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 […]
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: Film and Media Tax Credits Program
The Canada Revenue Agency (CRA) has shared important information related to the Film and Media Tax Credits Program during the COVID-19 crisis. Read the full announcement from the CRA below. The Canadian film industry is an important contributor to the economic and cultural well being of Canada. We recognize the vital role that the Film […]
COVID-19: B.C. Emergency Benefit for Workers – Information Update
Starting on May 1, 2020, B.C. residents can apply now for the B.C. Emergency Benefit for Workers, a tax-free, one-time $1,000 payment for those whose ability to work has been affected due to COVID-19. One of the requirement is that the BC resident applied for and is eligible for the Federal CERB. Applicants must have […]
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 […]
COVID-19: Canada Emergency Commercial Rent Assistance for Small Businesses
Prime Minister Trudeau announced this morning that the Federal Government has reached an agreement in principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. Our DMCL comments are in the brackets. This program will lower rent by 75 per cent for small businesses that have been […]
COVID-19: Support for Students and New Grads
On April 22, 2020, Prime Minister Trudeau announced a $9 billion support package for post-secondary students and recent graduates. The support package includes: the Canada Emergency Student Benefit Available to students and new graduates who are not eligible for the Canada Emergency Response Benefit. A benefit of $1,250 per month for eligible students. A benefit […]
