As we begin the transition into fall, some COVID-19 relief programs have already ended. Others have deadlines in the coming months. And there are some new programs you may not have heard about yet but that may be applicable to you in your particular circumstances.

Feel free to forward this advisory to any colleagues or friends to whom it may be relevant.  These programs may be relevant for you if you are

  • Health professionals in practice,
  • Medical students,
  • Residents and fellows,
  • Individuals with disabilities,
  • Post-graduate fellowship and research program directors, or
  • Patients

CECRA (Canada Emergency Commercial Rent Assistance Program)

Details: If you had been previously approved for CECRA you must opt-in for the July and August extensions by September 14.   This program continues to be extended for September.

Link: https://www.cmhc-schl.gc.ca/en/finance-and-investing/covid19-cecra-small-business

CEWS (Canada Emergency Wage Subsidy)

Details: Dentists, chiropractors, psychiatrists and veterinarians. Consider this program as an opportunity!   When many are focussed on returning to practice, this program can offer financial assistance to those wanting to grow their practices by hiring marketing support staff. Book a consultation with us and find out how.

Link: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html

One-time, Tax-free Disability Payment of $600

Details: If you, a family member or a patient are eligible but have never applied for the Disability Tax Credit, or your certificate expired in 2019, you must do so by September 25.

Link: https://www.canada.ca/en/services/benefits/covid19-emergency-benefits/one-time-payment-persons-disabilities.html

EI (Employment Insurance)

Details: As of September 27, if you are eligible for EI benefits, you will receive a minimum benefit rate of $400 per week. If you are not eligible for EI, there are a few new programs that may be relevant to you (see CRSB and CRCB below).

Link: https://www.canada.ca/en/services/benefits/covid19-emergency-benefits/one-time-payment-persons-disabilities.html

CEBA

Details: Program revisions expected to be announced shortly to broaden the reach of this program. Stay tuned.

Link: https://ceba-cuec.ca/

*new proposed program* CRSB (Canada Recovery Sickness Benefit)

Details: This would provide $500 per week for up to two weeks for workers who are sick or must self-isolate for reasons related to COVID-19. If approved, the benefit would be in effect from September 27, for one year.

Link: https://www.canada.ca/en/department-finance/economic-response-plan.html

*new proposed program* CRCB (Canada Recovery Caregiving Benefit)

Details: This would provide $500 per week, for up to 26 weeks per household to eligible Canadians. This program is primarily for those who are unable to work at least 60% of their normal schedule because they are caring for a child at home, for COVID-19 related reasons. If approved, the benefit would be in effect from September 27, for one year.

Link: https://www.canada.ca/en/department-finance/economic-response-plan.html

CRA Income Tax Payment Due Date

Details: The payment due date for current year individual, corporate, and trust income tax returns, including installment payments has been extended to September 30. Penalties and interest will not be charged if payments are made by this date.

Link: https://www.canada.ca/en/revenue-agency/news/2020/07/the-canada-revenue-agency-announces-an-extension-to-the-payment-deadline-and-offers-interest-relief-on-outstanding-tax-debts-during-the-covid-19-pa.html

Canadian Student Loan Program Changes

Details: Attention medical students who have recently graduated: all student loan borrowers will automatically have their loan repayments and interest suspended until September 30.

Link: https://www.canada.ca/en/department-finance/economic-response-plan.html

Wage Support for University and Health Research Institutes

Details: Attention postgraduate healthcare program directors at universities and research institutes: There is wage support available which may help finance your fellowship programs. If you didn’t realize this program could be leveraged to help you and are curious to hear more, book a consultation with us and find out how.

Link: https://www.canada.ca/en/department-finance/economic-response-plan.html

Mortgage Payment Deferral (not a federal program, just a friendly reminder!)

Details: If you had agreed with your lender to suspend mortgage payments for 6 months or less, this could be coming to an end sometime soon. Be sure to check your agreement timelines with your bank or mortgage professional.

Link: https://www.canada.ca/en/department-finance/economic-response-plan.html

CERB (Canada Emergency Response Benefit)

Details: CERB is being gradually transitioned into EI for as many Canadians as possible in the coming weeks.

Link: https://www.canada.ca/en/services/benefits/ei/cerb-application.html

What’s Next?

  • If you don’t have an accountant today and have additional questions, please feel free to reach out to Jonathan Tucker at (905) 601-5659 x101 or by email at jtucker@tuckerspc.ca.
  • If you are a Tucker Professional Corporation client and have any questions about your eligibility for any of these programs, feel free to reach out,
  • If you are a healthcare financial professional, additional program details are available by accessing any of the resources provided in links below. Feel free to share this advisory with your clients or prospective clients.
Jonathan Tucker

Jonathan Tucker

CPA, CA, LPA