The Federal Government has launched the Canada Emergency Response Benefit (CERB) and the Canada Emergency Wage Subsidy (CEWS):

If you intend to apply for the Canadian Emergency Response Benefit (CERB), you can get started by familiarizing yourself with the application process and registering for your Canada Revenue Agency (CRA) My Account prior to applications opening on Monday, April 2020.

Please apply during your allotted window, as designated by the CRA:

If you were born in the month of Apply for the CERB on Your best day to apply
January, February or March Mondays April 6
April, May, or June Tuesdays April 7
July, August, or September Wednesdays April 8
October, November, or December Thursdays April 9
Any month Fridays, Saturdays and Sundays

 

How to know if you will qualify for the Canada Emergency Response Benefit if you previously had an income and is someone who is not working because of COVID-19 (directly or indirectly).

As REALTORS®, you should expect to be asked for supporting documentation later in the application process.

In addition to the CERB and the CEWS, the government has taken steps to stabilize the real estate sector through several other measures:

  • The Bank of Canada lowered its target for the overnight rate to 0.25 per cent;
  • The Bank of Canada will be purchasing ~$500 million in mortgage bonds per week;
  • A deferral of GST and HST remittances and customs duty payments;
  • Launch of the Canada Emergency Business Account which provides interest-free loans of up to $40,000 to small businesses to cover their operating costs;
  • Export Development Canada will guarantee new operating credit and cash flow term loans that financial institutions can extend to Canadian small and medium-sized enterprises, up to $6.25 million;
  • A co-lending program for small and medium-sized enterprises.