The Canada Mortgage and Housing Corporation ("CMHC"),
the Crown Corporation responsible for administering the Canada
Emergency Commercial Rent Assistance Program ("CECRA") in
partnership with the provincial and territorial governments, has
released a publication that provides clarification on the details
of CECRA. The publication can be accessed by clicking here. While CMHC has clarified
certain aspects of CECRA, full details of the program (including
how funds will be disbursed and how landlords can apply) are still
being finalized.
Some of the main points of clarification include the
following:
Rent Forgiveness
While previous government announcements have either been less
than clear on the calculation of "Rent" or have expressly
stated that landlords would not be entitled to include any profit
component in the calculation of rent (meaning landlords would only
be able to recover 75% of fixed costs as rent), the recent
announcement from CMHC suggests that the
