As I am sure you have heard, Parliament has passed legislation that approves most of Canada’s emergency support measures, which has since received Royal Assent. The weeks of speculation about the federal support programs are now over, and we can begin the application process.
Here is a detailed summary of these programs, updated as of Thursday April 8 (PDF, 1.85 MB). Adobe Acrobat Reader is required to read this document, if it is not already installed on your computer or device.
In particular, I’d like to highlight three practical points:
- If you intend to apply for the CERB ($2,000 per month for 4 months) it is best to do so using the automated phone service at 1-800-959-2019 The phone service seems to work much more easily than the on-line application.
- The CEBA ($40,000 loan) only applies to businesses which had employees and made remittances for payroll of over $50,000 in 2019
- The 75% wage subsidy can apply to salary paid to new employees. It also can apply to family members, including yourself, but only if you were already on payroll prior to March 15, Lastly, payroll remittances must be made on April 15 as usual, although in case last-minute adjustments may be required before the April 15 deadline (which is this Wednesday).
If I haven’t spoken to you already, and you need support or explanations regarding the impact these measures may have for your business and/or your family, please call Chen at 647-225-8169 to arrange a Zoom meeting.
And of course, we hope you and your family remain well and are managing through these difficult times.
Any future changes will be announced on one of these government pages:
- General – https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection/canadas-reponse.html
- CRA – https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html
- Travel – https://travel.gc.ca/assistance/emergency-info/financial-assistance/covid-19-financial-help
- Employment and Social Development Canada – https://www.canada.ca/en/employment-social-development/corporate/notices/coronavirus.html