The Government Significantly Extends and Expands the Canadian Emergency Wage Subsidy (CEWS) to Apply to More Businesses

On July 17th 2020, the Government responded to recent feedback received from public consultation and addressed many of the concerns with the previous iteration of the Canada Emergency Wage Subsidy (CEWS) program (referred to as “CEWS 1.0”) by significantly revising the program (referred to as “CEWS 2.0”) by: Extending the program to December 19th 2020, […]

COVID-19: Canada Emergency Business Account Update

Update: Bill Morneau, Finance Minister, announced on Twitter that the expanded Canada Emergency Business Account (CEBA) applications are now available through Canada’s large banks. On April 09, 2020, the Government announced the Canada Emergency Business Account (“CEBA”).  The CEBA provides zero-interest, partially forgivable loans of up to $40,000 to small businesses that have experienced diminished revenues […]

Tax Planning Ideas During These Challenging Times

Here are some tax planning ideas to provide you some relief by reducing or recovering tax during this downturn in the economy while your assets and investments may be at lower values. LOSS SELLING: (to reduce or recover tax) Individuals, Companies, Trusts, Partnerships Consider triggering some losses:  on investments and re-invest in similar securities (if it […]

Due Dates for Corporate, Trust and Estate, Partnership and Individual Tax Returns

We wanted to clarify that any returns that were already due that have been deferred until June 1st under CRA’s administrative concession are NOT entitled to the extended September 1st filing deadline. However, for those returns that are otherwise due in June, July or August 2020, they were  granted an extended filing deadline of September 1st 2020. In […]