October 1, 2020

Your CFA Update on COVID-19

October Early Bird Incentives Have Launched!

Minimum wage increases take effect in four provinces

As of October 1, four provinces minimum wage increases came into effect. These changes were announced months or even years ago as part of each government’s multiyear strategy.

• Newfoundland and Labrador's minimum wage rises 50 cents to $12.15 an hour.
• Ontario’s minimum wage increased 25 cents to $14.25 an hour.
• Saskatchewan's minimum wage increased 13 cents to $11.45.
• Manitoba’s minimum wage increased 25 cents to $11.90

Quebec to provide up to $100M for businesses forced to close because of red zone rules

Starting today, bars, restaurant dining rooms and reception halls in the province's so-called red zones — which include Montreal and Quebec City — must close for the next 28 days.

Restaurants and bars will be eligible for up to $15,000 in loan forgiveness for businesses who are forced to close, or scale back due to the partial shutdowns. The money will help offset fixed costs, including municipal taxes, insurance and mortgage payments. The affected businesses can also apply to a federal wage subsidy program. 

The $100 million in financial aid package will be available to the estimated 12,000 businesses that are shutting down this month because of new lockdown measures.

CFA Business Recovery Summit Series

The CFA Business Recovery Summit Series in October 2020 is a month of virtual conferences and events to help franchisors and franchisees manage, adapt, and grow their business in the "next normal" during COVID-19 recovery. REGISTER NOW

New Regulations make changes to Ontario’s real estate market

Today, the Ontario government announced the first phase of regulatory changes related to the Trust in Real Estate Services Act, 2020 (TRESA). The new changes will modernize rules for registered real estate brokerages, brokers, and salespersons across the province while also addressing consumer concerns.

The first phase, announced today, includes regulations that more closely align real estate brokerages and professionals with modern business practices. The new measures will:

• Allow real estate professionals to incorporate and be paid through Personal Real Estate Corporations (PRECs).
• Let salespersons and brokers use additional advertising terms such as "real estate agent" and REALTOR® in their advertisements, better reflecting the services they provide to consumers across the province.

Expected later this Fall, the second phase of regulatory development will include public consultations with consumers and real estate professionals that focus on further measures to support trustworthiness and the highest ethical standards in the real estate sector, including:

• Updating and modernizing the Code of Ethics for real estate professionals;
• Implementing disclosure requirements to better protect consumers; and
• Improving regulatory efficiency and enhancing professionalism in the industry by updating the authority and powers of the Real Estate Council of Ontario.

Read the Trust in Real Estate Services Act, 2020

Ontario Provides $461 Million to Temporarily Enhance Wages For Personal Support Workers

The Ontario government is supporting personal support workers (PSWs) and direct support workers in the home and community care, long-term care, public hospitals, and social services sectors by investing $461 million to temporarily enhance wages. This investment will help the province attract and retain the workforce needed to care for patients, clients and residents in response to the COVID-19 pandemic.

Details were provided today by Premier Doug Ford, Christine Elliott, Deputy Premier and Minister of Health, Dr. Merrilee Fullerton, Minister of Long-Term Care, and Dr. David Williams, Chief Medical Officer of Health.

The province is providing a temporary wage increase effective October 1, 2020 to over 147,000 workers who deliver publicly funded personal support services:

• $3 per hour for approximately 38,000 eligible workers in home and community care;
• $3 per hour for approximately 50,000 eligible workers in long-term care;
• $2 per hour for approximately 12,300 eligible workers in public hospitals; and
• $3 per hour for approximately 47,000 eligible workers in children, community and social services providing personal direct support services for the activities of daily living.

The temporary wage enhancement will be reviewed on a regular basis and could extend through March 31, 2021, in connection with regulations made under the Reopening Ontario (A Flexible Response to COVID-19) Act, 2020.

OUR WEBINARS ARE AVAILABLE ON-DEMAND!

Impact of COVID-19 on Banks & Lenders: Now how do you approach the bank
 EARN 50 CFE PARTICIPATION  CREDITS  

SPEAKERS: Paul daSilva, RBC; Joseph Pisani, BMO Bank of Montreal; Tom de Larzac, HSBC Bank Canada; and, Mohammed Jehangir, CIBC

In this webinar, learn how COVID-19 has impacted how Canadian banks are looking at business loans and what additional information they need. What programs and services have banks introduced to serve SMEs and how can they be accessed? What is the impact of the pandemic on  a bank's risk tolerances? Have banks changed how they will lend and for what they will lend? Are loan losses as government support programs taper off expected to tighten loan approval requirements? How do I take advantage of changes in the marketplace? How do i grow my franchise?

CFA’s Business Recovery Summit Series

Stay up-to-date with the latest news and developments with Canada’s financial institutions at CFA’s Business Recovery Summit Series throughout the month of October, where speakers will present updates on financing and lending. Register here

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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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