CANADA EMERGENCY WAGE SUBSIDY (“CEWS”) – 75% WAGE SUBSIDY UP TO $847/WEEK CRA application portal ready in 1-3 WEEKS [Sources say it may be ready April 27, 2020] The legislation received royal assent late last Saturday night (April 11th). It is a wage subsidy of up to $847 per employee per week if the business […]
COVID-19: US Relief Measures for Individuals and Businesses
On March 27th 2020, President Trump signed into law the Coronavirus Aid Relief and Economic Security (“CARES”) Act which contains certain US tax relief, low interest and forgivable loans and other direct subsidies to US businesses and individuals to deal with COVID-19. These measures could provide relief for our US clients so we should make […]
COVID-19: 75% Canada Emergency Wage Subsidy (“CEWS”)
The Government of Canada passed into law on Saturday, April 11th 2020 Bill C-14 the COVID-19 Emergency Response Act No. 2 which provides a 12 week wage subsidy of up to $847 per employee per week: to “eligible entities” in respect of “eligible remuneration” paid to “eligible employees” during a “claim period” (four week periods […]
The Value of Cash Forecasting
This article was written by Richard DeRienzo, from Citrin Cooperman, an independent firm associated with the Moore Global Network. Stress is knowing that you have a problem and not knowing how to solve it. Real stress is not knowing you have a problem and having to come up with a solution on the fly. As we approach […]
COVID-19: Changes to the Canada Emergency Wage Subsidy
On April 08, 2020, the Prime Minister and the Minister of Finance announced changes to the Canada Emergency Wage Subsidy program and provided further guidance on the application of the rules. Please review the full announcement below. Here are some of the highlights. Eligible Employers Under the new rules, the subsidy is available to employers […]
COVID-19: CRA Benefits, Credits and Support Payments
On April 03, 2020, the CRA posted the following information on the Canada Emergency Response Benefit and on the GST tax credit. COVID-19: Canada Emergency Response Benefit (CERB) You can apply for the CERB with CRA online or by phone. April 9 – GST/HST credit payment: The one-time supplementary GST/HST credit payment will be issued starting on April 9, 2020. This […]
COVID-19: Canada Emergency Wage Subsidy – Additional Department of Finance Commentary
The Department of Finance has posted additional information on the Canada Emergency Wage Subsidy on their web-site. The posting provides some clarification on various elements of the subsidy. Revenue Decline For the purpose of measuring the decline in the business’s revenues, the revenue must: be from a business carried on in Canada, be from arm’s-length […]
COVID-19: CRA FAQ – Deferral of GST/HST Tax Remittances
Deferral of GST/HST Tax Remittances (COVID-19 Measures) Question 1: What fiscal measures is the Canada Revenue Agency (CRA) taking to help Canadian businesses manage their GST/HST payments and remittances? The CRA understands that businesses might be dealing with difficulties in making their GST/HST payments or remittances. The CRA will allow all businesses to defer, until […]
COVID-19: Canada Emergency Wage Subsidy – Department of Finance Release
Further to the briefing by the Minister of Finance and the Minister of Small business earlier today, the Department of Finance has issued a press release regarding the new Canada Emergency Wage Subsidy (“the Subsidy”). Based on the press release: The Subsidy is in place for the 12-week period from March 15 to June 6, […]
COVID-19: Income Tax Filing and Payment Dates
The CRA has published the following table on their website, which summarizes what has changed, and what has not changed for filing and payment deadlines for various types of taxpayers. Income tax filing and payment dates: CRA and COVID-19 Individuals – Due dates Filing date for 2019 tax year June 1, 2020 extended Payment date for […]
