In a bid to support hard-hit businesses, the federal government this week introduced Bill C-9 to amend the Income Tax Act.
Photo via Wikimedia Commons
Feds look to further assist businesses
Published 2:09 PST, Wed November 4, 2020
Last Updated: 12:51 PST, Tue November 24, 2020
Deputy Prime Minister and Finance Minister Chrystia Freeland this week introduced Bill C-9 to amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy), which would implement new, targeted support to help hard-hit businesses.
The government says these measures are designed to help businesses get through the second wave of the virus so they can protect jobs, continue to serve their communities, and be positioned for a strong recovery.
As previously announced, the business supports include:
• The new Canada Emergency Rent Subsidy, which would provide direct and easy-to-access rent and mortgage interest support to tenants and property owners until June 2021 for qualifying organizations affected by COVID-19.
• The new Lockdown Support, which would provide an additional 25 per cent through the Canada Emergency Rent Subsidy for qualifying organizations that are subject to a lockdown and must shut their doors or significantly limit their activities under a public health order issued under the laws of Canada, a province or territory (including orders made by a municipality or regional health authority under one of those laws).
• The extension of the Canada Emergency Wage Subsidy until June 2021, which would continue to protect jobs by helping employers keep employees on the payroll and re-hire their workers. The wage subsidy would remain at the current rate of up to 65 per cent of eligible wages until Dec. 19, 2020.
Monday’s legislation is another step in our work to ensure businesses of all sizes have the support they need to make it through this pandemic. Learn more here.
Also Monday, Small Business, Export Promotion and International Trade Minister Mary Ng delivered a keynote speech at the Montreal Council on Foreign Relations (widely known as CORIM) virtually about the value of international trade for an inclusive and resilient economic recovery for all Canadians, which was followed by a fireside chat with Monique Leroux, chair of the Industry Strategy Council.