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 […]

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 […]

Income Tax Filing and Payment Dates During COVID-19

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 […]

Prime Minister Trudeau’s New COVID-19 Economic Relief Measures

On March 27, 2020, Prime Minister Trudeau announced new economic relief measures that the Government of Canada (“GOC”) is providing for small business in response to the Covid-19 pandemic. Wage Subsidy GST/HST and Customs Duties Payment Deferal Canada Emergency Business Account Small and Medium-sized Enterprise Loan and Guarantee program Previous Measures Wage Subsidy The GOC […]

COVID-19 Economic Response Plan: Legislative Update

This article is an update on Canada’s COVID-19 Economic Response Plan and Canada’s COVID-19 Economic Response Plan – Additional Resources In the early morning hours of March 25, 2020, Bill C-13 “An Act respecting certain measures in response to COVID-19” was introduced, and received Royal Assent by the afternoon. Important details, clarifications, and a few […]

COVID-19 B.C. Government Announcements (March 30th, 2020)

On Mar 23, 2020, the B.C. government announced their Covid-19 Action Plan (updated on March 30th, 2020).  The plan provides $5 billion in income supports, tax relief and direct funding for people, businesses and services, and includes the following measures. Relief for Individuals B.C. Emergency Benefit for Workers – Updated! B.C. Climate Action Tax Credit […]

CRA’s March 20th COVID-19 Update

On March 20th, the CRA has posted additional information on the Covid-19 relief measures listed below. Important changes to tax-filing and payment deadlines Individuals The deadline to file your income tax and benefit return will be deferred until June 1, 2020. The deadline to pay any balance due for your individual income tax and benefit […]

Economic Relief Measures for Individuals (March 30th, 2020)

Please see below for the latest information on: DEFERRAL OF ADMINISTRATIVE INCOME TAX ACTIONS – New! Returns, elections, designations and information requests. OBJECTIONS – New! Entitlement to benefits vs. other tax matters. Filing deadline. CPP/EI APPEALS TO THE MINISTER – New! SUSPENDING AUDIT ACTIVITIES – New! SUSPENDING COLLECTIONS ON NEW DEBT – New! TAXPAYER RELIEF REQUESTS […]