Government Relief Program - Canada Emergency Rent Subsidy (CERS):

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Government Relief Program - Canada Emergency Rent Subsidy (CERS):

Government Relief Program - Canada Emergency Rent Subsidy (CERS):

You as a Canadian business, non-profit organization, or charity who have seen a drop in revenue during the COVID-19 pandemic may be eligible for a subsidy to cover part of your rent or property expenses, starting on September 27, 2020, until June 2021. This subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords. If you are eligible for the base subsidy, you may also be eligible for lockdown support if, your business location is significantly affected by a public health order for a week or more.

You as a Canadian business, non-profit organization, or charity who have seen a drop in revenue during the COVID-19 pandemic

Eligibility Criteria:

Eligibility Criteria:

• Have had a CRA business number on September 27, 2020 or, you had a payroll account on March 15, 2020, or another person or partnership made payroll remittances on your behalf or, you purchased the business assets of another person or partnership who had a payroll account on March 15, 2020, and have made an election under the special asset acquisition rules.

• Be an eligible business, charity, or non-profit (eligible entity).

• Experienced a drop in revenue. There is no minimum revenue drop required to qualify for the subsidy.

• Have eligible expenses to pay for qualifying properties.

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TFSA and Tax Tips

Income earned within your TFSA account and money that is drawn from your TFSA account won't be taxed. This includes your original contribution amount, as well as any interest, dividends, and capital gains. This year total Contribution Room is $6,000/year and total limit is $69,500 for 2020 and $75,500 for 2021. If you can’t maximize your TFSA, what you don’t contribute gets carried over indefinitely. Do not over contribute otherwise, you will be penalized 1% a month on the excess amount. Your TFSA is NOT just a high-interest savings account. You can use it to hold investments like Mutual Funds Guaranteed Investment Certificate (GICs) or Bonds.

TFSA and Tax Tips

Don’t hold investments that generate income subject to foreign tax in your TFSA. The foreign taxes paid on your income aren’t recoverable in a TFSA. It might be better to hold such investments in your RRSP, which may get a tax treaty exemption from foreign tax. You can withdraw money when you want tax free so the TFSA could be great for saving goals like, down payment, dream car, education, emergency, retirement. You don't have to pay back what you've withdrawn from your TFSA. If you do plan re-contributing withdrawn amounts back into your TFSA, you can only do so in the following calendar year.

Don’t hold investments that generate income subject to foreign tax in your TFSA. The foreign taxes paid on your income aren’t recoverable in a TFSA.