2021 Federal Budget Highlights

2021 Federal Budget Highlights

Deputy Prime Minister and Finance Minister Chrystia Freeland released the Federal Government’s first Pandemic Budget (“Budget 2021”) on April 19th 2021. Budget 2021 focuses on spending for COVID recovery including: extension of some key Covid-19 support programs to September 25th 2021 such as the Canadian Emergency Wage Subsidy (CEWS) Program, the Canada Emergency Rental Subsidy […]

Debt Forgiveness - CPABC InFocus - Steve Youn

When It Comes to the Debt Forgiveness Rules, Is All Really Forgiven?

Our Tax Partner Steve Youn, CPA, CA has shared some of his expertise on debt-related topics with the Chartered Professional Accountants of British Columbia (CPABC) for publication in their CPABC InFocus magazine, March/April 2021 edition. Read below an excerpt of the article: “The recent economic downturn may bring forth unexpected tax issues. As creditors become […]

Employee Home Office Expenses – New Rules for 2020

In light of COVID-19 many employees have been required to work from home for a large portion of the 2020 calendar year.  As such, new streamlined rules apply for the 2020 taxation year that will allow individuals working from home to claim home office expenses on their personal income tax return. New Temporary Flat Rate […]

New Canada Emergency Rent Subsidy (CERS)

On November 2nd 2020 , the Federal Government announced detailed rules related to the new Canada Emergency Rent Subsidy (“CERS”) program that subsidizes businesses that have experienced a drop in revenues.  The subsidy  is based on (i) qualifying rent expenses if a renter or (ii) qualifying holding period costs (including interest on mortgage financing) if […]

Annual Year-End Planning for 2020

Please see some of our other tax planning blogs posted earlier this year: Tax Planning Ideas During These Challenging Times Whether we may see some tax changes introduced later this fall: Coming Soon – Taxing the Pandemic This includes whether the federal Liberal government will change how capital gains are taxed and whether it makes […]

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: 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 […]