Bill C-9 in respect of #CEWS and #CERS (the new rent subsidy) has been released:
CEWS
Following is included as the change to the top-up subsidy revenue decline calculation, and the freezing of period 8 CEWS calculations through to period 10. The legislation generally matches the October 9, 2020 announcement.
- Due date for applications is January 31, 2021, and 180 days after the end of the qualifying period.
- Several revenue recognition elections previously available only until Period 4 have been made available for all periods.
- The ability to revoke or amend elections has been added.
CERS
- As mentioned in the October 9, 2020 release, it opens in Period 8 (Sept 27 – Oct 24). It will be applied to rent and/or interest on mortgages and associated insurance and property taxes of up to $75k/period.
- CERS legislation is included as a part of New Rent Subsidy CEWS legislation (Section 125.7). The subsidy % is computed in the same manner as CEWS (using the same revenue reduction %), with the same 65% maximum for all periods up to December 19, 2020.
- There is a 25% top-up for the portion of days to which the property is subject to a public health restriction.
For more details and queries, please feel free to contact us at (647) 795-5462 OR email us at info@finnection.ca
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