Weekly Digest – 13 April 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Budget 2022: Supporting Small Businesses
Prime Minister Justin Trudeau highlighted key measures in the Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable to help small and medium-sized businesses. Some of these include:
- Cutting taxes for Canada’s growing small businesses
- Growing Canada’s health-focused small and medium-sized businesses
- Increasing access to Canada’s trade remedy system
- Encouraging employee ownership of a business
- Supporting recovery and growth for businesses
- Continuing consultations to reduce credit card transaction fees
Jobless Rate at Record Low 5.3%
The unemployment rate declined to 5.3% in March, the lowest level on record, highlighting the tightening of the country’s labor market. According to Statistics Canada, the economy added a net 72,500 jobs.
Agriculture Demonstration of Practices and Technologies Program
The governments of Canada and Saskatchewan announced more than $885,000 for 43 projects through the Agriculture Demonstration of Practices and Technologies (ADOPT) program. The program provides funding to assist producer groups to evaluate and demonstrate new agricultural practices and technologies. Results of successful trials can then be adopted by agricultural operations in the region.
The government will offer a substantial incentive to companies that invest in carbon-capture technologies and will set aside as much as $3.8 billion over eight years to accelerate critical mineral exploration, extraction, and processing as it seeks to cut carbon emissions.
Change in Travel Rules
As of April 1, eligible travellers no longer need a pre-entry PCR or antigen COVID-19 test to enter Canada. However, anyone entering Canada must still complete a questionnaire on the ArriveCAN app or on the government’s website within 72 hours before entering the country. You can learn more about the travel rules here.
Pandemic Support for Commercial Tenants
Businesses, non-profit organisations, and charities who have seen a drop in revenue during the pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses through one of the following:
Tourism and Hospitality Recovery Program (THRP) – Rent (Effective: Until 7 May 2022)
Hardest-Hit Business Recovery Program (HHBRP) – Rent (Effective: Until 7 May 2022)
COVID-Business Aid Loan Repayment Extended to 2023
Originally, if claimants repaid the balance of their Canada Emergency Business Account loan on or before the end of 2022, the government planned to forgive up to one-third of their loan. Now, eligible businesses “in good standing,” will have until 31 December 2023 to repay and be eligible for up to $20,000 of debt forgiveness.
Canada Worker Lockdown Benefit Open for Applications
The federal government announced that the Canada Worker Lockdown Benefit is open for applications. It gives temporary income support of $300 a week to employed and self-employed people who can’t work due to a COVID-19 lockdown. Payments will be retroactive to 19 December.
COVID-19 Recovery Programs
The government is taking immediate action to support Canadians and businesses facing hardship due to the COVID-19 pandemic. You will find support for individuals, businesses, sectors, communities, and other measures here.
Ontario Extends Paid Sick Leave Program Into 2022
Labour Minister Monte McNaughton is extending the pandemic paid sick leave to 31 July. Originally, the provincial program was supposed to wrap up on 31 December. However, with the more contagious Omicron variant, the Labour Minister announced that it would continue.
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