June 4, 2020

Your CFA Daily Update on COVID-19

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CMHC removes requirement for Tenant to disclose Gross Annual Revenue from CECRA application

Overnight the CMHC made a change to the CECRA program which removed the requirement for Tenant’s to disclose to their landlords their Gross Annual Revenue. Tenant’s will still have to attest that they meet the requirements of the program.

Canadian Chamber releases Roadmap to Recovery

Today the Canadian Chamber of Commerce launched Roadmap to Recovery, which takes a comprehensive look at the challenges facing Canada’s economy and identifies 51 specific recommendations governments should adopt to overcome the challenges identified. Canada was prepared to do whatever it took to ensure we made it through this pandemic, and we need to apply the same mindset to repairing our economy. 

Ontario lifts restrictions on short-term rentals

Ontario has announced short-term rentals will be allowed to resume operations on June 5 including cottages, cabins, lodges, condos and B&Bs. Economic Development Minister Vic Fedeli announced the news in a tweet, adding as of 12:01 Friday, the restrictions on rentals would be lifted.

Still sending cheques? Managing cash flows during this time can be challenging, and sending paper cheques remains the more expensive and time-consuming method of making payments. Ascendant is extending the offer to CFA members to access their software with zero onboarding fees, allowing you to use their platform to seamlessly and safely collect banking data from your clients and manage your cash flows more efficiently. Learn more about digital, digital payments with Ascendant

Personal bankruptcies fell to record low in April

The number of people filing for bankruptcy fell to a record low in April, as government support programs and mortgage deferrals during the coronavirus pandemic are keeping people's heads above water for now.

According to official data released by the Office of the Superintendent of Bankruptcy Canada, a total of 6,700 people across Canada filed for bankruptcy or made a formal proposal to their creditors that month, a figure that is down by 43 per cent compared to the same month a year earlier.

That's the biggest plunge on record dating back to 1988, and the smallest number of people filing for bankruptcy since at least 2007.

But the decline in personal bankruptcies doesn't suggest fewer people are feeling the financial pinch. Rather, it suggests that people are doing whatever it takes to pay the bills for now.

Official numbers from Statistics Canada show that more than one million Canadians lost their job in March, and another two million lost their job in April. Numbers for May are due out on Friday, and they are expected to show at least another half-million jobs lost.

Counterintuitively, that record-setting pace of job losses may be keeping insolvencies at bay for now. Bankrupcy consultants conceded that "If not working, a debtor is largely creditor proof," and the courts are closed.

As of the middle of May, more than seven million Canadians had applied for the Canada emergency response benefit, Ottawa's $35 billion program for laid-off Canadians. The program seems to be having an impact in keeping creditors at bay, as "CERB payments cannot be garnished."

COVID-19 support for seniors will flow starting July 6

Today, the Prime Minister revealed the release date for supplemented seniors payments, announced back in May, will flow during the week of July 6, 2020. The government is investing $2.5 billion to provide a one-time, tax-free payment of $300 to seniors eligible for the Old Age Security pension. To support Canada’s most vulnerable seniors, an additional $200 is also being provided to seniors who are eligible for the Guaranteed Income Supplement. 

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Franchisee Action Plan to Re-Opening
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MODERATOR: Lenka Whitehead, Oxford Learning Centres

SPEAKERS: Dan Steward, Pillar to Post Home Inspectors; Josh Aspin, COBS Bread

In this session, franchisees will understand the implications and important considerations to re-opening their businesses in the new normal, post-COVID-19.

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Feedback from our Members

“I wanted to thank the CFA team for all the information, the updates and all that you do. It’s really wonderful to have such a wonderful group of committed professionals helping us all navigate through these uncharted waters. You guys are doing an amazing job and the Oxford Learning team is very grateful! We will get out of this and hopefully come out stronger for the experience.”

 - Lenka Whitehead, President, Oxford Learning Centres

COVID-19's impact on the world is creating waves across all sectors and industries.

Every member of the CFA community is dealing with an issue that is affecting the world, our industries, our communities, our businesses, and our people.

We would like to hear from you if you have any topics, issues or questions to navigate turbulent times in order to support you further: 

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