Addressing Emergency Funds

This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news.

COVID-19
Since the onset of the crises, the Canadian government has implemented many easing measures to mitigate the effects of COVID-19 on the economy. Several months later, it’s time to take stock of the situation now that “measures madness” has calmed down.

Canada Emergency Response Benefit (CERB)
The CERB is available from March 15, 2020 to October 3, 2020. You may have to repay the CERB if you return to work earlier than expected (and also if you receive retroactive pay) or if you applied for the CERB but later realize that you’re not eligible.

Please note that if you applied for the CERB but are not eligible, you can return the excess payments received in one of the following ways:
  • by returning the check by mail
  • by using online banking with your financial institution
  • by using your CRA “My Account”
More details are available here.

Canada Emergency Wage Subsidy (CEWS) – 75%
The CEWS is available for a total of six claim periods from March 15, 2020 to August 29, 2020. You can change a previously submitted wage subsidy claim by using one of these services:
  • My Business Account
  • Represent a Client
You can also call the business enquiries phone number if you had applied using the Web Forms application.

More details are available here. 

Working from home
During the COVID-19 pandemic, Canadians working from home may have used their home as an office and incurred additional costs. Due to existing rules, many employees cannot claim home office deduction. However, at the time of writing this article, the CRA has not yet indicated whether it plans to relax these rules in various ways for people working from home during the COVID-19 crisis. Be on the lookout for a possible announcement this fall.

Contributed by Nicolas Déziel Belleville from Marcil Lavallée. This piece was produced as a part of the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America.