The Government has proposed targeted support for eligible hard-hit business sectors until March 13, 2022, including tourism, hospitality, and other highly affected industries.
On November 24, 2021, The Department of Finance released news that the Government of Canada has put in place the Canada Recovery Hiring Program (CRHP) – promoting re-hiring, job-creation and economic recovery. This program will allow eligible employers to hire new employees, increase workers’ hours or increase current wages.
WHO CAN APPLY?
Eligible employers with revenue losses greater than 10% may be eligible for support up to 50% of the increased salary over a base period of through to May 7, 2022.
The CRA has a list of requirements that you must meet at the end of the tax year in order to be a Canadian-controlled private corporation (CCPC). The general theme is that the CCPC label is restricted to private companies controlled by Canadian individual and private corporate residents. View CRA CCPC Requirements.
EMERGENCY WAGE SUBSIDY
The Government of Canada’s COVID-19 Economic Response Plan to support Canadian businesses has been in place since Spring 2020. Included in the plan were incentives to avoid layoffs, rehire staff and create new jobs.
One of the programs included was the Canada Emergency Wage Subsidy (CEWS). This program provided support for eligible employers to cover part of employee wages, however as of October 23, 2021, the program has been discontinued.
- The period for which an employer can apply for support is limited to 180 days after the claim period.
- The final period of support under this plan is for claim period 21, spanning September 26 to October 23, 2021, with a deadline to apply of April 21, 2022.
As our recovery has begun to take hold, we have moved past the darkest days of the pandemic to a new phase. We have recovered over a million jobs, borders are reopening, businesses are getting back up to speed, vaccination rates are high – and will get higher as our children are protected by their doses. That is why we are adapting our income and business support measures to target support to those who continue to need it the most. With today’s legislation, we are pivoting to what we hope will be the final stage of recovery. I hope Parliament will pass this legislation expeditiously so that Canadians can get the support they need and without undue delay.