There are many governmental programs put in place to financially support Canadian businesses during these unprecedented times. To better help you find what you need to know, we’ve put together a resource guide. It is divided by federal and provincial measures. Take a look at all the important information you need to know along with links to more information
Relief for all Canadian Contractors
While regulations regarding closures and safety measures on construction sites are under the authority of provincial governments, the federal government has set up relief measures to help businesses at this time.
The Canada Emergency Wage Subsidy
This program allows Canadian businesses to subsidize up to 75% of their employees’ salary, for up to 12 weeks. The goal of this subsidy is to allow businesses to keep their skilled labour, avoid layoffs, and be better prepared to relaunch businesses when our economy returns to normal.
For more details on eligibility, how to apply, and other information visit the attached link.
Canada Emergency Business Account
Through the nation’s banks, small and medium businesses can access interest-free loans to help stimulate their cash flow.
- It is available to Canadian employers having between $20,000 and $1.5 million in total payroll in 2019;
- The business must have been functioning on or prior to March 1st, 2020;
- This loan/credit can go up to $40,000;
- If the loan is repaid on or prior to December 31st, 2022, 25% (or up to $10,000) will be forgiven by the government;
- If the loan is not repaid by December 31st, 2020, the balance will be converted to a three-year term loan at 5% interest.
For more details on eligibility, how to apply, and other services available under the Business Credit Availability Program (BCAP) visit the attached link.
Important Note: Your financial institution will likely have their own relief measures in place, so be sure to consult your account director to see what best serves your business’s needs at this time.
Emergency Commercial Rent Assistance
This program aims to support small businesses to help pay rent in April, May, and June. In his daily briefing on COVID-19 on April 16, Prime Minister Justin Trudeau said that due to the provincial regulation of rent, more details on how this program will come to light as collaborations between his government and the provinces and territories gets underway.
Other accommodations put in place by Canada Revenue Agency to help businesses:
- Tax filing (current year) due before June 1st has been extended until June 1, 2020
- Tax payment due (current year) due before September 1st has been extended until June 1, 2020
For additional details on changes made to income tax filing and payment for 2019 under COVID-19, please follow the link attached.
Relief for Ontario Contractors
In the province of Ontario, construction has been deemed an essential service since the beginning of the lock down (with some exceptions). In most situations, renovation and construction projects already in progress have continued on, with an emphasis on the security and safety of the workers (at the employer’s discretion).
Interest and Penalty Relief for Businesses
The Ontario government has provided a tax relief program for businesses unable to pay their taxes during this lock down. There is a penalty-free five-month Tax Relief Period.
For more information eligibility and more, please follow the link attached.
Relief for Quebec Contractors
Note that construction in the province of Quebec is halted until May 11, with the exception to:
- Construction firms, for emergency repairs or to ensure safety,
- Electricians, plumbers and other trades (emergency services only),
- Equipment rental firms,
- Work completing the delivery of residential units scheduled for no later than July 31, 2020, including construction and renovation work. Surveying and building inspection, is permitted to resume as of April 20, 2020
To see which services and activities are deemed essential, take a look at this link.
Aide d’urgence aux petites et moyennes entreprises COVID-19
For small and medium-sized business, the provincial government has launched the Aide d’urgence aux petites et moyennes entreprises COVID-19 (french only). This emergency assistance program aims to support, for a limited period, eligible businesses who are experiencing financial difficulties due to COVID-19 and who need liquid assets under $50,000.
For details on admissibility and more, see the link attached.
|Inquiries on Financial Assistance|
|Hours: 8 a.m. to 8 p.m., 7 days a week
1-877-644-4545 (toll free)
Programme actions concertées pour le maintien en emploi (PACME–COVID-19)
With many areas of the construction and renovation industry not functioning as usual, many contractors may be looking to further the expertise of their teams. The Programme actions concertées pour le maintien en emploi (French only) is a program with the goal to provide direct support to businesses experiencing a reduction in their activities, due to the effects of the COVID-19 pandemic, including the self-employed, in particular through collective promoters recognized by the Commission des Partenaires du Marché du Travail (CPMT).
For details on admissibility and more, see the link attached.
Other accommodations put in place by Revenue Quebec to help businesses:
- Deadline push-back for first trimester TPS and TVQ payment until June 30, 2020 (interest and penalty-free)
- Delay of deadline of filing of corporation income tax return until June 1, 2020 (interest and penalty-free)
- Deadline push-back installments normally done between March 17, 2020, and August 31, 2020, until September 1, 2020 (interest and penalty-free)
- Delay of payment of income tax balance for companies that end of taxation year falls between March 17, 2020, and August 31, 2020, until September 1, 2020 (interest and penalty-free)
For any additional provisions, questions and details on the Revenue Quebec COVID-19 Measures for Businesses, see the attached link.
RenoAssistance, always there to support contractors
In addition to the support offer by the various governments, RenoAssistance’s entire team remains present to help its network of Verified Contractors throughout these uncertain times.
Measures in place to increase our support to our Contractors:
- We continue to have a fully functional team with all employees working from home;
- Contractors must hold their client meetings over the phone and use the technology at their disposal to come up with quotes;
- All quotes are done contact-free through email transfers;
- Change in billing policy: the first installment will be payable at the start of a project (previously done 37 days after the quote is accepted by the client). Note: This measure is in place until regular renovation activities can resume for our contractors.
Offering a wide range of advantages at all times, in or out of a crisis:
- Only pre-qualified, serious clients that have realistic budgets
- Referred projects are only those contractors are passionate about
- Projects are exclusively in regions contractors wish to work in
- Trained Advisors who will take care of booking appointments and reviewing quotes with clients
- Absolutely no membership fees, nor long-term obligation for contractors
- Access to a free dashboard to keep track of projects and quotes all while tracking success
- And more!
We are always here to offer tons of new, interesting projects so our contractors can reboot their businesses and make them stronger than they ever were.