Providing a rent subsidy to employers with reduced revenues.
We expect that the extension of the Canada Emergency Rent Subsidy (CERS) by Bill C-2 will result in an additional $676 million in subsidies being paid beyond those already approved by Order in Council 2021-0882. Of these additional subsidies, we expect $134 million to be paid under the Tourism and Hospitality Recovery Program, and $542 million to be paid under the Hardest-Hit Business Recovery Program. With this extension, we expect the gross cost of the CERS to be $8.3 billion. This represents a net cost to the federal government of $7.2 billion after accounting for corporate income tax recoveries.