3 Government Assistance for Your Company in Canada
Running a business is hard work. You have to worry about payroll, taxes, the health of your employees and customers, keeping up with industry trends, and more. It’s no wonder that so many people are turned off by the idea of starting their own company—it seems like there’s so much to do!
But what if there were some things that you didn’t have to worry about? What if there were some government assistance programs available to help your business succeed? Then you could focus on what matters most: running your company!
If you’re interested in finding out more about these programs and how they can benefit your business, read on! From choosing to opt for CDAE to Canada Emergency Wage Subsidy, this article will tell you everything you need to know about government assistance programs for small businesses.
1) The Tax Credit for the Development of E-Business (CDAE)
The Tax Credit for the Development of E-Business (CDAE) is a credit for eligible Canadian corporations that engage in e-business activities. The CDAE is available to corporations that are spending on eligible expenses related to developing and marketing an e-business.
Eligible expenses can include research and development, software development, advertising, and promotion costs, as well as salaries paid in respect of an employee’s time spent working on these activities.
So if you are a budding entrepreneur looking to take your business online, or if you are an established business in need of assistance with developing an e-commerce strategy, then the CDAE could be just what you need.
2) Canada Emergency Commercial Rent Assistance (CECRA) for Small Businesses
Canadian small businesses are eligible for a grant of up to 50% (excluding profits) under the CECRA program. The program provides financial assistance to help tenants who have experienced a reduction in sales due to circumstances beyond their control, such as natural disasters or public health emergencies.
If you are an eligible tenant and your business has suffered reduced sales due to a recent emergency, you may be able to apply for this grant. This should help you to keep your business open and continue contributing to the economy.
3) Canada Recovery Hiring Program
This is a program that was announced in March 2020 and is intended to help Canadian businesses hire people who have been affected by recent emergencies. If you are a business owner who has hired someone as a result of this program, you may be eligible for an additional subsidy of up to 50% of your employee’s remuneration.
This will help both you and the new employee during this difficult time — you’ll be able to keep your business open and the new employee will be able to keep a job.
The Final Conclusion
It is clear that government has a number of programs in place to help businesses recover from the recent disasters. While they may not apply to every business owner, there are still many other ways to get financial assistance that you should consider before taking out loans or putting your business at risk by offering unpaid work.