Financial Resources For Canadian Massage Therapists

If you are a business owner, there are several resources available to you from the government. There’s a ton of information out there, so we’ve tried to simplify it for you with the main bullet points below:

Canada Emergency Wage Subsidy

• What it is: The government will pay 75% of your wages for up to 12 weeks, retroactive to March 15, 2020.
• Do you qualify? If your revenue in March 2020 is at least 30% less than your revenue in March 2019, you qualify. You must re-qualify for April and May by doing the same comparison of 2019 revenue vs. 2020 revenue for each month.
• Is there a limit? Yes, the salary limit is $58,700. So that means the maximum payment will be $847 per week per employee. The government has requested that you pay the additional 25% if it is within your means.
• How to apply: Apply through the Canada Revenue Agency’s My Business Account portal.
• What you need to document: Keep records demonstrating your reduction in revenues and remuneration paid to employees.
• More info from the Government of Canada

Canadian Emergency Response Benefit

If you do not qualify for the Canada Emergency Wage Subsidy, you and your employees should apply for the Canadian Emergency Response Benefit.

• What it is: The government will pay you $500 per week for up to 16 weeks.
• Do you qualify? You qualify if:

2. You reside in Canada and are at least 15 years old
3. You have stopped working because of COVID-19 and have not voluntarily quit
5. Your income was at least $5,000 in 2019 (or in the 12 months prior to the date of your application)
7. You expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. For subsequent benefit periods, you expect to have no employment income.

• How to apply: Online with CRA My Account or over the phone with an automated phone service
• More info from the Government of Canada

Canada Emergency Business Account (interest-free loan)

• What it is: The government will give you an interest-free loan of $40,000 and you only have to pay back $30,000 if you repay the loan by December 31, 2022.
• Do you qualify? You qualify if your 2019 payroll was between $50,000 and $1,000,000
• How to apply: This program will roll out in the three weeks after March 27, and interested businesses should work with their current financial institutions.