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 […]
COVID-19: CRA Benefits, Credits and Support Payments
On April 03, 2020, the CRA posted the following information on the Canada Emergency Response Benefit and on the GST tax credit. COVID-19: Canada Emergency Response Benefit (CERB) You can apply for the CERB with CRA online or by phone. April 9 – GST/HST credit payment: The one-time supplementary GST/HST credit payment will be issued starting on April 9, 2020. This […]
COVID-19: 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 […]
COVID-19: 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 […]
COVID-19: Canada Emergency Wage Subsidy – Department of Finance Release
Further to the briefing by the Minister of Finance and the Minister of Small business earlier today, the Department of Finance has issued a press release regarding the new Canada Emergency Wage Subsidy (“the Subsidy”). Based on the press release: The Subsidy is in place for the 12-week period from March 15 to June 6, […]
COVID-19: Income Tax Filing and Payment Dates
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 […]
Reminder – The 2019 BC Speculation Tax Declaration Deadline is Tuesday, March 31, 2020
The BC government did NOT extend this deadline in its COVID-19 measures. What if I file after March 31, 2020? You will receive a tax notice charging you the tax at the maximum tax rate of 2% of assessed value. However, you can still complete your declaration even after you’ve received a tax notice whether, if […]
COVID-19: Prime Minister Trudeau’s New 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 […]
