Today, Bill C-9, an Income Tax Amendment Act (Canada to Support Emergency Rent and Emergency Wage Support in Canada) received royal approval, implementing new, targeted support to help severely affected businesses.
The government is taking targeted actions to support Canadian and Canadian companies, non-profits and charities that continue to face uncertainty and economic challenges due to the COVID-19 pandemic.
Today, Bill C-9, a bill to amend the Income Tax Act (Canada Emergency Rent Subsidy and Emergency Wage Support in Canada) received royal approval, implementing new, targeted support to help hard-hit businesses. These measures will help companies overcome the second wave of the virus so that they can protect jobs, continue to serve their communities, and prepare for a strong recovery..
The programs implemented in Bill C-9 will help ensure that companies, non-profits, and charities overcome this crisis, remain in debt repayment, and keep workers on payroll.
The government reaffirms its intention to introduce legislation to formalize the rent payable as a qualifying expense, for the purposes of emergency rental support in Canada, effective September 27, 2020. Eligible organizations will be able to benefit from the rental subsidy on this basis once the application portal is launched.
“I would like to 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 assistance they need during the winter and second wave of COVID-19. Canadians know that in times of crisis we must all work together. Our government will continue to take action to protect jobs, support businesses, and keep Canadians safe and healthy.
“Across the country, small businesses are the heart of our societies and have shown incredible resilience throughout the COVID-19 crisis.. Today, with the Bell C-9 gaining royal approval, we continue to stand with hard-hit companies and workers to provide vital support through June 2021.. Our government knows that helping business owners and workers now will ensure that we emerge stronger from these difficult times.
more than 3. The jobs of 8 million Canadians were supported by emergency wage subsidies in Canada, with $ 48 billion in subsidies paid out as of November 8, 2020..
SMEs are strongly represented in sectors – like food services (for example. G. , Restaurants), hospitality, tourism and transportation – which continue to be heavily affected by the virus and measures taken to contain it.
As of November 12, 2020, the Government of Canada has provided more than $ 2 billion in rental subsidies, through Canada’s emergency commercial lease assistance for small businesses. Assisted Rent Assisted Over 139,000 Small Business Tenants, Supporting 1. 25 million jobs in Canada.
The new rental support will continue from where the previous program was discontinued, and provide direct, targeted and accessible rental support to eligible organizations affected by COVID-19 without having to work through their property owners. It will provide support for eligible fixed property expenses, including rent and interest on commercial mortgages. The announced program parameters will be implemented through December 19, 2020, with future standards adjusted in 2021 and targeted as needed.
To formalize rent payable as a qualifying expense for the purposes of emergency rent support in Canada starting September 27, 2020, the government will introduce legislation in the House of Commons as soon as possible.
Leasing, Canadian Government, Subsidies
World News – California – New targeted support to help companies during the pandemic gets royal approval
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