Good Afternoon All,
Property tax and energy cost rebates available for businesses affected by COVID-19 public health measures
The Ontario government is supporting businesses affected by COVID-19 public health measures by providing property tax and energy cost rebates. The rebates will cover the period of time that businesses are required to temporarily close or significantly restrict services as a result of being located in areas such as Toronto that have been subject to modified Stage 2 public health restrictions. Application forms will be available for eligible businesses on November 16. See Get help with COVID-19 costs web page for more information.
Update: November 13, 2020
Update on CERS: Rent paid vs. payable and program start-up
In recent days, a cash flow concern was raised in respect of the Canada Emergency Rent Subsidy (CERS). As many businesses have not been able to make rent payments that are already due, concern has been raised as they will need the CERS benefit to fund these payments.
When Finance Minister Chrystia Freeland appeared before the Senate Committee on National Finance on November 12, she reported that the federal government plans to expand the rules for the CERS to include rent that is payable. We understand that the CRA is looking into how this may be accomplished administratively prior to a change being enacted.
Also, on November 13, CRA officials appeared before the same committee. During their presentation, the CRA stated that they will open the CERS application process as soon as possible after Bill C-9 receives Royal Assent. Preliminary timelines discussed included opening the CRA website for applications as early as November 20 and payments being generated as early as December 1.