On Wednesday, the Government of Canada announced that the national wage and rent subsidies would continue, unchanged, until the start of June. The subsidies were originally set to expire mid-March, but if we’ve learned anything over the past year, it’s that Canada is down to keep supporting businesses while restrictions are still in place.
The wage subsidy provides employers up to $595 per week for each employee that qualifies for the subsidy. Meanwhile, the rent subsidy covers up to 65 percent of the monthly rent. But, if the business is in a particularly hard-hit area, it can be combined with other supports for up to 90 percent.
Today, Deputy Prime Minister Freeland announced that the government plans to extend the current rates for the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support from March 14 to June 5, 2021. Details: https://t.co/sIFPZDrT3a pic.twitter.com/8GKMUycVBf
— Finance Canada (@FinanceCanada) March 3, 2021
As of February 21st this year, the wage subsidy had been used to help over 5 million Canadians, totalling a whopping $66 billion in funding. Meanwhile, the rent subsidy has been used by over 129,000 organizations, representing some $1.6 billion in help. Any way you slice it, these subsidies have been hugely important for Canadian businesses.
For more info on the latest extension, you can check out the official press release right here. Enjoy the day, folks!