Dear Members,

Late yesterday afternoon, the Government tabled its Fall Economic and Fiscal Update 2021.

Here is a quick snapshot of what it means for our industry.

New Relevant Announcements:
  • An additional $4.5 billion to pay for possible further costs of fighting Omicron and other COVID-19 surges, including spending on border measures and income and business supports.
  • If the travel situation deteriorates, we could amend the Tourism & Hospitality Recovery Program in response.
  • Extension of the Highly Affected Sectors Credit Availability Program to March 31, 2022. This program was set to expire on December 31, 2021.
  • This is excellent news for members who may not have tapped into this program yet.
  • $85 million to reduce backlogs in Canada’s immigration system, speed up the process of citizenship, reunite families, and welcome people who can help address Canada’s labour shortages.
  • This was one of our key asks. Government offices will now have extra resources to unlock application backlogs.
  • $60 million to support workers in Canada’s live performance industry through the new temporary Canada Performing Arts Workers Resilience Fund.
  • The new Small Businesses Air Quality Improvement Tax Credit of 25 per cent of the cost of upgrading ventilation systems and air filtration, up to $10,000 per location and $50,000 in total.
  • Members who have invested in these systems should apply for these credits.

Re-announcement of:
  • Targeting Supports for Businesses Affected by the Pandemic
  • Tourism and Hospitality Recovery Program
  • Hardest-Hit Business Recovery Program
  • Support for Businesses Facing Pandemic Lockdowns
  • The Local Lockdown Program would provide organizations that face new local COVID-19-related lockdowns with up to the maximum amount available through the wage and rent subsidy programs.
  • Extending the Canada Recovery Hiring Program until May 7, 2022, for eligible employers with current revenue losses above 10 per cent, and to increase the subsidy rate to 50 per cent.