ARTICLE · 20 NOVEMBER 2020

Leasing Bulletin: CECRA Is Dead, Long Live CERS Exploring The Canada Emergency Rent Subsidy Program

Minden Gross LLP

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On November 19, 2020, Bill C-9 entitled "An Act to amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy)" (the "Bill") received Royal Assent.

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Commercial Leasing Group

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On November 19, 2020, Bill C-9 entitled "An Act to amend the Income Tax Act (Canada Emergency Rent Subsidy and Canada Emergency Wage Subsidy)" (the "Bill") received Royal Assent. The Income Tax Act (Canada) has now been amended to implement the Canada Emergency Rent Subsidy ("CERS") without any changes to the original version of the Bill. CERS is the spiritual successor to the Canada Emergency Commercial Rent Assistance ("CECRA"). Its purpose is to grant eligible entities relief for rent and mortgage interest relating to commercial real property in Canada. More specifically, CERS provides:

a base subsidy the amount of which is generally determined by the decline in an eligible entity's monthly revenues, year-over-year, for the applicable calendar month; and

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