November 11, 2020
Canada releases draft legislation for the Canada Emergency Rent Subsidy
The federal government has released its long-anticipated draft legislation for the Canada Emergency Rent Subsidy (CERS) program along with two related backgrounders. Structured in a manner similar to the Canada Emergency Wage Subsidy (CEWS), the CERS takes over where the Canada Emergency Commercial Rent Assistance program (CECRA) left off. Under the CERS, qualifying organizations that have suffered a decline in revenue would be eligible to receive a subsidy with regard to certain of their real property-related expenses.
A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.
Full text of Tax Alert