COVID-19: Canada Emergency Business Account Update

Update: Bill Morneau, Finance Minister, announced on Twitter that the expanded Canada Emergency Business Account (CEBA) applications will not open on June 19. More to follow. 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 […]

Tax Planning Ideas During These Challenging Times

Here are some tax planning ideas to provide some you 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 […]

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 […]

COVID-19: Update on Canada Emergency Wage Subsidy

On May 15th, 2020 Prime Minister Trudeau made further announcements in regards to Canada Emergency Wage Subsidy (CEWS): The Canada Emergency Wage Subsidy program will be extended for 3 months. The government will also reconsider the 30% revenue decline test for CEWS eligibility to ensure that it is not a barrier to achieving the overall […]

COVID-19: One-Time Payment for Seniors

On May 12th, 2020 Prime Minister Trudeau announced some financial support measures for seniors. Seniors who receive Old Age Security payments will receive a one-time payment of $300, Seniors who receive Guaranteed Income Supplement payments will receive a one-time payment of $200. Seniors who receives both OAS and GIS payments will receive a one-time payment […]

COVID-19: CMHC Information on the Canada Emergency Commercial Rent Assistance for Small Businesses

The CMHC has posted some additional information on its website regarding the Canada Emergency Commercial Rent Assistance for small businesses. While the CMHC’s comments are helpful, it is important to remember that there is no legislation on the CECRA program, draft or otherwise.  Once legislation implementing the CECRA program has been passed into law, the […]