Posted on Nov 4, 2020

Stylistic Accounting & Tax Practice Inc.

The Fundamental Changes in the Rental Support Program
1-Extending the program to cover the period from October 2020 through June 2021
2- Tenants will be able to apply directly for support through the Canada Revenue Agency.
3- CERS will cover up to 65% for those who have seen revenue reductions year-over-year
4- An additional 25% of eligible expenses covered for those shut down by a mandatory public health order.
5-The support will cover 65% of rental costs for those who have seen year-over-year revenue reductions of 70%
6-The level of funding will decrease on a relative dropping range for those who have seen a revenue reduction of less than 70% on a year over year basis.
7-The CERS program shares elements with the CEWS wage subsidy program given that they are both regulated based on revenue loss.
The Fundamental Changes in the Wage Subsidy Program (CEWS) starting from period 8.
1- Adjusting the CEWS to provide a subsidy for up to 65% of eligible wages if revenue dropped dramatically on October 25, in essence losing 50% of revenue.
2- The Adjustment will last until at least December 31, 2020, and possibly until June 2020.
3- The companies with year over year revenue loss of over 50%, compared to the previous year, will be entitled to a subsidy of 40% of their eligible wages, plus a top-up of 25% for the loss between 50% and 70%
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