A reminder of some important due dates and key updates: Vancouver The Vancouver Empty Homes Tax declaration is due Tuesday February 2nd 2021 Every residential property owner must make a declaration on whether or not the property is subject to the Vancouver Empty Homes Tax or whether it is exempt. For 2020, a 1.25% tax […]
Temporary Relief for Employee Automobile Benefits for the 2020 and 2021 Taxation Years due to COVID-19
On December 21, 2020, the Department of Finance Canada released a backgrounder and draft legislation to provide temporary relief in respect of employee automobile benefits for the 2020 and 2021 taxation years due to the impact of COVID-19. Key Takeaways: Reduced Standby Charges: Employees can use their 2019 automobile usage to determine whether they are […]
Taxation of CEBA and CECRA
This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news. CEBA – Forgivable LoanIf you are a small business owner […]
January 31st Deadline for Claiming the Canada Emergency Wage Subsidy (CEWS) for the March 15th to August 1st, 2020 Periods
Please note that there is a firm deadline of January 31st, 2021 for eligible businesses that have suffered a revenue decline to apply for the CEWS which provides up to $847 per employee per week for the period from March 15th to August 1st, 2020. To qualify, a business must have suffered a revenue decline […]
Personal Real Estate Corporations (“PRECS”)
This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news. Are you in the real estate industry who is interested […]
Managing Transfer Pricing Risks and Their Impact in Uncertain Times
This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news. The world as we know has rapidly changed because of […]
Canada Emergency Rent Subsidy (CERS) Update: Applications Now Open
Bill C-9, which incorporates the new Canada Emergency Rent Subsidy (CERS), received Royal Assent on November 19th, 2020. Read the full news release from the Canada Revenue Agency (CRA) here. The application site is now open for applications. Apply here. To calculate your Canada Emergency Rent Subsidy (CERS) amount, click here. For more information about […]
Employee Home Office Expenses
This article is from the quarterly Canadian Overview, a newsletter produced by the Canadian member firms of Moore North America. These articles are meant to pursue our mission of being the best partner in your success by keeping you aware of the latest business news. In light of COVID-19, many employees have had to work […]
The Real Cost of Buying Luxury Cars in B.C.
Having built a successful career or business, many high-income earners like to reward themselves by purchasing a luxury car. However, the true-cost of buying a luxury car in British Columbia can be 2 to 3 times the sticker price of the car once you consider the impact of personal income tax on your earnings, and […]
Summary of the Federal Government’s COVID-19 Financial Support
Here is an up-to-date summary of the financial support offered by the federal government through Canada’s COVID-19 Economic Response Plan. SUPPORT BENEFITS New Recovery Benefits With Bill C-4 receiving Royal Assent, following the federal government’s Throne Speech commitments, more details have emerged on how new COVID-19 recovery benefits will be implemented. Subsequently, three new temporary recovery benefits have […]
