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. Keeping all staff members employed is one of the biggest […]
COVID-19: Government Announces New Extension of Rent Relief for Small Businesses to Cover August 2020
On July 31st, 2020, the Federal Government announced an extension to the rent subsidy program to cover the month of August. Landlords and tenants who have already applied for the months of April to July can also apply for August but must do so by no later than September 14th 2020. Small business tenants will qualify based […]
COVID-19: The CRA Announces an Extension to the Payment Deadline and Offers Interest Relief on Outstanding Tax Debts During the Pandemic
The Canada Revenue Agency (CRA) announced yesterday (July 27 ,2020) that it is extending the due dates for some payments and some returns (previously extended to September 1, 2020) to September 30, 2020. The CRA also announced that it will also waive certain interest charges. CAUTION: To benefit from these extensions and avoid late filing […]
COVID-19: 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 […]
CRA 2019: T1 Individual Income Tax Returns – No Penalties or Interest If You File and Pay by August 31, 2020
Per the CRA website link below – taxpayers have up to August 31, 2020 (rather than Monday June 1 or June 15) to file their 2019 T1 returns and pay the tax without penalties or interest. Extended filing and payment deadlines You will not be charged late-filing penalties or interest if your 2019 individual (T1) […]
COVID-19: Update on Canada Emergency Commercial Rent Assistance Program
The CMHC has posted updated information on the CECRA Program on their web-site. For full details (including FAQ’s for both landlords and tenants), click here. Please speak to your DMCL advisor about your circumstances and to understand the tax impact on you or your organization. Of particular note: • Properties with or without a mortgage are […]
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 […]
