Hoping everyone enjoyed Thanksgiving and you were able to enjoy time with at least some of your loved ones. Both the Federal Government and the Province of Manitoba made announcements recently.
Canada Emergency Rent Subsidy (CERS)
- CERS replaces the Canada Emergency Commercial Rent Assistance program.
- CERS will provide a sliding scale of support for up to 65% per cent of eligible expenses (not yet defined) until December 19, 2020.
- If a business is required to close by a public health order issued by a qualifying public health authority, CERS will provide a top up of 25 per cent of eligible expenses.
- Organizations will be able to make claims retroactively for the period from September 27, 2020 to October 24, 2020.
- CERS support will be provided directly to tenants instead of through the property owner as in the CECRA program.
- The announcement also notes that CERS will provide support to property owners (details to be announced).
- CERS will extend through June 2021 and will operate through the Canada Revenue Agency.
Canada Emergency Business Account (CEBA)
CEBA has been expanded to provide an additional interest-free loan of up to $20,000 for businesses impacted by COVID-19; 50% ($10,000) of this is forgivable if paid back by Dec 31, 2022. This is in addition to the original CEBA loan of $40,000. Up to $20,000 of the new total CEBA loan of $60,000 would be forgivable if the balance of the loan is repaid before December 31, 2022.
Province of Manitoba
The government has eliminated the 7% PST from personal tax return (T1) preparation. Tax preparers will no longer be required to charge Individuals for PST when filing their T1’s. This makes good on an election promise from August 2019; to eliminate this tax if the Progressive Conservatives were to be elected. The government plans to make further tax cuts during the current legislative session including the elimination of probate fees on estates and phasing out the education property tax.
For our current customers, we will make sure we take advantage of the above announcements for you. If you need assistance with the above or any other Federal or Provincial programs contact us and we will be happy to guide you through the ins and outs of any program that is applicable to you.
Greg Libbrecht and the team at Platinum Business Services