The August 31st, 2020 deadline was extended to October 31, 2020 per a Twitter feed announcement from Finance Canada. The CEBA website currently has been updated removing the August 31 deadline: https://ceba-cuec.ca/ Items to note: CEBA help-line 1-888-324-4201 if you have further questions or contact your DMCL advisor or financial institution; Best to check out […]
Updated Tax Rate Cards for 2020
Here are our updated Tax Rate cards to account for the 2020 BC Budget. In these you will find 2019/2020 Corporate Tax Rates and 2019 / 2020 BC Individual Tax Rates. Please contact your DMCL advisor in case of any questions.
Canada Emergency Business Account (CEBA) – August 31, 2020 Deadline Reminder
The deadline to apply for the Canada Emergency Business Account (CEBA) interest-free loan up to $40,000 is a hard deadline of next Monday, August 31, 2020. Up to 25% of the loan (up to $10,000) may be forgiven (may be taxable) if 75% of the loan is repaid by December 31, 2022. If the loan […]
Canada Emergency Commercial Rent Assistance (CECRA) – August 31, 2020 Deadline Reminder
The government has set a hard deadline of August 31st 2020 for applying for the Canada Emergency Commercial Rent Assistance (CECRA) subsidy. The CECRA subsidy provides a forgivable loan to landlords equal to 50% of the gross rent (including common area costs) who have entered into a 75% of more rent reduction agreement with their […]
COVID-19: Staying Focused on Your Employees
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 […]
