COVID-19 presents an enormous challenge for the economy. Governments are responding with interest rate cuts and quantitative easing programs on a scale not seen since the 2008 financial crisis. The response has also seen the introduction of measures designed to ease the burden for business, with deferrals for tax payments and emergency loan funding schemes introduced in a number of jurisdictions.
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As part of Canada’s COVID-19 economic response plan, the federal government recently provided the framework for the new Canada Emergency Rent Subsidy (CERS) program, which serves as a replacement to and stands separate from the now-expired Canada Emergency Commercial Rent Assistance (CECRA) program.
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On August 20, 2020, the federal government announced major changes to the Employment Insurance (EI) program and the creation of three new recovery benefits.
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Further to our May 21 legal update, the terms of the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses program continued to evolve over the summer and the program administrator, Canada Mortgage and Housing Corporation (CMHC), has now confirmed that there will be no further extensions of the CECRA program.
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As Canadian business leaders continue to face exceptional and wide-ranging challenges in response to the COVID-19 pandemic, the Federal Government and each of the provincial governments have introduced various subsidy, tax and other relief to help businesses cope with the crisis.
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With the end of the Canada Emergency Response Benefit (CERB) fast approaching, the federal government announced on August 20 a number of major changes to the Employment Insurance (EI) program.
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Bill 23: Commercial Tenancies Protection Act (the Act) received royal assent on July 23, 2020.
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On July 21 the House of Commons passed Bill C-20, which extends the Canada Emergency Wage Subsidy program (CEWS), a key measure in Canada’s COVID-19 response plan.
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The financial impacts of the COVID-19 pandemic have been particularly hard felt by startups and small businesses.
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If you shut down your business due to the pandemic and therefore are not emitting greenhouse gases (GHGs), can you claim a carbon credit?
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Food producers, processors and agribusinesses are facing increasing pressure to expand the production of locally-grown food, while curbing emissions and operating in a more sustainable manner.
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Companies that receive LEEFF funding will be required to complete annual climate change reporting and should consider utilizing the TCFD standards to inform reporting strategies.
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In addition to the Business Credit Availability Program, which provides financing support for small- and medium-sized Canadian businesses, the government of Canada has opened the application portal to the Large Employer Emergency Financing Facility.
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On April 24, the federal government, in agreement with all provinces and territories, introduced the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses.
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The governments of Canada, British Columbia and Saskatchewan have all recently announced new initiatives to support agribusinesses.
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Prime Minister Trudeau recently announced new measures to assist agribusinesses, $252 million in federal funding and an increase of $200 million in borrowing capacity to support agribusinesses.
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Following on the heels of new federal support programs for producers employing temporary foreign workers (TFWs), several provinces have announced initiatives to assist agribusinesses faced with an expected shortage in farm workers.
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The Government of Canada and all provincial and territorial governments have taken action to protect Canadians and businesses from the impacts of the COVID-19 pandemic, which has led to the introduction of the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses.
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On March 25, the Canada Emergency Response Benefit Act (Act) was passed to provide financial support to workers suffering a loss of income for reasons related to COVID-19 (CERB).
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Federal support for employers continues to evolve alongside the COVID crisis. Among the more recent measures is the Canada Emergency Wage Subsidy (CEWS), which was further refined by a bill passed on April 11.
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On April 6, Alberta’s minister of energy issued ministerial order 219/2020 (the Order) that modifies some Alberta Energy Regulator (AER) reporting and other requirements under Alberta’s Oil and Gas Conservation Act.
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On Saturday, April 11, legislation was enacted to implement the Canada Emergency Wage Subsidy (CEWS) that was announced by the federal government on April 1, further details of which were provided on April 8 and April 9.
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Eligible employers are those that have experienced a decline of 15% or more in gross revenue from arm’s-length sources in March or 30% or more in April or May, as compared to either the same month in 2019, or to an average of their monthly gross revenue earned in January and February 2020.
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On March 30, the federal government announced it is expanding the scope of wage subsidy benefits for small and medium-sized businesses affected by COVID-19, previously announced on March 27, to include most businesses of all types and sizes, as long as their gross revenues have decreased by 30% or more due to COVID-19.
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COVID-19’s impact on the economy is leading to liquidity concerns for many Canadian businesses.
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As part of the Alberta government’s response to the recent oil price collapse and ongoing economic concerns associated with COVID-19, on March 20 Premier Jason Kenney announced that the term of mineral agreements expiring in 2020 would be extended for one year.
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On March 25, the Canada Emergency Response Benefit Act (Act) was passed to provide financial support to workers suffering a loss of income for reasons related to COVID-19 (CERB).
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In response to the recent collapse in oil prices, Premier Jason Kenney announced on March 20 that the Government of Alberta will pay the Alberta Energy Regulator (AER) industry levy for six months.
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As they contend with the global crisis caused by COVID-19, employers greatly appreciate such support mechanisms as the Supplemental Unemployment Benefit Plan (SUBP) and the Work-Sharing special measures.
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The Canadian Department of Finance and the Prime Minister announced a number of significant economic measures to assist taxpayers in managing the economic and financial consequences of COVID-19.
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Since our latest publication on the subject, the Canadian and Quebec governments have announced they will be implementing several measures to help employees and employers deal with the repercussions of COVID-19. This update presents an overview of these measures.
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