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CERS: Rent Paid vs. Payable & Program Start-Up

CERS: Rent Paid vs Rent Owing

Today, CPA Canada had noted that the Canada Emergency Rent Subsidy (CERS) had hit some speed bumps.

CERS: Rent Paid vs Rent Owing
  • 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.

Caveat: The information in this publication is current as of the time it was written. This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Deuzeman & Associates to discuss these matters in the context of your particular circumstances. Deuzeman & Associates does not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.

 

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