Please note: the federal government is constantly updating their website as new information is announced. Remember to check Canada’s official coronavirus webpage and CREA’s COVID-19 online hub to stay up to date.
Speaking to the Canadian Chamber of Commerce earlier today, Prime Minister Justin Trudeau announced the Canada Emergency Business Account (CEBA) is now available to businesses that have been operating out of a non-business banking account. This change follows last week’s announcement by Deputy Prime Minister and Minister of Finance Chrystia Freeland.
The Canadian Real Estate Association (CREA) welcomes this much-needed change and has been continuously advocating for changes to CEBA that would allow more brokerages to access the program. CREA highlighted the need to make CEBA available to all business structures, including sole proprietors who conduct their business though personal bank accounts, during our in-person discussions with government officials, letters to Cabinet Ministers, and in a written brief to the House of Commons Standing Committee on Finance.
To be eligible, businesses must have been operating as a business as of March 1, 2020, must successfully open a business account at a Canadian financial institution that is participating in CEBA, and meet the other existing CEBA eligibility criteria.
To apply, please visit the CEBA website.
CEBA is part of the Government of Canada’s COVID-19 Economic Response Plan. The government is constantly assessing the evolving situation and is likely to introduce additional measures as it deems necessary. We are monitoring the implementation of existing measures and continue to advocate on behalf of REALTORS® as new initiatives are developed.
This article is for information purposes only and is not a substitute for professional advice. If you need professional advice you should consult a lawyer, accountant or other qualified professional.