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 27th 2020) that it is again extending the due dates for some payments and some returns (that it 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 […]

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 […]

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 […]

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 […]

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 […]