Canada Emergency Business Account (CEBA) Now Open to Businesses Using Personal Banking Accounts
26 October 2020
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.
As of October 26, 2020, eligibility for CEBA has expanded by removing the previous March 1, 2020, condition for having an active business chequing/operating account in existence on March 1, 2020. With this removal, eligible businesses can now apply after opening a business chequing/operating account with their primary financial institution.
TRREB and the Canadian Real Estate Association (CREA) welcome this much-needed change as the industry has been continuously advocating for changes to CEBA that would allow more brokerages to access the program. CREA has been advocating for and highlighted the need to make CEBA available to all business structures, including sole proprietors who conduct their business through personal bank accounts, during their in-person discussions with government officials, letters to Cabinet Ministers, and in a written brief to the House of Commons Standing Committee on Finance.
Updated CEBA Eligibility Criteria
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. The deadline to apply for CEBA is December 31, 2020.
Businesses that have chosen to bank through a personal account may now be eligible for the CEBA program. The steps for these businesses to access CEBA are:
Follow instructions from your financial institution to complete all relevant parts of the CEBA application.
For additional information and requirements, please visit the CEBA website, and to start the application process, please click here.
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.
1. Defective Plumbing
Defective plumbing can manifest itself in two different ways: leaking, and clogging. A visual inspection can
detect leaking, and an inspector will gauge water pressure by turning on all faucets in the highest bathroom
and then flushing the toilet. If you hear the sound of running water, it indicates that
the pipes are undersized. If the water appears dirty when first turned on at the faucet, this is a good indication
that the pipes are rusting, which can result in severe water quality problems.
2. Damp or Wet Basement
An inspector will check your walls for a powdery white mineral deposit a few inches off the floor, and will look
to see if you feel secure enough to store things right on your basement floor. A mildew odor is almost impossible
to eliminate, and an inspector will certainly be conscious of it.
It could cost you $200-$1,000 to seal a crack in or around your basement foundation depending on
severity and location. Adding a sump pump and pit could run you around $750 - $1,000, and complete
waterproofing (of an average 3 bedroom home) could amount to $5,000-$15,000. You will have to weigh
these figures into the calculation of what price you want to net on your home.
3. Inadequate Wiring & Electrical
Your home should have a minimum of 100 amps service, and this should be clearly marked. Wire should be copper
or aluminum. Home inspectors will look at octopus plugs as indicative of inadequate circuits and a potential
4. Poor Heating & Cooling Systems
Insufficient insulation, and an inadequate or a poorly functioning heating system, are the most common
causes of poor heating. While an adequately clean furnace, without rust on the heat exchanger, usually
has life left in it, an inspector will be asking and checking to see if your furnace is over its typical life span
of 15-25 yrs. For a forced air gas system, a heat exchanger will come under particular scrutiny since one
that is cracked can emit deadly carbon monoxide into the home. These heat exchangers must be replaced if
damaged - they cannot be repaired.
5. Roofing Problems
Water leakage through the roof can occur for a variety of reasons such as physical deterioration of the
asphalt shingles (e.g. curling or splitting), or mechanical damage from a wind storm. When gutters leak and
downspouts allow water to run down and through the exterior walls, this external problem becomes a major
6. Damp Attic Spaces
Aside from basement dampness, problems with ventilation, insulation and vapor barriers can cause water,
moisture, mold and mildew to form in the attic. This can lead to premature wear of the roof, structure and
building materials. The cost to fix this damage could easily run over $2,500.
7. Rotting Wood
This can occur in many places (door or window frames, trim, siding, decks and fences). The building inspector
will sometimes probe the wood to see if this is present - especially when wood has been freshly painted.
8. Masonry Work
Rebricking can be costly, but, left unattended, these repairs can cause problems with water and moisture
penetration into the home which in turn could lead to a chimney being clogged by fallen bricks or even a chimney
which falls onto the roof. It can be costly to rebuild a chimney or to have it repointed.
9. Unsafe or Overfused Electrical Circuit
A fire hazard is created when more amperage is drawn on the circuit than was intended. 15 amp circuits are
the most common in a typical home, with larger service for large appliances such as stoves and dryers. It can
cost several hundred dollars to replace your fuse panel with a circuit panel.
10. Adequate Security Features
More than a purchased security system, an inspector will look for the basic safety features that will protect
your home such as proper locks on windows and patio doors, Dead bolts on the doors, smoke and even carbon monoxide detectors in every bedroom and on every level. Even though pricing will vary, these components will
add to your costs. Before purchasing or installing, you should check with your local experts.
11. Structural/Foundation Problems
An inspector will certainly investigate the underlying footing and foundation of your home as structural integrity is
fundamental to your home.
COVID-19: Government Announces New Rent Program, Improved CEBA and CEWS, CERB ReplacementPlease 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.
Following months of lobbying by the Canadian Real Estate Association (CREA) in collaboration with other business groups, today the government announced the Canada Emergency Rent Subsidy (CERS), as well as enhancements to the Canada Emergency Business Account (CEBA) and the Canada Emergency Wage Subsidy (CEWS).
Prime Minister Justin Trudeau unveiled several new initiatives and changes to existing programs. CREA welcomes these announcements and is pleased to see our efforts to keep these programs a part of the conversation have resulted in direct improvements that provide much needed help for our members.
The CERS is a new rent subsidy program replacing the Canada Emergency Commercial Rent Assistance (CECRA), providing rent subsidies directly to businesses, rather than landlords. It will support businesses, charities, and non-profits that have suffered a revenue drop, by subsidizing a percentage of their expenses, on a sliding scale, up to a maximum of 65% of eligible expenses until December 19, 2020. Organizations would be able to make claims retroactively for the period that began September 27 and ends October 24, 2020. A top-up subsidy of 25% for organizations temporarily shut down by a mandatory public health order issued by a qualifying public health authority will also be available in addition to the 65% subsidy.
In other support for businesses, the CEWS has been extended until June 2021, as promised in the Speech from the Throne, and will remain at the current subsidy rate of up to a maximum of 65% of eligible wages until December 19, 2020. For more information, visit the CEWS website.
It was also announced CEBA has been expanded. Eligible businesses will be able to access an interest-free loan of up to $20,000, in addition to the original CEBA loan of $40,000. Half of this additional financing would be forgivable if repaid by December 31, 2022. Additionally, the application deadline for CEBA is being extended to December 31, 2020. For more information, visit the CEBA website.
Since CECRA, CEBA and CEWS were announced, CREA has worked with government officials to underline the programs’ shortcomings, as well as propose solutions that make them accessible to Canadian businesses needing it most.
CREA continues to push for further improvements, such as CEBA eligibility for businesses operating with a personal bank account. On that issue, government officials have assured stakeholders a solution is in the works, and CREA remains committed to working toward an amendment that makes CEBA eligible to every business in need.
The federal government survived a confidence vote last week as Bill C-4 was passed unanimously in the House of Commons and received royal assent. This COVID-19 response bill will provide further financial support to Canadians who are struggling due to the effects of the pandemic and comes into effect as previous support programs expire.
The initial bill tabled by the Liberal government was subject to criticism from opposition parties. Following negotiations to secure support from the NDP, the government opted to table a new bill incorporating the agreed upon changes.
Bill C-4 establishes the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB) and the Canada Recovery Caregiving Benefit (CRCB) to support Canada’s economic recovery in response to COVID-19.
The CRB provides income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a two-week period, and you may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020, and September 25, 2021.
You may earn employment or self-employment income while you receive the CRB; however, to make sure the benefit reaches those who need it most, there’s a difference in how much you can keep if you earn more than $38,000 in the calendar year. This amount excludes CRB payments. You will have to reimburse $0.50 of the CRB for every dollar of net income you earned above $38,000 on your income tax return. For more information, visit the CRB website.
The CRSB provides $500 per week for up to a maximum of two weeks, for workers who are unable to work due to the effects of COVID-19, while the CRCB provides $500 per week for up to 26 weeks per household for workers who are forced to take care of a family member for reasons related to COVID-19.
The government also announced they will provide an additional $600 million to support workers and businesses through the Regional Relief and Recovery Fund (RRRF). The RRRF was created to mitigate financial pressure experienced by businesses and organizations to allow them to continue their operations, including paying their employees, and support projects by businesses, organizations and communities to prepare now for a successful recovery. For more information, visit the RRRF website.
The measures covered in this email are 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 email 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.
GTA REALTORS® Release September StatsToronto Regional Real Estate Board President Lisa Patel announced that sales reported through TRREB’s MLS® System by Greater Toronto Area REALTORS® amounted to 11,083 – a new record for the month of September. This result was up by 42.3 per cent compared to September 2019. Following a record third quarter, sales through the first nine months of 2020 were up by approximately one per cent compared to the same period in 2019.
“Improving economic conditions and extremely low borrowing costs sustained record-level sales in September, as we continued to account for the substantial amount of pent-up demand that resulted from the spring downturn. Further improvements in the economy, including job growth, would support strong home sales moving forward. However, it will be important to monitor the trajectory of COVID-19 cases, the related government policy response, and the impact on jobs and consumer confidence,” said Ms. Patel.
Year-over-year sales growth in September continued to be driven by ground-oriented market segments, including detached and semi-detached houses and townhouses. Annual growth rates were also higher for sales reported in the GTA regions surrounding the City of Toronto.
The September 2020 MLS® Home Price Index Composite Benchmark was up by 11.6 per cent year-over-year. The average selling price for all home types combined in September was $960,772 – up by 14 per cent year-over-year. Price growth was driven by the low-rise market segments. The relatively better supplied condominium apartment segment experienced a comparatively slower pace of price growth.
“On a GTA-wide basis, market conditions tightened in September relative to last year, with sales increasing at a faster pace than new listings. With competition between buyers increasing noticeably, double-digit year-over-year price growth was commonplace throughout the region in September, resulting in the overall average selling price reaching a new record,” said Jason Mercer, TRREB’s Chief Market Analyst.
New Sickness & Caregiver Benefits Now Available; Canada Recovery Benefit Available Oct. 12
06 October 2020The COVID-19 Response Measures Act (formerly Bill C-4) creates three new temporary recovery benefits of $500 per week for workers unable to work for reasons related to COVID-19. The new benefits include the Canada Recovery Benefit (CRB), which will replace the Canada Emergency Response Benefit (CERB) for workers not eligible for EI benefits now that the CERB has ended, the Canada Recovery Sickness Benefit (CRSB) and the Canada Recovery Caregiving Benefits (CRCB). These benefits will be in place for one year beginning September 27, 2020.
Those who qualify will be able to apply through the Canada Revenue Agency (CRA) for the following benefits as of Monday, October 5:
These benefits will be paid on a weekly basis, meaning those who qualify will have to reapply each week they are eligible.
Effective October 12, the CRA will open the applications for the Canada Recovery Benefit (CRB), which will provide eligible workers with $500 per week for up to 26 weeks for those who have stopped working and who are not eligible for EI (including self-employed, contract workers or those working in the gig economy), or had their employment/self-employment income reduced by at least 50% due to COVID-19. This benefit will be paid in two-week periods.
To support the delivery of these new recovery benefits, the CRA will provide a simple and efficient attestation-based application process similar to the one used to access CERB payments. Eligible individuals will be able to apply for recovery benefits online through the CRA's My Account portal or by phone through the CRA's automated phone lines: 1-800-959-2019 or 1-800-959-2041.
The CRA is taking steps to implement additional verification and security measures up front, to help ensure that it delivers benefit payments only to individuals who are entitled to receive them. In some cases, individuals will be asked to provide additional information so that their eligibility can be verified before their application is processed.
More information on how Canadians can get ready to apply can be found on the new Canada Recovery Benefits web pages.
Further Restrictions to Control COVID-19 Spread
02 October 2020The Ontario government has announced it is tightening public health measures in order to control the spread of COVID-19. The new measures will come into effect on Saturday, October 3, 2020, at 12:01 a.m.
The amendments are listed below, but some of the new public health measures are being restricted to hot-spot areas in Toronto, Peel and Ottawa (these are identified under the "New Public Health Measures" section).
New measures include:
Other Public Health Measures
As the number of new cases continues to rise, the province is taking decisive action to prevent and stop the spread of the virus and avoid future lockdowns. These new restrictions were adopted through the amended order O. Reg 364/20 (Rules for Areas in Stage 3 under the Reopening Ontario [A Flexible Response to COVID-19] Act, 2020). They include mandating the use of face coverings in all public indoor settings across the province, such as businesses, facilities and workplaces, with limited exemptions, including corrections and developmental services.
Targeted measures will also be implemented in Toronto, Peel and Ottawa as a result of their higher than average rates of transmission. These include:
New Measures for Testing
The government is taking additional steps to respond to the second wave of COVID-19 and prevent and stop the spread of the virus, while safely keeping schools and businesses open. These include:
LAND REGISTRY SEARCHES AND WRITS OF EXECUTIONS SEARCHES
A Title Search is the first thing you should do when considering to buy a piece of property. A Title Search can uncover hidden truths about the property. Title Search results can show liens or mortgages registered on title of the property in question.
Who orders Title Searches?
We also search title for litigation research, process serving, skip tracing and searches of an investigative nature.
There are two types of searches in Ontario:
1. Electronic Searches.
Any property that is registered in the electronic database would be available for electronic searching. Most properties in large cities are available for electronic searching. This is the easiest and quickest method of obtaining a title search.
2. Manual Searches.
There are still many properties that are not available for electronic searching. Many properties in small townships in Northern Ontario may not be available. However, the list is always changing.
When a manual search is processed, an agent must physically go to a local Land Registry office to perform the manual search. This is the most expensive and time consuming method for title searching. Unfortunately, this would be the only way of performing a title search for an unlisted property.
In most cases, we can perform a title search if you have one of the following in the order of preference:
1. You have a PIN number (Property Identification Number)
This would be the quickest, most accurate and least expensive search.
This type of search is ready within 3 business hours.
Please do not confuse the tax roll number with PIN number.
Here is a sample of a PIN number: 10240-0009 (LT)
2. You have the exact municipal address.
Not all properties in the electronic database are linked to the municipal address.
If your property is listed under the municipal address, your search will be quick and inexpensive. You only need to pay our search fee and disbursements*.
If your property is not linked to the municipal address, we would not be able to perform an electronic search. We may try alternative methods, but they do result in time delay and additional costs.
3. You have the Owner Name and the City.
If you know the exact spelling of the owner's name and the city, we can get the search results within a few hours.
4. You have the Legal Description.
Searches by legal description are not always successful. If results cannot be obtained immediately, your search will be delayed and incur additional costs.
Approximate cost of Title Searches:
If the property is available for electronic searching, the costs would be as follows:
Title search fee - $35.00
Document retrieval fee - $10.00
Disbursements in Toronto - $20.00
Disbursements outside Toronto - $30.00
Disbursements per page - $4.00
Total cost depends entirely on your requirements.
Taxes are extra where applicable.
Most electronic searches range between $60 and $85 in total. The total price depends on the number of documents and pages you request.
Most manual searches range between $100 and $200 due to the cost of disbursements.
We always recommend that you specify your maximum budget if you request all documents.
When in doubt, please call our customer service department at the numbers listed below.
WRITS OF EXECUTIONS SEARCHES
This search determines whether a person, corporation or other legal entity has a Writ of Execution filed against them which affects all lands owned by such person, corporation or other legal entity within the jurisdiction of the Sheriff's office and/or the land titles office wherein such writs are filed.
If you are buying real estate, you must do a Writ of Execution search for the current owner of the property. This is the only way to insure that there are no outstanding judgments that may affect the land.
Writ of Execution search - $35.00
Taxes are extra where applicable.
Effective October 1, 2020, amendments to Ontario Regulation 179/17 under the Condominium Act, 1998, will take effect to expand the jurisdiction of the Condominium Authority Tribunal (CAT) to handle more types of disputes through its online dispute resolution system.
The additional types of disputes that the CAT will be able to resolve include certain disputes related to provisions of a condominium corporation’s declaration, by-laws or rules that:
Further updates about the CAT, including any future expansion of its jurisdiction, will be communicated as appropriate. For more information on the CAT, please visit the Condominium Authority of Ontario’s (CAO’s) website here.
Mandatory Registration for Toronto Short-Term Rental Units
Short-term rental operators in Toronto who rent out properties for periods of less than 28 days will have to formally register with the City of Toronto starting September 10, 2020, to keep operating in the city. The new online registration system is part of a broader effort to better regulate short-term rentals across the city, and more details will be announced by the city prior to the system becoming active.
People Currently Renting Their Home
Those who are currently renting their home on a short-term basis, or planning to do so, must be registered by December 31, 2020. After this date, all new operators will be able to register on an ongoing basis and must register prior to short-term renting their homes.
In Toronto, short-term rentals are regulated by the City's zoning bylaws and the Licensing and Registration of Short-Term Rentals bylaw:
For the complete details of the city's news release, please click here.