The following relief programs are available from the Government of Canada and the Government of Ontario. For more information, visit their websites. Availability of programs and benefits are not guaranteed by Hillmount Capital and are subject to change.
Canada Recovery Benefit (CRB)
The program provides income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits.
Available: September 27, 2020 through September 25, 2021 – Read more>>
Canada Recovery Caregiving Benefit (CRCB)
The program gives income support to employed and self-employed individuals who are unable to work because they must care for their child under 12 years old or a family member who needs supervised care.
Available September 27, 2020 through September 25, 2021 – Read more>>
Canada Recovery Sickness Benefit (CRSB)
The program gives income support to employed and self-employed individuals who are unable to work because they are sick or need to self-isolate due to COVID-19, or have an underlying health condition that puts them at greater risk of getting COVID-19.
Available September 27, 2020 through September 25, 2021 – Read more>>
Canada Emergency Wage Subsidy (CEWS) – Potential Extension
The program is designed to encourage employers who already have laid-off workers to put them back on the payroll, now that they can count on direct payments from Ottawa to cover a significant portion of wages for the next three months. The CEWS offers businesses a 75 per cent wage subsidy to those who qualify.
Who can apply: For a complete description of the eligibility criteria and benefit availability, please visit the government website. Read more>>
Work-Sharing Program Extended
The federal government is extending the Work-Sharing program from 38 weeks to 76 weeks. The extension is not limited to one specific sector or industry.
Available: Effective Mar. 15, 2020, to Mar. 14, 2021 – Read more>>
Canada Emergency Business Account
Interest-free loans of up to $40,000. Repaying the balance of the loan on or before December 31, 2022, will result in loan forgiveness of 25 per cent (up to $10,000).
Who can apply: Small businesses and not-for-profits. To qualify, organizations need to demonstrate they paid between $20,000 to $1.5 million in total payroll in 2019. Business owners can apply through their bank or credit union. – Read more>>
Canada Emergency Commercial Rent Assistance (CERS) – Pending Approval
The rent relief plan is funded jointly with the provinces. It provides non-repayable loans to commercial property owners to cover 50 per cent of rent payments for April, May, and June 2020.
Loans will be forgiven if the property owner agrees to cut the rent by at least 75 per cent for those months and promises not to evict the tenant. The small business tenant must cover the remaining portion of the rent, which would be up to 25 per cent.
Who can apply: The plan is available to landlords with small business tenants that pay less than $50,000 a month in rent. The tenant must also have experienced a revenue decline of at least 70 per cent from pre-COVID-19 levels, or have been forced to close down because of COVID-19. – Read more>>
Goods and Services Tax Credit Payment
One-time payment. Around $400 for singles, $600 for couples.
Who can apply: For low to modest-income families, the credit is applied automatically if you normally receive the GST/HST credit and have filed a 2018 tax return. – Read more>>
Minimum RRIF Withdrawals
Required minimum withdrawals from RRIFs have been reduced by 25 per cent for 2020.
Who can apply: Anyone a RRIF should consult their financial institution or financial advisor.
Available: Currently available – Read more>>
Increase to the Canada Child Benefit
Parents will receive an extra $300 per child. You will receive the benefit as part of your regular Canada Child Benefit (CCB) payment.
Who can apply: Those already receiving the Canada Child Benefit. No need to apply.
Available: Currently available – Read more>>
Increased Credit for Farmers, Agri-food Sector
Producers, agribusinesses, and food processors are to receive a deferral of principal and interest payments for up to six months for existing loans, or a deferral of principal payments for up to 12 months. Access to an additional credit line up to $500,000.
Available: Currently available – Read more>>