Weekly Digest – 30 March 2022

Weekly Digest – 30 March 2022

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Government to Present Its 2022 Budget Next Week

The federal government will present its 2022 budget on 7 April, as it plans to boost spending on defense and other programs even as it grapples with high inflation.

Consumer Sentiment Fell to Its Lowest in a Year

Consumer sentiment declined to its lowest level in more than a year, due to the war in Ukraine, surging inflation, and increasing interest rates. The Bloomberg Nanos Canadian Confidence Index, a measure of sentiment based on weekly polling, fell to 56.3 last week, the lowest reading since January last year.

Government Investment to Promote Yukon Tourism

The government is investing $300,000 to support a marketing campaign to promote Yukon tourism opportunities across Quebec. This campaign will benefit tourism operators across the territory, particularly those who offer products and experiences to Francophones in their mother tongue.

Travelling to Canada

The country is set to enter the next phase of its reopening, as fully vaccinated travellers will no longer need to provide a pre-entry COVID-19 test result to enter Canada by air, land, or water starting 1 April. Learn more about how upcoming travel restrictions could affect your trip here.

Random testing at the Canadian border will continue, but those tested will not need to quarantine while awaiting their results.

Pandemic Support for Commercial Tenants

Businesses, non-profit organisations, and charities who have seen a drop in revenue during the pandemic may be eligible for a subsidy to cover part of their commercial rent or property expenses through one of the following:

Tourism and Hospitality Recovery Program (THRP) – Rent (Effective: Until 7 May 2022)
Hardest-Hit Business Recovery Program (HHBRP) – Rent (Effective: Until 7 May 2022)

You can learn more about these subsidies here.

COVID-Business Aid Loan Repayment Extended to 2023

Originally, if claimants repaid the balance of their Canada Emergency Business Account loan on or before the end of 2022, the government planned to forgive up to one-third of their loan. Now, eligible businesses “in good standing,” will have until 31 December 2023 to repay and be eligible for up to $20,000 of debt forgiveness.

Canada Worker Lockdown Benefit Open for Applications

The federal government announced that the Canada Worker Lockdown Benefit is open for applications. It gives temporary income support of $300 a week to employed and self-employed people who can’t work due to a COVID-19 lockdown. Payments will be retroactive to 19 December.

COVID-19 Recovery Programs

The government is taking immediate action to support Canadians and businesses facing hardship due to the COVID-19 pandemic. You will find support for individuals, businesses, sectors, communities, and other measures here.

Ontario Extends Paid Sick Leave Program Into 2022

Labour Minister Monte McNaughton is extending the pandemic paid sick leave to 31 July. Originally, the provincial program was supposed to wrap up on 31 December. However, with the more contagious Omicron variant, the Labour Minister announced that it would continue.

HASCAP Loan Applications

Loan applications from the Highly Affected Sectors Credit Availability Program (HASCAP) is available until 31 March 2022. Loans start at between $25,000 and $1 million for a single business depending on the size of the operation, and run up to $6.25 million for companies with multiple locations like a chain of hotels or restaurants. Further details can be found here.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.

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