Skip to main content

“I am a Canadian, free to speak without fear, free to worship in my own way, free to stand for what I think right, free to oppose what I believe wrong, or free to choose those who shall govern my country. This heritage of freedom I pledge to uphold for myself and all mankind.” ~~ John G. Diefenbaker

DAN ALBAS -- This program fails to achieve the intended goals to help small and mid-sized business with a meaningful rent reduction


Normally, at this time of year, I would be referencing the April 30  deadline to file your personal income tax.

Instead I will be outlining the changes that have been made to the income tax filing deadline.

As part of the federal government COVID-19 response effort, the filing deadline has been extended to individuals to June 1st of 2020.

This change applies to all Canadians who file an individual tax return with the Canadian Revenue Agency.

If you owe taxes for the 2019 taxation year the payment deadline has also been extended to September 1st of 2020.

For self-employed individuals the filing deadline remains unchanged at June 15, of 2020.

It should also be pointed out that if you are expecting an income tax refund or to qualify for other benefits, such as the GST/HST credit or the Canada Child Benefit, the earlier you can file your return the less likely you are to encounter a delay in receiving these benefits.

There is also now more information available for the Canada Emergency Commercial Rent Assistance (CECRA) program.

This program details indicate that It offers “forgivable loans to eligible commercial property owners so that they can reduce the rent owed by their impacted small business tenants by at least 75% for the months of April, May and June, 2020.”

At the moment to qualify a commercial property owner (landlord) must meet the following criteria:

  • own property that generates rental revenue from commercial real property located in Canada. 
  • the rental property in question must have a mortgage secured by the commercial real property, occupied by one or more small business tenants. 
  • the landlord must have entered or will enter into a rent reduction agreement for the period of April, May, and June 2020, that will reduce impacted small business tenant’s rent by at least 75%. 
  • the rent reduction agreement with your tenants must include a moratorium on eviction for the period of April, May and June 2020 ... and finally ... 
  • a commercial landlord must have declared rental income on their tax return (personal or corporate) for tax years 2018 and/or 2019.


The initial feedback I have heard from commercial landlords has not been positive. Landlords who do not have a mortgage cannot, at the present time, apply for this program.

Another common complaint is that the program forces a landlord to undertake a loan, with no guarantees –- or recourse -- if a tenant defaults.

If anything by agreeing to a non-eviction clause for three months, a landlord could be faced with even higher costs from participating in this program.

From the angle of a small business tenant, if the landlord does not qualify for this program or refuses to apply because of the poorly designed terms,  they will receive no assistance whatsoever.

In my view, this program fails to achieve the intended goals to help small and mid-sized business with a meaningful rent reduction, and I am hopeful that the federal government will make further changes to fine tune this program.

My question this week:

Do you agree this program fails to achieve the intended goals to help small and mid-sized business?

I can be reached at:
Email: Dan.Albas@parl.gc.ca
Toll Free: 1 (800) 665-8711



Dan Albas is the Conservative Member of Parliament for the riding of Central Okanagan – Similkameen – Nicola. He is currently the Shadow Minister for Employment, Workforce Development & Disability Inclusion.


Labels:

Comments

Post a Comment

Popular posts from this blog

Interfor Moves Headquarters Out of BC as Forestry Crisis Continues

NDP policies are driving businesses out of B.C., and the forestry industry just suffered yet another calamity. Interfor, a BC company founded more than 60 years ago and now one of the world's largest lumber producers, is moving its headquarters from Burnaby, BC to Atlanta, Georgia. As BC’s forestry sector faces mill closures and mounting uncertainty, this move is another warning sign that the crisis is deepening and conditions are fatal. “This is the NDP’s record: endless job losses with no hope in sight for the forestry sector,” said Ward Stamer, Shadow Minister for Forestry. “Interfor still has three mills in BC which are now in serious jeopardy, and it is likely we will see even more companies pull out of BC. The NDP government is suffocating the forestry industry with high taxes, excessive regulations, and permitting delays, while DRIPA has made it impossible to plan for the future.” “Decisions like this are sadly not surprising given the NDP’s indifference if not hostility tow...
Post a Comment
Read more

Okanagan Farmers Face NDP-Created Water Crisis ~~ BC Conservatives

Okanagan farmers are facing a water crisis as government-imposed restrictions threaten to kill their crops and destroy one of B.C.’s most important agricultural industries. In perhaps the most water-rich province in the country, our farmers have been left high and dry by the NDP government. For nine weeks, Okanagan and Shuswap farmers have proposed solutions, only to be met with NDP foot-dragging. Now forest fires have come to these regions as they are simultaneously reckoning with a water crisis that has been made worse through years of government inaction. Vernon-area farms have lost 70 percent of their water, while Kelowna and Summerland growers face severe restrictions. This situation is unacceptable and cannot continue. Ian Paton, Shadow Minister for Agriculture, said the NDP is once again forcing farmers to pay for its own failure to plan. "Farmers and ranchers must be listened to when decisions affecting their livelihoods are made, and under the NDP, they aren’t," said...
Post a Comment
Read more

NDP Hypocritically Admits Natural Gas Power Was Needed All Along ~~ BC Conservatives

The NDP just got caught buying back the exact kind of power plant it spent years telling British Columbians they didn't need. The NDP government announced today that BC Hydro is purchasing the Island Generation natural gas facility in Campbell River, an admission that its electrification-only energy policy was never realistic. The 275-megawatt plant was originally privately owned yet kept to a minimal backup role under the NDP, operating just 15 days a year on average. Now, with demand outpacing what the NDP's plan can support, the government is spending taxpayer funds on the very gas capacity it once treated as obsolete. "You cannot electrify everything and pretend natural gas doesn't matter," said Larry Neufeld, Shadow Minister for Energy.  "Buying back a gas plant they once wrote off is proof their own plan couldn't keep the lights on. It's a step towards more energy reality, but the government needs to go further and scrap the impending province-w...
Post a Comment
Read more

Labels

Show more