Canada Emergency Rent Subsidy (CERS)
While we are facing another lockdown…businesses have got some financial relief from Ontario government and Federal government as well.
Canada Emergency Rent Subsidy (CERS) program has begun effective November 23, 2020 where tenants can apply for rental rebate without having to. involve landlord.
Rent subsidy is available to any business with a drop in revenue that is more than 0%. In fact, if you own a property even, you are eligible for CERS (with some conditions) on your interest cost as well.
Here are ALL the FOUR conditions for that are required to be eligible for the Rent subsidy:
1.One of the four must be met:
- –You had a CRA Business Number on September 27, 2020; or
- –You had payroll account on March 15, 2020; or;
- –You purchased the business assets of another person or partnership who meets condition 2 above and have made an election under the special asset acquisition rules. These special asset acquisition rules are the same for the Canada Emergency Wage Subsidy (CEWS)
- –You will meet other prescribed conditions that might be introduced.
2. You are an eligible business, charity, or non-profit
3. Experienced a drop in revenue
4. Have eligible expenses.
Please call us on 905 815 8442 Ext 150 or email us to discuss if you qualify for the CERS. Our office will be happy to assist you in receiving this benefit during this tough financial time.