Extended Support Through the Canada Emergency Rent Subsidy (CERS)
Under the Canada Emergency Rent Subsidy (CERS), rent relief is provided directly to tenants and supports businesses, charities, and non-profit organizations until June 2021.
The subsidy provides for a percentage of expenses on a sliding scale of up to 65% of eligible expenses, such as rent and interest on a commercial mortgage with an additional 25% top-up if the organization is temporarily shut down by way of a mandatory public health order.
The subsidy is based on revenue decline, the greater the decline in revenues the greater the amount of the subsidy. The maximum amount of the subsidy is $75,000 per location and an overall maximum of $300,000 per claim period for an affiliated group.
As part of the 2020 Fall Economic Statement released by the Government of Canada on November 30, 2020, the CERS is being extended at its current rate of 65% plus the 25% top-up for an additional three periods. Previously, the current rate was set to change after December 2020. The three additional periods extend from December 20, 2020 to March 13, 2021.
Application for the CERS is available through CRA My Business Account since November 23, 2020 and retroactive applications can be made for any previous period for up to 180 days after that period has ended.
For more information on this program, click here.
If you would like our assistance in applying for the CERS program, be sure to contact us!