(2) Paragraph (b) of the definition baseline remuneration in subsection 125.7(1) of the Act is amended by striking out “or” at the end of subparagraph (ii), by adding “or” at the end of subparagraph (iii) and by adding the following after subparagraph (iii): (c) for a qualifying period referred to in paragraph (d) of the definition qualifying period, the revenue reduction percentage of the eligible entity for the qualifying period. ( pourcentage compensatoire de baisse de revenu) (ii) the revenue reduction percentage of the eligible entity for the qualifying period and (i) the result (expressed as a percentage) of the formula in paragraph (a), and (b) for a qualifying period referred to in any of paragraphs (c.5) to (c.7) of the definition qualifying period, the greater of (ii) in any other case, the last three calendar months that ended prior to the prior reference period for the qualifying period
(i) if the prior reference period for the qualifying period is January and February 2020, January and February 2020, and Where A is the average monthly qualifying revenue of the eligible entity for the last three calendar months that ended prior to the current reference period for the qualifying period, and B is the average monthly qualifying revenue of the eligible entity for The rent subsidy is effective as of September 27, 2020. This subsidy provides relief in respect of rent and interest on debt obligations incurred to acquire real property used by businesses, charities and not-for-profit organizations in the course of their businesses or other activities. The enactment further amends the Income Tax Act to introduce the Canada Emergency Rent Subsidy (CERS) in order to support those hardest hit by the coronavirus disease 2019.
It also extends the CEWS to June 30, 2021. This enactment amends the Income Tax Act to revise the eligibility criteria, as well as the level of subsidization, under the Canada Emergency Wage Subsidy (CEWS) as part of the response to the coronavirus disease 2019. Her Excellency the Governor General recommends to the House of Commons the appropriation of public revenue under the circumstances, in the manner and for the purposes set out in a measure entitled “ An Act to amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy)”.
An Act to amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy)