This morning the Government of Canada revealed the early stages of it’s economic response, and some financial support available to businesses and individuals in response to the COVID-19 outbreak. Details of this plan can be found at https://www.canada.ca/en/department-finance/economic-response-plan.html
In addition to the financing supports announced on March 13, highlights of this additional economic relief package that may be of help to Canadian Rental Association members.
- Payroll Wage Subsidy – Equal to 10% of wages paid to a maximum of $1375 per employee and $25,000 per company.
- Deferral of Business Taxes – Amounts owing on or after today (March 18, 2020) will not be due until after August 31, 2020.
- Ensuring Business has Access to Credit – Business Development Bank of Canada and Export Development Canada will provide an additional $10 billion of credit availability to small business.
- Introducing the Emergency Care Benefit – This new benefit will provide up to $900 bi-weekly for self-employed individuals and others that would not normally qualify for Employment Insurance.
- Expanding the EI Work Sharing Program – which provides benefits to workers who agree to reduce their normal working hours as a result of this outbreak.
In addition we will be advocating on behalf of members, and in particular event rental members with the Minister of Finance to ensure that our members are adequately included in future economic announcements.
Please reach out to membership services (905-643-2333 or membershipservices@crarental.org) if you have any suggestions for how we can help.
Stay tuned, we will continue to provide updates as more information becomes available.
The CRA Officers
