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Rent Deferral Agreement Template Ontario

16 December 2020 No Comment

When Canadian banks and the CMHC announced mortgage deferral programs to ease the financial burden on homeowners due to the coronavirus pandemic, concerns were raised about the lack of burden relief on tenants. While landlords and tenants were waiting for offloading, many tenant lawyers proposed rent strikes across Toronto, wrote letters to landlords and asked all tenants not to pay the April rent. The province has indicated that Nova Scotia tenants will not be able to be evacuated for at least three months from April 1. The provincial government has also implemented a DEFERRAL COVID-19 deFERRAL program to assist commercial owners who have granted lease times for small businesses. Under this program, a commercial landlord is entitled to compensation equal to losses due to the deferral of rent. The total amount of compensation must not exceed $50,000 per qualified commercial lender. A tenancy agreement allows a tenant to defer payment of rent for a specified period of time. As a general rule, the contract defers only part of the rent and the tenant must continue to pay minimum payments. At the end of the specified period, the tenant must resume payment of the rent in addition to the payment of the deferred rent in regular installments. It is important for the tenant to recognize that the rent deferral requires payment at a later date; it does not grant rent unless the landlord accepts such a reduction.

The proposal aims to facilitate flexible agreements between landlords and tenants in order to defer full or partial payment of rents for a specified period of time. Please note that this model does not apply to tenants who receive subsidies to live in their unit, either through an income plan (IMR), or if the tenant receives a rent supplement such as bc Housing`s Rental Assistance Program (RAP) or Homelessness Assistance for Elderly Residents (SAFER). There is a symbiotic relationship between landlords and tenants, most of whom are well aware of. A retail project with several tenants will not flourish without a diverse collection of tenants attracting the public for their various stores. From the lease received by the lessor, the lessor pays its operating costs, property taxes and financing costs, as well as a return to its shareholders and investors. Similarly, a retail tenant, if he is not willing to buy his own real estate and does not have to be part of a community of tenants to attract clients, will look for a well-managed operational project with an appropriate mix of tenants from which he can generate his business.

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Kathy Becker (381 Posts)

Kathy is the CEO/President of the Company of Experts, Inc. and oversees this Small Woman Owned Business serving schools, colleges and universities, businesses, corporations and non-profits moving them from deficit models of planning and thinking to engagement, empowerment and collaboration.


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