Applications for Canada Recovery Sickness Benefit and Caregiving Benefit starts today!

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Starting October 5, 2020, the Government of Canada will be accepting online applications for the Canada Recovery Sickness Benefit (CRSB) and the Canada Recovery Caregiving Benefit (CRCB).

From Canada.ca:

Canada Recovery Sickness Benefit (CRSB)

The Canada Recovery Sickness Benefit (CRSB) gives income support to employed and self-employed individuals who are unable to work because they’re sick or need to self-isolate due to COVID-19, or have an underlying health condition that puts them at greater risk of getting COVID-19. The CRSB is administered by the Canada Revenue Agency (CRA).

If you’re eligible for the CRSB, you can receive $500 ($450 after taxes withheld) for a 1-week period.

If your situation continues past 1 week, you will need to apply again. You may apply up to a total of 2 weeks between September 27, 2020 and September 25, 2021.

Eligibility:

To be eligible for the CRSB, you must meet all the following conditions for the 1-week period you are applying for:

  • You are unable to work at least 50% of your scheduled work week because you’re self-isolating for one of the following reasons:

    • You are sick with COVID-19 or may have COVID-19

    • You are advised to self-isolate due to COVID-19

    Who can advise you to self-isolate

    • You have an underlying health condition that puts you at greater risk of getting COVID-19.

    Who can advise you to stay at home due to your health condition

  • You did not apply for or receive any of the following for the same period:

    • Canada Recovery Benefit (CRB)

    • Canada Recovery Caregiving Benefit (CRCB)

    • short-term disability benefits

    • workers’ compensation benefits

    • Employment Insurance (EI) benefits

    • Québec Parental Insurance Plan (QPIP) benefits

  • You reside in CanadaDefinition

  • You were present in Canada

  • You are at least 15 years old

  • You have a valid Social Insurance Number (SIN)

  • You earned at least $5,000 (before deductions) in 2019, 2020, or in the 12 months before the date you apply from any of the following sources:

    • employment income

    • self-employment income

    • maternity and parental benefits from EI or similar QPIP benefits

    What counts towards the $5,000

  • You are not receiving paid leave from your employer for the same period

You need all of the above to be eligible for the CRSB.

See full details of CRSB and apply

Canada Recovery Caregiving Benefit (CRCB)

The Canada Recovery Caregiving Benefit (CRCB) gives income support to employed and self-employed individuals who are unable to work because they must care for their child under 12 years old or a family member who needs supervised care. This applies if their school, regular program or facility is closed or unavailable to them due to COVID-19, or because they’re sick, self-isolating, or at risk of serious health complications due to COVID-19. The CRCB is administered by the Canada Revenue Agency (CRA).

If you’re eligible for the CRCB, your household can receive $500 ($450 after taxes withheld) for each 1-week period.

If your situation continues past 1 week, you will need to apply again. You may apply up to a total of 26 weeks between September 27, 2020 and September 25, 2021.

Eligibility:

To be eligible for the CRCB, you must meet all the following conditions for the 1-week period you are applying for:

  • You are unable to work at least 50% of your scheduled work week because you are caring for a family member

  • You are caring for your child under 12 years old or a family member who needs supervised care because they are at home for one of the following reasons:

    • Their school, daycare, day program, or care facility is closed or unavailable to them due to COVID-19

    • Their regular care services are unavailable due to COVID-19

    • The person under your care is:

      • sick with COVID-19 or has symptoms of COVID-19

      • at risk of serious health complications if they get COVID-19, as advised by a medical professional

      • self-isolating due to COVID-19

    Who can advise a person under your care to self-isolate

  • You did not apply for or receive any of the following for the same period:

    • Canada Recovery Benefit (CRB)

    • Canada Recovery Sickness Benefit (CRSB)

    • short-term disability benefits

    • workers’ compensation benefits

    • Employment Insurance (EI) benefits

    • Québec Parental Insurance Plan (QPIP) benefits

  • You reside in CanadaDefinition

  • You were present in Canada

  • You are at least 15 years old

  • You have a valid Social Insurance Number (SIN)

  • You earned at least $5,000 (before deductions) in 2019, 2020, or in the 12 months before the date you apply from any of the following sources:

    • employment income

    • self-employment income

    • maternity and parental benefits from EI or similar QPIP benefits

    What counts towards the $5,000

  • You are the only person in your household applying for the benefit for the weekWhat is considered a household for this benefit

  • You are not receiving paid leave from your employer for the same period

You need all of the above to be eligible for the CRCB.

See full details of CRCB and apply

Canada Recovery Benefit (CRB)

The CRB provides $500 per week for up to 26 weeks for workers who have stopped working or had their income reduced by at least 50% due to COVID-19, and who are not eligible for Employment Insurance (EI).

Applications will open on October 12

Preparing Your Heirs for Wealth

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If you think your heirs are not quite old enough or prepared enough to discuss the wealth they will inherit on your death, you’re not alone. Unfortunately, this way of thinking can leave your beneficiaries in a decision-making vacuum: an unnecessary predicament which can be avoided by facing your own mortality and creating a plan.

Avoiding the subject of your own mortality can also be an extremely costly to those you leave behind.

If you have a will in place you are ahead of the game. However, authors of the 2017 Wealth Transfer Report from RBC Wealth Management point out that a will is only a fundamental first step, not a comprehensive plan.

“One generation’s success at building wealth does not ensure the next generation’s ability to manage wealth responsibly, or provide effective stewardship for the future,” they write. “Knowing the value (alone) does little to prepare inheritors for managing the considerable responsibilities of wealth.” Overall, the report’s authors say the number of inheritors who’ve been prepared hovers at just one in three.

Two thirds of the survey’s respondents say their own wealth transfer plans aren’t fully developed – a critical barrier to having this discussion in the first place.

While the report focuses on wealthier beneficiaries in society, the lessons remain true for most: to make the best decisions about your wealth transfer, there needs to be planning and communication with your heirs.

1. Recognize that action today can help you create a better future

First, it’s important to acknowledge that creating an estate plan means contemplating your own death – an inescapable element of the process. It can also involve some awkward conversations, particularly if you’re not in the habit of talking about money with family and loved ones.

Without planning the outcome you leave may not be the one you would choose:

“Despite their efforts, parents don’t always succeed in translating good intentions into effective actions. They tend to resort to the informal, in-house learning methods they received in childhood,” say the RBC report’s authors. “Without intending to, parents repeat the lessons that contributed to the weaknesses of their own financial education. In the end, they are not equipping the next generation with the right skills to build lasting legacies.”

2. Understand the tax implications early.

To many, the taxes due on death will almost certainly come as a shock. In many cases, the single largest tax bill you will pay could be the one that your executor handles for you.

In Canada, leaving your assets to your spouse will defer these taxes until he or she disposes of the property or dies. However, if a spouse is not inheriting your assets and real property, planning for this “deemed disposition” is needed to allow your heirs time to make appropriate decisions about your property and legacy.

You may want to consider strategies that will greatly reduce the impact of the taxes to your estate. These strategies could include the use of joint last to die life insurance.

To illustrate how the growth in value of property can result in taxes payable at death, consider an asset which many Canadians own and enjoy – the family cottage.

Recreational real estate in many cases has “been in the family for years.” It often will have appreciated in value significantly since its purchase. Say you purchased the family cottage for $100,000. If the property is now worth $500,000, half of that gain – $200,000 is added to your income and taxed as such in the year you die. That will result in a tax bill of approximately $100,000.

If your family does not have the liquid funds available to pay this bill, the cottage or some other asset will need to be sold to pay the Canada Revenue Agency. Purchasing life insurance to pay the taxes due at death is one way to bequeath the family cottage to heirs. This will allow your children to continue to enjoy the property without having to raise the money to pay the taxes.

All capital property – except your principal residence and investments held as a Tax-Free Savings Account – is dealt with in a similar manner. If your stocks, real property, and other assets have appreciated in value since you first purchased them, half of that amount will be added to your taxable income in the year you die. If your assets included commercial or rental property against which the Capital Cost Allowance has been claimed, there may also be a recapture of depreciation. Again, deferral is available when assets are left to a spouse but if they are left directly to children or other heirs, the taxes become payable when you die.

As if this is not bad enough, the full value of your RRSPs or your RRIF must also be deregistered and included on your final tax return if the RRSP or RRIF is not left to a surviving spouse.

3. Get help to build your plan, then share it with those who matter.

Estate planning typically isn’t a “do-it-yourself” project. Instead, you’ll probably need to rely on a network of professional advisors who can bring their expertise to different parts of your plan.

Once you have your plan in place, it’s time to ensure that the people who are impacted by it are aware of your wishes.

Members of your professional network can help explain your plan to beneficiaries and help those who inherit your assets to understand your preferences and the decisions you’ve made.

Let’s get together to review or create your wealth transfer plans and discuss how you can get assistance in communicating those plans to the people who matter the most.

As always, please feel free to share this article with anyone you think would find it of value.

Throne Speech: Recovery Plan Highlights

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On September 23rd, in a speech delivered by Governor General Julie Payette, Prime Minister Justin Trudeau outlined the Federal government’s priorities focused on four foundations:

  • Fighting the pandemic and saving lives;

  • Supporting people and businesses through the emergency “as long as it lasts, whatever it takes”; 

  • “Building back better” by creating jobs and strengthening the middle class;

  • Standing up for Canadian values, including progress on reconciliation, gender equality, and systemic racism.

Below, we highlight the support programs that help those Canadians who are struggling financially due to the pandemic.

Canada Emergency Wage Subsidy extended to next summer

The Canada Wage Subsidy (CEWS) will be extended to summer 2021. Under new program criteria, businesses with ANY revenue decline will be eligible. However, the amount of the subsidy will be based on the revenue drop rather than the original 75%.

See what the changes are at Canada.ca

Canada Recovery Benefit increased to $500/week

The day after the Throne Speech, in a bid for opposition support, the federal government announced it will increase the new Canada Recovery Benefit (CRB) to $500/week for up to 26 weeks.

In order to qualify for this program, Canadians must be looking for work and had stopped working or had their income reduced by 50 per cent or more due to COVID-19, but are still making some money on their own.

Canada Recovery Sickness Benefit

The Canada Recovery Sickness Benefit (CRSB) will provide $500/week for up to 2 weeks for workers who are unable to work because they are sick or must isolate due to COVID-19.

Canada Recovery Caregiving Benefit

The Canada Recovery Caregiver Benefit will provide $500/week for up to 26 weeks per household to eligible workers who cannot work because they must provide care to children or family members due to the closure of schools, day cares or care facilities.

Creating a new Canadian Disability Benefit

The government pledged to bring in a new Canadian Disability Benefit (CDB) that will be modelled after the guaranteed income supplement (GIS) for seniors.

The CRB, CRSB, CRCB and CDB are pending the passage of legislation in the House of Commons and Senate.

See Eligibility for CRB and more

CEBA extended to October 31st. Expanded to include more businesses.

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On August 31st, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced the extension of the Canada Emergency Business Account (CEBA) to October 31st, 2020. This will give small businesses 2 additional months to apply for the $40,000 loan.

In addition, the Federal Government said it was working with financial institutions to make the CEBA program available to those with qualifying payroll or non-deferrable expenses that have so far been unable to apply due to not operating from a business banking account.

Apply online at the financial institution your business banks with:

See full details on ceba

Juvenile Critical Illness with Return of Premium – Protection if you need it. A refund if you don’t.

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Critical Illness Insurance – Not Just for Adults

Most of us have experienced or known someone whose family has been greatly impacted by a parent being diagnosed with a life-threatening disease or condition. But what about when it happens to children? Sadly, all too often children are affected by childhood diseases such as:

  • Type 1 diabetes mellitus

  • Congenital heart disease

  • Cerebral palsy

  • Cystic fibrosis

  • Muscular dystrophy

The emotional and financial impact of these types of diagnosis can be devastating for a family.

Why would juvenile critical illness coverage make a difference?

  • Provides funds to find the best treatment and care for your child – inside or outside of Canada.

  • Provides the financial resources to be able to focus on your child’s needs so you don’t have to worry about;

    • Working

    • Extra childcare expenses for other children in the family

    • Extra expenses incurred by the illness.

  • Being prepared for this unexpected event will give you the priceless freedom to spend extra time with your child without the stress of financial concerns.

While most life insurance companies in Canada offer Critical Illness protection for adults, not all offer similar coverage for children. Of those that do, Sun Life provides a particularly unique policy when combined with a Return of Premium Option.

What makes Sun Life’s Juvenile Critical Illness Unique?

  • Insures against 25 adult conditions, plus the above childhood illnesses.

  • At age 24, childhood conditions drop off and the policy automatically continues as an adult plan.

  • The Return of Premium Option provides an automatic refund of 75% of all premiums paid at age 25 or 15 years from the policy date whichever is later.

  • The policy can be surrendered 15 years or later from that date for a refund of the balance of total premiums paid.

What happens when there is no claim?

Bob and Sally purchase $200,000 Critical Illness Term to 75 with Return of Premium Rider on their 5 year old son, Michael. The annual premium for the policy is $1,393 ($462 of this premium represents the Return of Premium Rider)

  • At Michael’s age 25, an automatic refund of premiums returns $20,895. This represents 75% of the total premiums paid to date.

    • Adding the Return of Premium Rider for a cost of $462 a year represents a tax-free rate of return of 7.26% on that portion of the premium.

  • In Michael’s case, he can surrender the policy any time after his age 40 for a full refund of the balance of the total premiums paid.

Additional Premium Refund at surrender:

  • Age 40 $ 27,860

  • Age 45 $ 34,825

  • Age 50 $ 41,790

Sun Life’s Critical Illness Insurance plan with the Return of Premium Option for juveniles is a very unique plan that provides peace of mind if you need the protection and a full refund of your premiums if you don’t.

If you would like to explore this exceptional plan in more detail please call me and I will be happy to assist. Also, feel free to share this article with anyone you feel would benefit from this information by using the share buttons.

* – assumes application is made for non-smoker rates at age 18

Copyright © 2017 FSB Content Marketing Inc – All Rights Reserved

CERB transitions to NEW Recovery Benefits and EI

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CERB extended by 4 weeks

On August 20th, the Federal Government announced the extension of the Canada Emergency Response Benefit (CERB) by one month and the subsequent transition, on September 27th, to a simplified Employment Insurance (EI) Program for those who remain unable to work and are eligible.

Temporary revised EI benefit qualifications:

  • 120 hours of work required to qualify

  • Minimum benefit rate of $400 per week

  • At least 26 weeks of regular benefits

Canada Recovery Benefit

Effective September 27th, 2020 for 1 year, the Canada Recovery Benefit will provide $400 / week for up to 26 weeks for those who are not eligible for EI, like self-employed and gig economy workers.

Eligibility from canada.ca:

“The benefit would be available to residents in Canada who:

  • are at least 15 years old and have a valid Social Insurance Number (SIN);

  • have stopped working due to the COVID-19 pandemic and are available and looking for work; or are working and have had a reduction in their employment/self-employment income for reasons related to COVID-19;

  • are not eligible for Employment Insurance;

  • had employment and/or self-employment income of at least $5,000 in 2019 or in 2020; and,

  • have not quit their job voluntarily.

Workers would apply after every two-week period for which they are seeking income support and attest that they continue to meet the requirements. In order to continue to be eligible for the benefit the claimant wound need to look for and accept work when it is reasonable to do so. The benefit is taxable.”

Canada Recovery Sickness Benefit

Effective September 27th, 2020 for 1 year, the new Canada Recovery Sickness Benefit will provide $500 / week for up to 2 weeks for workers who are unable to work because they are sick or must isolate due to COVID-19.

Eligibility from canada.ca:

“The benefit would be available to:

  • Residents in Canada who are at least 15 years of age and have a valid Social Insurance Number (SIN);

  • Workers employed or self-employed at the time of the application; and

  • Workers who earned at least $5,000 in 2019 or in 2020.

Workers would not be required to have a medical certificate to qualify for the benefit. Workers could not claim the Canada Recovery Sickness Benefit and receive other paid sick leave for the same benefit period. Workers would need to have missed a minimum of 60% of their scheduled work in the week for which they claim the benefit.

Workers would apply after the one-week period in which they are seeking income support and attest that they meet the requirements. The benefit would taxable.”

Canada Recovery Caregiving Benefit

Effective September 27th, 2020 for 1 year, the new Canada Recovery Caregiver Benefit will provide $500 / week for up to 26 weeks per household to eligible Canadians.

The news release from canada.ca, states that:

“The closure of schools and other daycare and day program facilities to prevent the spread of COVID 19 has meant that many Canadians have been unable to work because they needed to provide care to children or support to other dependents who had to stay home. While it is anticipated that facilities will gradually re-open as the economy restarts, the Government of Canada recognizes that access may vary over time and across communities. The Government is committed to ensuring that parents and others with dependents do not need to choose between caring for them and paying the bills.”

Eligibility from canada.ca:

In order to be eligible for the Canada Recovery Caregiving Benefit, individuals would need to:

  • reside in Canada;

  • be at least 15 years of age on the first day of the period for which they apply for the benefit;

  • have a valid Social Insurance Number;

  • be employed or self-employed on the day immediately preceding the period for which the application is made;

  • have earned at least $5,000 in 2019 or in 2020;

  • have been unable to work for at least 60% of their normally scheduled work within a given week because of one of the following conditions:

    • they must take care of a child who is under 12 years of age on the first day of the period for which the benefit is claimed:

      • because their school or daycare is closed or operates under an alternative schedule for reasons related to the COVID-19 pandemic;

      • who cannot attend school or daycare under the advice of a medical professional due to being at high risk if they contract COVID-19; or

      • because the caregiver who usually provides care is not available for reasons related to the COVID-19 pandemic; or

    • they must provide care to a family member with a disability or a dependent:

      • because their day program or care facility is closed or operates under an alternative schedule for reasons related to COVID-19;

      • who cannot attend their day program or care facility under the advice of a medical professional due to being at high risk if they contract COVID-19; or

      • because the caregiver who usually provides care is not available for reasons related to the COVID-19 pandemic;

  • not be in receipt of paid leave from an employer in respect of the same week; and

  • not be in receipt of the CERB, the EI Emergency Response Benefit (ERB), the Canada Recovery Benefit, the Canada Recovery Sickness Benefit, short-term disability benefits, workers’ compensation benefits, or any EI benefits or Quebec Parental Insurance Plan (QPIP) benefits in respect of the same week.

Workers would apply after the period in which they are seeking income support and attest that they meet the requirements. Two members residing in the same household could not be in receipt of the benefit for the same period. The benefit is taxable.

CLICK TO VIEW FULL DETAILS

Details of the EXPANDED Canada Emergency Wage Subsidy

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On August 11th, the Government of Canada updated the calculator and Canada.ca with the changes to the Canada Emergency Wage Subsidy (CEWS).

If you’re a business owner who has suffered losses as a result of COVID-19 and did NOT qualify previously for CEWS, you may now qualify.

The changes expand the program to include more businesses for periods 5 to 9 (July 5 to November 21, 2020) and have been published on Canada.ca, here are some of the changes:

  • the subsidy rate varies, depending on how much your revenue dropped

  • if your revenue drop was less than 30% you can still qualify, and keep getting the subsidy as employees return to work and your revenue recovers

  • employers who were hardest hit over a period of three months get a higher amount

  • employees who were unpaid for 14 or more days can now be included in your calculation

  • use the current period’s revenue drop or the previous period’s, whichever works in your favour

    • for periods 5 and 6, if your revenue dropped at least 30%, your subsidy rate will be at least 75%

  • even if your revenue has not dropped for the claim period, you can still qualify if your average revenue over the previous three months dropped more than 50%

  • the maximum base subsidy rate is 60% in claim periods 5 and 6

  • the maximum base subsidy rate will begin to decline in claim period 7, gradually reducing to 20% in period 9

The Government of Canada has updated the CEWS calculator to reflect these changes and can be found here:

GO TO CEWS CALCULATOR

How Will COVID-19 Impact the Insurance Industry?

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During this stressful and challenging time, many are wondering what effect COVID-19 could have on their life insurance. Some may be worried that the insurance companies would make changes to their existing policy due to coronavirus concerns, resulting in an increase in their premiums or a restriction to their coverage. It should be reassuring to all that insurance companies are generally not able to change the contractual provisions of the insurance policies that are in force.

This does not mean, however, that future products will not be changed to protect the insurer against unforeseen events or that the insurance companies are doing business as usual. It is possible that they will make changes to their future products as a result of their experience with COVID-19 but these changes are not likely to be immediate.

Insurance companies rely on actuarial (mortality) tables to price their products. Once this pandemic is over and all the data is processed, there is a possibility (albeit slight) that actuarial tables might have to be amended which would necessitate an increase in premiums. This may take some time, but if you consider that the cost of life insurance is going up each year as you get older, one thing is certain, life insurance will cost more in the future. How much COVID-19, or other events yet to unfold could impact the pricing, is yet to be determined.

It may bring comfort to know that in Canada, life insurance companies are required by the Office of the Superintendent of Financial Institutions (OSFI) to run a pandemic scenario each year. It is assumed that pandemics will occur once every 100 years. Considering the last major global pandemic was the Spanish Flu ending in 1919, the modeling would appear to be accurate. As a result of the testing, life companies are adequately reserved for pandemics and since it is already built into the pricing, unlikely to increase premiums solely due to COVID-19.

The immediate challenge in obtaining new life, disability and critical illness protection will be in the area of underwriting – the process of assessing and approving the insured for coverage.

Life insurance companies prefer to deal with certainty

While COVID-19 might be like other viruses, it is new and unique. “We just don’t know” is how many medical professionals preface their reply to many questions about this virus. Some have suggested that even after recovering from COVID-19 there might be some delayed impact on your future health.

Going forward, insurance companies may amend some of the questions on their life applications dealing with medical history. This certainly might have a significant effect on disability insurance or critical illness applications. It is possible that we may see an increase in policies issued with exclusions as well as an increase in cost.

Applying for new coverage today

Life insurance companies require satisfactory medical evidence in order to issue a life policy at standard rates. This usually involves a paramedical exam and possibly a report from any doctor who has treated the applicant. The immediate problem is, with social distancing, it is now impossible to obtain paramedical examinations. The major providers of paramedical examination services have suspended the face to face examination. Also, there is no opportunity to obtain blood or urine tests on the proposed insured.

Fortunately, many life providers have recently increased the amounts of coverage that could be purchased without having to be examined or provide bodily fluids. The insurance company always reserves the right to ask for additional information and requirements, but for many applications, a telephone interview may be all that is necessary.

Changing the procedures that insurance companies have been following for decades to a format that accommodates no face to face interaction is taking time to implement. In the short term, this will increase the length of time necessary to have new coverage underwritten, settled and put in force.

Concerns with international travel

In today’s environment, if you are applying for life insurance and you have been out of the country within the past 30 days, your application will be postponed for a minimum of one month.

It is conceivable that you could be denied or postponed coverage if you plan on travelling to any of the hot spots in the next 12 months – these will likely include Italy, Spain and possibly parts of the United States. We just don’t know at this point how this will unfold. It is possible that foreign travel will likely be looked at very closely in the future.

What else could happen?

Possibly insurers could build into their future policies provisions that would protect them from unexpected or unusual losses. Hopefully, this will not happen, but at this point, nothing is certain.

A frequently asked question right now is – Should I buy my extra life insurance now or wait?

Many people are feeling more financially vulnerable right now and want to make sure they have adequate protection for their families. The bottom line is, if you have been considering increasing the amount of your life insurance coverage don’t let the immediate challenges stop you as I can assist you with the process.

Reach out to me if you have any questions. As always, please feel free to share this information with anyone you think would find it of interest.

Copyright @ 2020 FSB Content Marketing – All Rights Reserved

Canada Emergency Wage Subsidy expanded to include more businesses!

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On July 17th, Finance Minister Bill Morneau announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) that will expand the number of businesses that qualify for the program.

The major changes he announced were:

“First, we’re proposing to extend this program through until December 19th.”

“Secondly, we know that it’s also critical that we have the businesses able to continue to hire people even as they get into the restart and we know that the requirements in businesses have a 30% reduction in revenue is not helpful in that regard.”

“businesses will get the wage subsidy if they’ve had any reduction in revenue so it’s going to go all the way down to businesses who even have a small amount of revenue reduction they’ll get the subsidy and it will be in proportion to the amount of the revenue reduction that they will get a subsidy.”

“Third, we’ve tailored the program so that it helps those organizations that are particularly hard hit. So for organizations with over a 50% reduction of revenue over the last few months they’ll actually get a top up, they’ll get up to 25% additional subsidy so that they can deal with this really challenging time for their businesses.”

“What that means for businesses, those that were already in the program that have that 30% revenue decline that will continue to be the case for July and August. For those businesses as I said that are particularly hard hit it will be even more. It will go up to 85% wage subsidy or $960 per person.”

“For those businesses less hard hit but still hit they will be able to get into the program. The program will continue but as we restart, the program will be tailored to help businesses appropriately in that restart.”

The new rules will be retroactive to July 5th but require parliamentary approval.

VIEW THE NEWS RELEASE FOR THE REVISED CEWS

Canada Emergency Wage Subsidy extended into December!

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On July 13th, Prime Minister Justin Trudeau announced the extension of the Canada Emergency Wage Subsidy (CEWS) until December. The Prime Minster stated:

“You’ve seen me come out to talk with Canadians about what we’re doing to help you and your family, your employer, your local businesses deal with this Pandemic.

We’re going to continue to do that vital work.

This week we’ll be announcing an extension to the wage subsidy program until December to give greater certainty and support to businesses as we restart the economy.”

More details will be released during the week.