Here is some positive news in these challenging times. As you probably know the government is doing all they can to assist individuals and businesses affected by COVID-19. Below is some information to see if you qualify and how to apply. As a former tax consultant with Deloitte and KPMG please let me know if you need any assistance. If you do not qualify there is a high chance you have a family member, friend or co-worker who does, so please pass it on.
CERB Program form Employees/Self-Employed Individuals
- Info: https://www.canada.ca/
en/services/benefits/ei/cerb-a pplication.html?utm_campaign=n ot-applicable&utm_medium=vanit y-url&utm_source=canada-ca_ coronavirus-cerb - Requirements
- NOT currently working/receiving pay due to COVID-19 OR have stopped/will stop working for at least 14 consecutive days
- Had employment/self-employed income of $5,000 in 2019 or last 12 months
- Benefit: $2,000 per month, the benefit is considered taxable income
- Program Application Starts: April 6, 2020
- Apply through CRA My Account (details on application process: https://www.canada.
ca/en/revenue-agency/services/ benefits/apply-for-cerb-with-c ra.html#who - If born in Jan, Feb, Mar you can apply April 6 – Apr, May, Jun April 7 – Jul, Aug, Sep April 8 – Oct, Nov, Dec April 9 – Any month on Friday, Saturday and Sunday.
75% Wage Subsidy for Businesses
- Details:
- 75% of of employees wages will be subsidized by the Government up to maximum of $847/week per employee
- Application done through CRA – My Business Account (please ensure you have registered for an account if you have not yet done so)
- No details for impact & effect on calculation of payroll source deductions (CPP/EI/Tax)
- Requirement: gross revenues must have dropped 30% compared to 2019 on a month by month basis (March 2020 vs March 2019, April 2020 vs April 2019). No details yet on businesses that incorporated after March 2019
- Eligible Period: March 15 to June 6, 2020 (12-weeks)
$40k Interest-Free Loan for Businesses
- Loan Program
- $40k loan, interest free until Dec 31, 2022
- If $30k is repaid by Dec 31, 2022, then the remaining $10k is forgiven
- If balance at Dec 31, 2022 is higher than $10k, the balance will be transferred to a interest-bearing loan (payable to the bank)
- Apply directly through your Canadian Bank (business chequing account)
- Requirement: Must have at least $50k payroll in 2019
- Details on eligibility criteria have not been finalized, more details will be published by CRA in the coming week
If we all work together to support each other in these challenging times we will all come out stronger in the end.
We hope you and your family stay safe and healthy!
Paul Chan
Founder Modern Family Realtor
Sales Representative Right At Home Realty Inc., Brokerage
D: 416.705.2444
E: modernfamilyrealtor@gmail.
“The highest compliment you can give me is a Referral!”
