604.921.4042 info@eaglefinancial.ca

COVID-19: Support Options For Economic Development Corporations & Indigenous Businesses

Shortly after the World Health Organization (WHO) declared the COVID-19 a global pandemic on March 11 2020, the Government of Canada shut down the economy to combat the spread of Coronavirus.

Like many other businesses, First Nations Development Corporations, Medium and Small-sized non-essential companies took a big hit; revenues and sales dropped significantly. Some organizations had to layoff employees, and others had to close their businesses permanently.

 

On March 18, 2020, to minimize the financial impact of COVID-19, the federal government announced its $82B COVID-19 Emergency Response Package for individuals and businesses struggling with the economic effects of the Coronavirus.

 

If your business has been facing financial difficulties due to the pandemic, we suggest you review the list below that summarizes different types of financial support that are available to your Indigenous business due to COVID-19. It is an excellent source of information that is compiled by the Aboriginal Financial Officers Association of BC(AFOABC).

 CEWS

(Canada Emergency Wage Subsidy)

Temporary 10% Wage Subsidy

CEBA 

(Emergency Benefit for Business Account)

CECRA

(Commercial Rent Assistance)

Support for Indigenous via AFIs

What is it?

Covers 75% of an employee’s wage 

(up to $847/week) 

3 month measure that allows eligible employers to reduce the amount of payroll deduction required to be remitted to CRA 

Interest free loans of up to $40,000 to cover operating costs during a period where their revenues have been temporarily reduced

($10,000 is forgivable if paid back by 2022)

Forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by tenants who are experiencing financial hardship 

Interest free loans of up to $40,000 with a $10,000 forgivable portion 

Who is eligible?

    • Individuals
    • Taxable corporations
    • NPOs
    • Agriculture organizations
    • Boards of Trade
    • Chambers of Commerce
    • Labour organizations
    • Registered charities
    • Partnerships with eligible employees
    • Indigenous government owned corporations


Must have suffered a loss of revenue of 15% in March and 30% in April and May.

  • Individuals
  • Partnerships
  • NPOs
  • Registered charities
  • Canadian-controlled private corporations 

Canadian operating businesses as of March 1, 2020 including Indigenous businesses 

(except government organizations or bodies or an entity owned by a government organization or body)

Businesses whose mortgaged property owner agrees to reduce tenants’ rent by at least 75% under a rent forgiveness agreement

Current and previous clients of Aboriginal Financial Institutions 

(please note that Indigenous businesses who apply for CEBA cannot receive this funding as well – it’s either one or the other) 

Eligibility requirements

Eligible employees* being paid eligible remuneration** 

Must continue to be paid during the claim period.

CRA business number

Pay salary, wage, bonuses or other remuneration 

Has a federal tax registration

Annual payroll between $20,000 and $1.5M

Paying less than $50,000 month in rent 

At least a 70% drop in pre-COVID revenue 

Indigenous businesses impacted by the Covid-19 crisis

How to apply?

Through your CRA ‘My Business’ account or use the Web Forms available online

Through a reduction in payroll remittances

Through banks & credit unions

Check with your landlord

Through an AFI in your region

*Eligible employees are individuals employed in Canada during the claim period except if there was a period of 14 or more consecutive days in that period where they did not receive any pay from you. Employee eligibility is based on whether the person is employed in Canada, not where they live.

**Eligible remuneration is salary, wages and other taxable benefits, fees and commissions. Severance pay and items such as stock option benefits or the personal use of a corporate vehicle are not part of eligible remuneration.

Information in this table has been gathered from https://www.canada.ca/en/department-finance/economic-response-plan.html#businesses

Still have questions?

If you need more information, please visit Canada’s COVID-19 Economic Response Plan and read more detailed information about the financial support options that are available to your business.

Premium Deduction For Dental and Extended Health Care Due to COVID-19

Premium Deduction For Dental and Extended Health Care Due to COVID-19

Dear Plan Administrators,

Due to COVID-19 pandemic, many dental and health practitioners have been forced to close. As a result, the use of dental and some other extended health care benefits have declined.

Canada`s three major insurance companies, Sun Life, Canada Life and CINUP have recently announced premium deduction for dental and non-drug-related extended health care benefits for their group insurance clients.

Sun Life Financial

Here are the changes Sun Life is making for all non-refund clients:

  • Dental: 50% dental premium credit per month.
  • Extended Health Care: 20% premium credit on the non-drug coverage portion of extended health care benefit premium

Sun Life is going to apply the April credit to your June 1 invoice and will continue to assess the situation on a monthly basis. For more information, please visit SunLife.ca

 

Canada Life

  • Dental: 50% premium reduction adjustment will be applied.
  • Vision: 20% premium reduction adjustment will be applied.
  • Healthcare (excluding drugs): A 20% premium reduction adjustment will be applied.

Canada Life is going to apply the premium credit retroactive to April 1, 2020. May premium reduction adjustments will be completed on the June billing.

For more information, please visit Canadalife.com

CINUP

CINUP recognizes the impacts of the pandemic and the ability for plan members to utilize their dental and extended health benefits.

CINUP is providing the following credits, retroactive to April 1st, on May 2020 billing:

  • Dental: 50% premium reduction adjustment
  • Extended Health: 10% premium reduction adjustment

Your June bill will show the credits applied for April, as well as the full premium for June. The credits will be monitored monthly and you will be notified of any changes.

 

For any questions and more information, please contact our group benefits managers, Mina Dingle or Denise Perry. They will be more than happy to assist you.

Mina Dingle

Account Manager

Group Benefits

Denise Perry

Account Manager

Group Benefits

Update on Operations at Eagle Bay Financial Services Ltd.

Update on Operations at Eagle Bay Financial Services Ltd.

EagleBay_Virtual_Staff_Meeting_Covid19

Earlier next week, we will surpass 1 month of altered operations and work from home.
We are pleased to report that all our clients remain in business and are continuing to operate, albeit in unusual circumstances.

 

We were quickly able to shift our service model and continue to interact and support our clients via email, telephone, Zoom conferencing and other media. Our switchboard is operating normally. You can also reach your support team directly on their mobile devices or by email. We are striving to prioritize and respond to your queries as quickly as possible. We continue to keep a close eye on financial markets and the operational changes that insurers are experiencing.

 

This week we have also welcomed the newest member of our team and we thank you all for your kind words of welcome to Kate Madden. We are so pleased to have her join our team.

 

We know that you provide vital services to your organization and to your community and we recognize that you all are experiencing unique challenges in navigating the pandemic.

 

Thank you for your continued support during COVID-19 & please “Stay Safe”.

 

Best Regards

Nick & Ida Calla and Eagle Bay Financial Services Ltd.Team

Eagle Bay Financial Services & CINUP Now Offers Teladoc, Virtual Health Services To Clients

Eagle Bay Financial Services & CINUP Now Offers Teladoc, Virtual Health Services To Clients

Especially with the COVID-19 pandemic, telemedicine services became the most convenient and easy access to quality healthcare when and where members need it most.

As Eagle Bay Financial Services Ltd., we are excited to announce CINUP’s, one of Canada`s leading insurance companies, partnership with Teladoc™ Health.

Effective immediately, Teladoc telemedicine services will be included for all employees who hold CINUP Extended Health Care coverage. Members can visit with a Canadian certified physician by phone or video for a broad array of episodic healthcare issues. During the visit, employees can receive a diagnosis, treatment recommendation, and even be prescribed medicine when necessary. With Telemedicine Services, members can stop waiting for care and get back to feeling better, faster.

 

Teladoc : Offering a New Front Door To Healthcare In Canada

Teladoc is the global leader in virtual care, providing convenient access to high-quality healthcare for millions of people in more than 130 countries. With Teladoc, your employees can talk with a doctor within an hour by phone or video conference from wherever they are, in Canada or the US, for non-emergency conditions like the flu, allergies, infections, and much more. Doctors can also prescribe medicine if needed.

  • Is your First Nations community located in a remote area?
  • Up in the middle of the night with a sick child?
  • Or perhaps living or vacationing in a rural location, making it difficult to obtain medical care?
  • Self-isolating and can’t get in to see a doctor?
Teladoc is available 24 hours a day, 365 days a year. Because visits are conducted by phone or video, there are no geographic restrictions to getting to high-quality care from anywhere. Employees simply can download the Teladoc app from Apple or Google Play, complete the quick registration, and request a consultation.

“ Effective immediately, Teladoc telemedicine services will be included for all employees who hold CINUP Extended Health Care coverage. ”

How To Set Up Teladoc Account On Your Smartphone: 4 Easy Steps

Here is how your employees can set up Teladoc services and access licenced physicians easily, within an hour by phone or video.;

  • Download the app:
  • Search for “Teladoc” in the App Store or on Google Play.

  • Set up your account:
  • Once you’ve downloaded the app, select “Set up your account.”

  • Enter necessary contact information:
  • Type in your name, date of birth, and postal code

  • Type in your security information:
  • Select your coverage, create a password, type in your phone number, and agree to the terms and conditions.

    For more information, you can also call 1-888-983-5236 or visit Teladoc.ca

Employees demand better benefits from their employers, and due to COVID-19, virtual health services became a vital part of health care delivery. Teladoc is designed to help you, your employees and their dependents to receive the medical treatment they need. It is a perfect solution, specifically with the distinct needs of an employer like you in mind. We know your employees are your most valuable asset, so we continually look for more ways to protect them. Teladoc will ensure the best medical support is always at their fingertips.

For more information on how to add Teladoc to your CINUP employee benefits program, you can reach our Managers Mina Dingle or Denise Perry.

Jenny Kellett

Account Manager

Group Benefits

Denise Perry

Account Manager

Group Benefits

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