The federal and provincial governments have announced financial aid packages for REALTORS struggling in the face of COVID-19.
Here are some of the programs Realtors can apply for if they’re eligible.
If you’ve lost income
The Canadian Emergency Response Benefit (CERB) is a $500 weekly payment intended to support workers unable to make a living due to the COVID-19 pandemic.
To be eligible for the benefit, you must have:
- ceased working for reasons related to COVID-19 for at least 14 consecutive days within four weeks for which the individual is eligible for CERB.
- You have made more than $5,000 of total income in 2019 or the 12 months before the date of your application.
To keep receiving the benefit, you can’t earn income from employment or self-employment between March 15 and Oct. 3, 2020.
CERB applies to anyone who has self-quarantined or closed their businesses due to COVID-19. Being declared an essential service won’t impact your eligibility.
There’ll also be a one-time, $1,000 supplement from the province to support the CERB.
Application details will be available through My CRA and My Service Canada starting April 6.
If you have employees
If you have salaried employees, like assistants, you may qualify for the Canada Emergency Wage Subsidy.
The program will provide an up to 75 percent wage subsidy on the first $58,700 of an employee’s salary for up to three months.
This would amount to up to $847 per week.
To qualify for this subsidy, a business’s revenue must have declined at least 30 percent during the pandemic. The government will measure this by comparing income from March, April, and May 2020 to the revenue in the same months in 2019.
An eligible employer’s entitlement to this wage subsidy will be based on the salary or wages paid to employees.
The government expects employers to top up salaries to the maximum wages covered.
Eligible employers will be able to apply for the subsidy through the Canada Revenue Agency online portal and will need to reapply each month.
This subsidy will be backdated to March 15 and is intended to help employers continue to pay employees during the pandemic.
Organizations that don’t qualify for the subsidy may continue to be eligible for the previously announced wage subsidy of 10 percent of remuneration paid from March 18 to before June 20, up to a maximum of $1,375 per employee and $25,000 per employer.
More details will be available soon.
BC Hydro power bill relief
BC Hydro announced new relief measures for both residential and commercial customers impacted by the COVID-19 pandemic.
Residential customers who lost their jobs or are unable to work as a result of COVID-19 will receive a credit to help cover the cost of their electricity bills. The loan will be three times their average monthly bill over the past year. Customers won’t have to repay this credit.
As well, BC Hydro will forgive the power bills of small businesses that have been forced to close due to COVID-19 for three months. BC Hydro is waiving bills for these customers from April to June 2020.
On top of these relief measures, BC Hydro is also reducing rates by one percent as of April 1.
ICBC bill payment deferment
ICBC is extending deferrals to up to 90 days during the COVID-19 pandemic.
For more update of how Coronavirus has affected your neighborhood or the real estate market in Greater Vancouver please chat with your local real estate expert Pouria Sadeghi from Angell Hasman & Associates Realty in West Vancouver http://www.pouriasadeghi.com and follow him on his social media account https://www.instagram.com/pouriasadeghi.ca/
