Today, CPA Canada had noted that the Canada Emergency Rent Subsidy (CERS) had hit some speed bumps.
- A cash flow concern was raised in respect of the 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. CRA is looking into how this may be accomplished administratively prior to a change being enacted.
Also today, 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.
Should you have any questions or feedback, please reach out to myself or the team. As always, we are here to help and support you.