We are currently going through an unprecedented situation around the world. It's hard to predict how much time the containment measures adopted to control the COVID-19 pandemic will last and we can see how these circumstances may cause anxiety, especially for business owners. As you probably know, the different levels of government (federal, municipal and provincial) are creating financial assistance programs for individuals and companies. 

RenoQuotes.com is committed to playing a role in the success of the contractors who are part of our network and we want to foster solidarity. Therefore, we've decided to prepare an article that will be useful for our contractors and for all business owners operating in Canada. 

Note: This article will be updated soon to reflect the new programs that are being developed by the federal government (as of September 29th 2020).

What should you do to reduce the financial losses for your renovation company?

As mentioned above, government officials are working quickly to organize aid programs to limit economic losses. Since RenoQuotes.com aims to promote the success of companies, especially in the field of renovations, we have prepared this article to help you know which programs are available to protect your company's finances and activities. 

We will be updating this article as often as possible so that you can get a complete portrait of what is available to you. It should be noted that we are not experts with regard to government aid programs. If you have any precise questions about the details of these programs, you should contact the organizations that are in charge of implementing these measures and services. 

Federal financial help programs for businesses 

Consult Canada's COVID-19 Economic Response Plan CLICK HERE

Wage subsidy program covering 75% of wages for 3 months: This program is replacing a subsidy that was supposed to cover 10% of wages. Instead, it will be 75% (under certain conditions). For now, what we know is that businesses that have experienced a 15% loss in revenue due to the pandemic would be eligible. Check out the Government of Canada website for updated information. 

Business Credit Availability Program (BCAP) by the federal government (executed by the BDC and EDC) CLICK HERE

Work-sharing program - This program is created to avoid layoffs. It is there to help you reduce the hours your employees are working whilst minimizing their salary losses. The conditions of this program have recently been improved in light of the situation. CLICK HERE

With regard to federal income taxes, several adjustments are planned to create more flexibility: 

• Postponement of the deadline for filing the 2019 income tax returns for individuals and certain trusts: for individuals, to June 1, 2020, for trusts, to May 1, 2020.
• The Canada Revenue Agency will allow everyone to defer payment after August 31, 2020, of income tax amounts that are due as of today and before September 2020.

Check out this page for more information on federal tax flexibility.

Provincial financial help programs for companies

RenoQuotes.com's network of contractors spans several provinces across the country, so we want to help guide our contractors towards all the programs that are available to them. Since there are programs being announced every day, we have decided to present links to each provincial government's website where they are announcing programs for businesses. 

• Quebec
• Alberta 
• Ontario
• Nova Scotia
• British Columbia

Questions about your obligations as an employer

Does your business have employees? You may have questions regarding your obligations as a boss and business owner. Each province has a government agency that is responsible for enacting labour laws. These agencies are there to guide you as you face questions you may have never asked yourself before. 

Here are links to the labour agencies in all the provinces we cover:

• Workers' Compensation Board - Alberta
• Workplace Safety and Insurance Board - Ontario
• Worker's Compensation Board - Nova Scotia
• Commission des normes, de l'équité, de la santé et de la sécurité au travail- Quebec

If you don't find answers on the websites, you should contact them directly by phone. However, note that you have to expect certain wait times as these organizations are receiving numerous phone calls at this moment. If you are in a hurry to find answers, you can also contact a lawyer who specializes in labour law.

For a simple question, you can use the services of BidSettle which is a service that allows you to talk to a lawyer and get an answer within the hour (for a fixed fee of $40). 

Other financial help programs for individuals and companies

The Canadian government is also offering help for individuals by loosening requirements to be eligible for employment insurance.

Additionally, it has been announced that a new program will be available and this program will also cover those who wouldn't normally be accepted for employment insurance. This program is known as the Canada Emergency Response Benefit. Through this program, individuals will receive a 2000$ (taxable) monthly benefit for a maximum period of four months. Click here to find out more.

Many cities are also offering funding and programs, so we invite you to check out your city's website or to call them directly in order to know what aid programs you may be able to access. 

Additionally, banks will be offering different types of help to individuals and companies, such as extra flexibility for mortgage payments, reimbursements and other types of support. Quickly get in touch with your financial institution to learn more. Here are the links to their websites and the pages with information about the current situation: 

• National Bank
• Desjardins
• TD
• BMO
• Laurentian Bank
• Tangerine

Lastly, some large global corporations are mobilizing to help individuals and small and medium companies. For example: 

Facebook Small Business Grants Program

Facebook is offering $ 100 million in cash and advertising grants to eligible small businesses, helping up to 30,000 businesses. CLICK HERE

The GoodSpark fund and the Momentum fund by Desjardins

In addition to offering various relief measures to its members, Desjardins has recently announced two help programs to contribute to the economic recovery effort, in partnership with Google and Bonjour Startup Montreal. These are the GoodSpark fund, which carries an envelope worth 150 million $ and which aims to help projects throughout Quebec and Ontario, as well as the Momentum fund which is made to help local businesses. 

This second fund will benefit from a 10 million dollar envelope. To receive money from this fund, you have to present your project to your Desjardins Business representative. For more specific information about these initiatives, click here.

These are small gestures that could make a huge difference. 

Here are other websites to check out to get relevant information about COVID-19 and the measures in place for individuals and companies: 

• Government of Canada
• Service Canada
• Canada Revenue Agency
• Tax and Revenue Administration- Alberta
• Revenu Québec

Receiving projects through RenoQuotes.com 

First of all, know that our platform will keep working and we are still getting projects from clients who are looking for contractors. People are still thinking about the future and they intend on doing business with contractors in the upcoming months. You can continue getting projects and signing contracts in order to remain active in the upcoming months. Have you signed up for our platform as a renovation contractor? Click here to fill out the form.