Apr
27

UPDATE: Applications for the Canada Emergency Wage Subsidy (CEWS)

CEWS
On April 27, 2020, the CRA has launched the application process for the Canada Emergency Wage Subsidy. The CRA is the agency administering the CEWS on behalf of the federal government. Employers can now apply for the CEWS through My Business Account or through the CRA’s online application portal. Their representatives can also apply through Represent a Client. What happens after your application? Once your claim is approved through the CRA’s automated verification process, payment will be sent on May 5th. Payments made through direct deposit will then start to appear in the employer’s account by May 7th. Note that some...
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Apr
27

Canada Emergency Commercial Rent Assistance (CECRA) for Small Businesses

CECRA
Update (week of  September 8, 2020):  The Government announced that it is extending the CECRA by  another month to help small businesses pay rent for September. Application has also been extended to accomodate this extension. 1. What is the Canada Emergency Commercial Rent Assistance (CECRA)? The CECRA is a program for small businesses affected by the COVID 19 pandemic. This program will lower rent paid by these small businesses by 75%. 2. Who are eligible? As mentioned, the CECRA is for small businesses affected by COVID 19. These small businesses will be eligible if they are paying less than $50,000 per month...
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Mar
30

Mortgage Deferral to Support Canadians Amid COVID-19 Pandemic

Mortgage-Relief
Canada’s largest banks are offering mortgage payment relief to their customers through deferred mortgage payments. What is Mortgage Deferral?Mortgage deferral is not mortgage forgiveness. Mortgage deferral means that payments are skipped for a defined period of time, during which interest which would otherwise be part of the deferred payments is added to the outstanding balance of the mortgage. The added interest is incorporated into the monthly payment when payments resume at the end of the deferral period.This mortgage deferral related to the COVID-19 pandemic is available for an indefinite period and there is no deadline for customers to apply. Who can...
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Mar
30

Repayment Pause on Canada Student Loans and Alberta Student Loans

Repaymentonstudentloans
o The Federal Government has announced that it will pause the repayment of Canada Student Loans and Canada Apprentice Loans until September 30, 2020 with no accrual of interest. This will be effective on March 30, 2020. This will include pre-authorized debits. o No payments will be required and interest will not accrue during this time. o Students who are currently studying can continue to apply for Canada Student loans. o The Alberta Government has also announced a similar measure – Alberta Student Loan repayments will be paused for 6 months beginning March 30, 2020 with no accrual of interest. And...
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