirus, Coronavirus - Practice Owners /by Tracy DuffOn April 24th, the Federal Government in partnership with the provinces and territories unveiled the Canada Emergency Commercial Rent Assistance which provides rent relief to businesses.
“I can announce that we’ve reached agreements with all provinces and territories to lower rent by 75% for small businesses that have been strongly affected by COVID-19 for April, May and June” – PM Justin Trudeau
From Prime Minister Justin Trudeau’s website:
What if I have no revenue and can’t pay the remaining 25%?
For businesses who are unable to pay the remaining 25%, they should apply for the Canada Emergency Business Account (CEBA) through their bank which provides a $40,000 interest-free loan until Dec 31, 2022. $10,000 (25%) of the $40,000 loan is eligible for complete forgiveness if $30,000 is repaid on or before December 31, 2022.
Canada Emergency Student Benefit: Students will be eligible for $1,250 a month from May through August
/in 2020 Only, Blog, Coronavirus, Coronavirus - Students /by Tracy DuffCanada Emergency Student Benefit – $1,250/month from May through August or $1,750/month for those taking care of someone else or have a disability
Great news for students worried about financially making ends meet. Prime Minister Justin Trudeau announced the Canada Emergency Student Benefit which provides $1,250/month from May through August or $1,750/month for those taking care of someone else or have a disability.
On eligibility, the Prime Minister added:
Canada Student Service Grant – $1,000 to $5,000 to support students helping fight against COVID-19
For students looking to volunteer to help fight COVID-19, the Canada Student Service Grant provides $1,000 to $5,000:
Details of these programs will be posted on the Government of Canada website. Keep checking their website for more details:
Apply for Canada Emergency Wage Subsidy starting April 27th | Calculate your subsidy
/in 2020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice Owners /by Tracy DuffApply for CEWS starting April 27th
On April 21st, Prime Minister Justin Trudeau announced that the Canada Revenue Agency will accept applications for the Canada Emergency Wage Subsidy (CEWS) starting Monday, April 27th. This new measure gives qualifying employers up to $847 per employee each week so they can keep people on the payroll.
To be eligible to receive the wage subsidy, the Government of Canada website states you must:
be an eligible employer. Eligible employers include:
individuals (including trusts)
taxable corporations
persons that are exempt from corporate tax (Part I of the Income Tax Act), other than public institutions:
non-profit organizations
agricultural organizations
boards of trade
chambers of commerce
non-profit corporations for scientific research and experimental development
labour organizations or societies
benevolent or fraternal benefit societies or orders
registered charities
partnerships consisting of eligible employers
Public institutions are not eligible for the subsidy. This includes municipalities and local governments, Crown corporations, public universities, colleges, schools and hospitals.
have experienced an eligible reduction in revenue.
have had a CRA payroll account on March 15, 2020
Online Calculator
The Canada Revenue Agency launched an online calculator to help businesses determine the amount they can expect from the wage subsidy program.
New Canada Emergency Commercial Rent Assistance | Canada Emergency Business Account Expanded
/in 2020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice Owners /by Tracy DuffCanada Emergency Commercial Rent Assistance
On April 16th, Prime Minister Justin Trudeau announced support for to help small businesses with their rent for the months of April, May and June.
The program is being worked out with the provinces and more details will be available shortly.
Canada Emergency Business Account
The eligible amounts are being expanded to include businesses with 2019 total payroll between $20,000 – $1.5 million.
There are restrictions on the funds can be used. From their website https://ceba-cuec.ca/:
Expanded eligibility for Canada Emergency Response Benefit (CERB) & Boosted wages for Essential Workers
/in 2020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Associates, Coronavirus - Practice Owners, Coronavirus - Students /by Tracy DuffFrom his speech this morning (April 15th), Prime Minister Justin Trudeau announced:
Eligibility for CERB
On eligibility for CERB, the Prime Minister stated:
Wage Boost for Essential Workers
On topping up wages for Essential Workers, PM Justin Trudeau said:
The government website is being updated with the new qualifications, for full details and to apply click below:
Saskatchewan Small Business Emergency Payment – up to $5,000 for business
/in 2020 Only, Blog, Business Owners, Coronavirus, Coronavirus - Practice Owners /by Tracy DuffThe Saskatchewan Small Business Emergency Payment program provides financial assistance to small businesses in Saskatchewan that have been ordered to temporarily close or significantly curtail operations during the public emergency period due to a public health order to help control transmission of COVID-19.
Financial assistance includes a payment that can be used for any purpose which may include assisting businesses to cover fixed costs or to reopen the business once the pandemic is over.
Benefits
Payments are based on 15% of a business’s monthly sales revenue in either April 2019 or February 2020. Businesses may select either of these months to calculate their payment.
The maximum payment is $5,000 per business.
Payments can be used for any purpose, including paying fixed costs or expenditures related to re-opening the business following the pandemic.
Eligibility
To be eligible, a Saskatchewan business or not-for-profit must:
Have been carrying on business in Saskatchewan on February 29, 2020;
Have been ordered to temporarily close or curtail operations through a COVID-19 public health order;
Have less than 500 employees;
Attest that they:
have experienced a loss in revenue due to a COVID-19 public health order;
plan to reopen operations following the cancellation of the COVID-19 public health order; and
have not received any payments or amounts from any other sources, including insurance, to replace or compensate for the loss of sales revenue other than amounts from other government assistance programs; and
Apply on or before July 31, 2020.
Applications for the Canada Emergency Business Account starts TODAY!
/in 2020 Only, Blog, Business Owners, Coronavirus /by Tracy DuffThe new Canada Emergency Business Account (CEBA) is available starting TODAY and is available through major banking institutions: TD, Scotiabank, BMO, CIBC, RBC, National Bank, HSBC and Canadian Western Bank.
The CEBA will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced until December 31, 2022. Up to $10,000 of that amount will be eligible for loan forgiveness if $30,000 is fully repaid on or before December 31, 2022.
Eligibility
Organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019
How do I apply?
Prior to applying, please make sure you have this information readily available:
Canada Revenue Agency Business Number (BN 15 digits)
2019 T4 Summary of Remuneration Paid (T4SUM)
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)
Rules changed to allow more struggling business owners access to CERB, Wage Subsidy. Summer jobs program increased to 100%
/in 2020 Only, Blog, Business Owners, Coronavirus /by Tracy DuffAccepting Applications starting April 6th – Canada Emergency Response Benefit (CERB)
/in 2020 Only, Blog, Coronavirus /by Tracy DuffThe sheer volume of applications for the Canada Emergency Response Benefit (CERB) will likely overwhelm the system. If you or someone you know need to apply for this benefit, we suggest you prepare TODAY before the applications begin:
Double check your myCRA account username and password
Direct Deposit is setup
3 – 5 days via Direct Deposit vs 10 days via cheque in the mail
You should double check your myCRA username and password by signing in at:
If you do not have direct deposit setup with CRA, you can set it up TODAY at:
To help manage the volume, the CRA has setup specific days for you to apply based on month of birth.
If you were born in the month of:
January | February | March: Mondays – Best day to apply is April 6th
April | May | June: Tuesdays – Best day to apply is April 7th
July | August | September: Wednesdays – Best day to apply is April 8th
October | November | December: Thursdays – Best day to apply is April 9th
Fridays, Saturdays and Sundays are open for any birth month
Eligibility
The benefit will be available to workers:
Residing in Canada, who are at least 15 years old;
Who have stopped working because of COVID-19 and have not voluntarily quit their job or are eligible for EI regular or sickness benefits;
Who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and
Who are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. For subsequent benefit periods, they expect to have no employment or self-employment income.