Hi All - the email below just came in from MP Dabrusin's office and the link provides a more detailed overview as to how this rent relief program will be rolled-out in Ontario. PLEASE CLICK ON THE LINK AND READ THIS INFORMATION. There are some components that I believe will be a challenge for landlords and tenants - specifically each covering 25% of the rent - I've copied the following directly from the information contained in the link:
The program has been developed to share the cost between small business tenants and landlords. Small business tenants and landlords would each be asked to pay 25 per cent of the before profit costs and the provincial and federal government would cost share the remaining 50 per cent.
For example, a monthly rent for a small business is $10,000. In this example, assume the landlord doesn't make a profit. The landlord forgoes $2,500 (25 per cent of rent). The small business would be responsible for paying $2,500 (25 per cent of rent). The government would cover the remaining $5,000, with $3,750 from the federal government (37.5 per cent of rent) and $1,250 (12.5 per cent of rent) from the provincial government.
The link is below.
Susan
From: < This email address is being protected from spambots. You need JavaScript enabled to view it. >
Date: Fri, Apr 24, 2020 at 1:13 PM
Subject: Provincial news release on rent program
To: < This email address is being protected from spambots. You need JavaScript enabled to view it. >
Hi BIA leadership - in addition to the email Julie just sent out, the provincial news release has just been posted; much of the information may be the same but due to provincial jurisdiction it is important to be aware of how the program is proposed to work here in Ontario: https://news.ontario.ca/opo/en/2020/04/ontario-canada-emergency-commercial-rent-assistance-program.html
Thanks
Tom
Tom McGee
Member's Assistant
Julie Dabrusin, MP