As employers and employees continue to navigate the ongoing provincial restrictions related to COVID-19, we’ve prepared a brief summary outlining what financial support programs are in play both at a provincial and federal level.

Federal Support Programs

For Individuals

• Employment Insurance (EI)
  • As of January 1, 2021, the maximum yearly insurable earnings amount is $56,300. This means that you can receive a maximum amount of $595 per week.
  • As of September 27, 2020, there have been some temporary changes implemented to help you access EI benefits.
    • You’ll receive at least $500 per week before taxes but you could receive more
    • If you received the CERB, the 52-week period to accumulate insured hours will be extended
    • EI Regular Benefit: You only need 120 insured hours to qualify for benefits because you’ll get a one-time credit of 300 insured hours to help you meet the required 420 insured hours of work.
    • EI Sickness Benefit: You only need 120 insured hours to qualify for benefits because you’ll get a one-time credit of 480 insured hours to help you meet the required 600 insured hours of work

• Canada Recovery Benefit (CRB)

The Canada Recovery Benefit (CRB) provides a payment of $1,000 (before taxes withheld) for each 2-week period that you apply for. After the CRA withholds a 10% tax at source, the actual payment you get is $900 per 2-week period. If you continue to be eligible, the CRB is available for a maximum of 13 periods between September 27, 2020 and September 25, 2021.

• Canada Recovery Sickness Benefit (CRSB)

The Canada Recovery Sickness Benefit (CRSB) provides a payment of $500 (before taxes withheld) for each 1-week period you apply for. After the CRA withholds 10% tax at source, the actual payment you get is $450 per 1-week period. Your payment amount will be the same for each period you’ve applied for, even if you worked for part of the week. To be eligible, you must have missed more than 50% of your work week. If you’re eligible, you may apply up to a maximum of 2 weeks between September 27, 2020 and September 25, 2021.

• Canada Recovery Caregiving Benefit (CRCB)

The Canada Recovery Caregiving Benefit (CRCB) provides a payment of $500 (before taxes withheld) per household for each 1-week period applied for. After the CRA withholds a 10% tax at source, the actual payment you get is $450 per 1-week period. Only one eligible individual in the same household (living as a family at the same address) can apply for the benefit per week. Each household may receive payments for a maximum of 26 weeks between September 27, 2020 and September 25, 2021.

• Mortgage Payment Deferral

Homeowners facing financial hardship may be eligible for a mortgage payment deferral.

The deferral is an agreement between you and your lender. Typically, the agreement indicates that you and your lender have agreed to pause or suspend your mortgage payments for a certain amount of time.

The Government is also providing additional support for students, persons with disabilities, seniors and indigenous people. For more information on these benefits, please visit Canada’s COVID-19 Economic Response Plan

For Businesses

• Canada Emergency Wage Subsidy (CEWS)
  • The CEWS covers up to 75% of an employee’s wages for qualifying eligible employers, with this subsidy rate in effect until June 2021. On November 19, 2020 (Bill C-9) was passed with the following changes with regards to the benefit:
    • the maximum subsidy rate for periods 8 to 10 will remain at 65% (40% base rate + 25% top-up)
    • beginning in period 8, the top-up rate and base rate are is now calculated using the same one-month revenue drop
    • for periods 8 to 10, use the new top-up calculation or the previous 3-month average drop, whichever works in your favour
    • the deadline to apply is January 31, 2021, or 180 days after the end of the claim period, whichever comes later.

• Work Sharing Program

The program has been extended from 38 weeks to 76 weeks for employers affected by COVID-19. This measure will provide income support to employees eligible for Employment Insurance who agree to reduce their normal working hours because of developments beyond the control of their employers.

The Government is also providing additional support for self-employed, indigenous businesses, SME loans and access to credit. For more information on these benefits, please visit Canada’s COVID-19 Economic Response Plan

Provincial Support Programs

British Columbia

For Individuals

• BC Recovery Benefit

The Recovery benefit is a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals until June 30, 2021. The benefit eligibility and return is based on net income from your 2019 tax return.

For Businesses

• Increased Employment Incentive

As part of B.C.’s economic recovery plan, the B.C. Increased Employment Incentive is a refundable tax credit for employers that encourages the creation of new jobs for B.C. workers or increases in payroll for existing low- or medium-income employees. The tax credit is calculated at 15% of the amount by which the employer’s qualifying B.C. remuneration exceeds the employer’s base remuneration. Online applications for the same start March 2021.

For more information on these benefits and support, please visit BC COVID-19 Benefits

Ontario

For Individuals

• Emergency Assistance

If you are in an emergency situation and you live in Ontario, you might be eligible for emergency assistance. If you are eligible for emergency assistance, the amount you get will depend on your specific situation. In most cases you will not get more than what you would get on Ontario Works.

For Businesses

• Health Tax Relief

Permanent increase in the Employer Health Tax (EHT) exemption from $490,000 to $1 million which means as an employer a relief of up to $9,945 per year. Starting in 2021, all employers will begin remitting monthly instalments when their annual payroll exceeds $1.2 million.

For more information on these benefits, please visit COVID-19 Ontario

Alberta

For Individuals

• AISH and Income Support

The Alberta government is committed to supporting the province’s most vulnerable people impacted by COVID-19, including individuals and families who receive social assistance. AISH and Income Support recipients who have lost work and income because of COVID-19 can exempt a portion of the CERB, if they receive it. This means a portion of the CERB payment will not affect their provincial benefits.

For Businesses

• SME Relaunch Grant

The Small and Medium Enterprise Relaunch Grant offers financial assistance to Alberta businesses, cooperatives, and non-profit organizations that were ordered to close or curtail operations, and that experienced a revenue reduction of at least 30%, as a result of the COVID-19 pandemic. The program offers 2 payments to eligible applicants, with up to $20,000 in available funding per eligible application and applications are open until March 2021.

For more information on benefits and support, please visit Alberta Recovery Plan

Saskatchewan

For Individuals

• Temporary Wage Supplement (STWSP)

The wage supplement program provided in Phase Two is $400 for each four-week period, for two periods from November 19 to December 16, 2020, and from December 17, 2020, to January 13, 2021.

For Businesses

• Strong Recovery Adaptation Rebate (SRAR)

The SRAR reimburses eligible small businesses in Saskatchewan for one-time, incremental expenses they have incurred to adapt their business model to operating during the COVID-19 pandemic. The program reimburses businesses for 50% of total eligible business-adaptation investments made by the applicant between April 1,2020, and February 28, 2021. The maximum government payment is $5,000. The minimum expense that will be reimbursed is $300 (which would mean a $150 government contribution).

• Saskatchewan Small Business Emergency Payment (SSBEP)

The SSBEP program provides a payment to small and medium-sized businesses directly affected by provincial public health orders related to COVID-19. Payments are issued based on 15 per cent of a business’s monthly sales revenue, to a maximum of $5,000. The program opened for applications on Monday, December 7, 2020.

For more information on the benefits and support, please visit Saskatchewan Information for Businesses and Workers

Quebec

For Businesses

• Emergency Assistance to Small and Medium-Sized Enterprises

Businesses whose cash flow is affected by the impact of COVID-19 and those located in the red zone and affected by a shutdown can now seek emergency financing through PACT programs.

For more information on the benefits and support, please visit Quebec H&S COVID-19