#CanadaGovt; #Covid19Challenges; #CanadianBusinesses; #BillC-9, #RoyalAssent
Ottawa, Nov 19 (Canadian-Media): Targeted action is being taken by the Government of Canada to support Canadians and Canadian businesses, non-profits and charities that continue to face uncertainty and economic challenges owing to the COVID-19 pandemic, media reports said.
Canada Finance. Image credit: Twitter Handle
Bill C-9, An Act to Amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy) received Royal Assent Nov 19, implementing new, targeted support to help hard-hit businesses get through the second wave of the virus so they can protect jobs, continue to serve their communities, and be positioned for a strong recovery.
“I...extend my sincere thanks to Members of Parliament and Senators from all parties for supporting the timely passage of Bill C-9 to ensure workers and employers get the help...in times of crisis we must all work together. Our government will keep taking action to protect jobs, support businesses, and keep Canadians safe and healthy,” Chrystia Freeland, Canada's Deputy Prime Minister and Minister of Finance said.
The measures adopted as part of Bill C-9 are: Provision of direct and easy-to-access rent and mortgage interest support, through the new Canada Emergency Rent Subsidy, to tenants and property owners until June 2021 for qualifying organizations affected by COVID-19 and those that have suffered a revenue drop by providing support up to a maximum of 65 percent of eligible expenses until December 19, 2020. Claims can be made retroactively to September 27, 2020.
Additional 25 percent through the Canada Emergency Rent Subsidy for qualifying organizations that are subject to a lockdown and must shut their doors or significantly restrict their activities under a public health order issued under the laws of Canada. Combined, this will mean that hard-hit businesses subject to a lockdown could receive rent support of up to 90 per cent.
The extension of the Canada Emergency Wage Subsidy until June 2021, which will continue to protect jobs by helping employers keep employees on the payroll and re-hire workers. The wage subsidy will remain at the current rate of up to 65 per cent of eligible wages until December 19, 2020.
“Across the country, small businesses are the heart of our communities...Our government understands that helping business owners and workers now will ensure that we emerge from these challenging times even stronger,” said Mary Ng, Minister of Small Business, Export Promotion and International Trade