Please make sure to scroll all the way down to see all measures that may apply.

Temporary Wage Subsidy for Employers

• You may qualify for a wage subsidy of 10 % of remuneration paid from March 18 to before June 20, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
• Please make sure whether you qualify for the small business deduction

Please make sure to scroll all the way down to see all measures that may apply.

Canada Emergency Wage Subsidy

• The Canada Emergency Wage Subsidy would apply at a rate of 75 per cent of the first $58,700 normally earned by employees – representing a benefit of up to $847 per week. The program would be in place for a 12-week period, from March 15 to June 6, 2020.
• Eligible employers who suffer a drop in gross revenues of at least 30 per cent in March, April or May, when compared to the same month in 2019, respectively, would be able to access the subsidy.
• Automatic renewal for one month: Once an employer is found eligible for a specific period, they would automatically qualify for the next period of the program. For example, an employer with a revenue drop of more than 15% in March 2020 would qualify for the first and second periods of the program, covering remuneration paid between March 15 and May 9. Similarly, an employer with a revenue drop of 30% in April 2020 would qualify for the second and third periods of the program, covering remuneration paid between April 12 to June 6.
• Eligible employers would include employers of all sizes and across all sectors of the economy, with the exception of public sector entities.
• If the Canada Emergency Wage Subsidy applies, you will not be able to access an additional 10 percet wage subsidy.

FCC COVID-19 support program

• You are eligible to apply for additional lending, which includes:
• a deferral of principal and interest payments for six months OR a deferral of principal payments for up to 12 months.
• access to an additional credit line of up to $500,000.

Insured Mortgage Purchase Program (IMPP)

• CMHC is pleased to offer the details for the Purchase Operations which also includes the details of our first Purchase Operation on March 24th up to a total of $5 billion. In addition to the access to liquidity provided through the IMPP, CMHC is also ready to expand the issuance of Canada Mortgage Bonds, which is part of our standard mortgage-funding suite of products. This additional issuance would depend on market conditions and investor demand.
• To complement the IMPP, the Minister of Finance also announced today that the eligibility rules for portfolio insurance are being temporarily relaxed to assist mortgage lenders access to the IMPP. Effective March 24th, low loan-to-value loans with amortization up to 30 years, as well as refinance loans funded prior to today, will be eligible for portfolio insurance. Additional details on the eligibility rules will be provided to Approved Lenders shortly.

Canada Emergency Business Account (CEBA)

• This program will provide up to $25 billion to eligible financial institutions so they can provide interest-free loans to small businesses. These loans – guaranteed and funded by the Government of Canada – will ensure that small businesses have access to the capital they need, at a zero per cent interest rate, so they can pay for rent and other important costs over the next number of months.
• The loans will be in the form of lines of credit of up to $40,000 to businesses with payrolls of less than $1 million. A quarter of this loan (up to $10,000) is eligible for complete forgiveness.

Business Credit Availability Program (BCAP)

• Export Development Canada will provide guarantees to financial institutions so that they can issue new operating credit and cash flow term loans of up to $6.25 million to small and medium-sized businesses. These loans will be 80 per cent guaranteed by Export Development Canada, to be repaid within one year.
• Small and medium-sized businesses can also get support through a new Co-Lending Program that will bring the Business Development Bank of Canada together with financial institutions to co-lend term loans to these businesses for their operational cash flow requirements. Eligible businesses may obtain incremental credit amounts of up to $6.25 million through the program, which will be risk-shared at 80 per cent between the Business Development Bank of Canada and the financial institutions. Eligible financial institutions will conduct the underwriting and funding directly for customers.

Canada Summer Jobs (CSJ) 2020 Program

• Wage subsidies of up to 100% of the provincial or territorial minimum hourly wage
• Part-time employment
• An extension of the employments until February 28, 2021

Time-of-use hydro pricing

• Starting March 24, residential and small business hydro customers will pay the off-peak rate (10.1¢/kWh) no matter what time of day the electricity is consumed. The Government of Ontario has indicated this will be in place for at least 45 days.
• This pricing will be applied automatically – no customer action is required.
• Some customers may receive a bill before their utility or unit sub-meter provider is able to implement the price change, in which case they will receive a credit on the following bill.

Deferring of tax payment

• Deferring the payment of income taxes. The government is allowing all taxpayers to defer, until after August 31, 2020, the payment of income tax amounts owed on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
• Allow businesses, including self-employed individuals, to defer all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June, as well as customs duties owed for imports. This measure is the equivalent of providing up to $30 billion in interest-free loans to Canadian businesses. It will help businesses so they can continue to pay their employees and their bills, and help ease cash-flow challenges across the country.

Work-sharing

• Extension of the maximum possible duration of an agreement from 38 weeks to 76 weeks.