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 Business Account (CEBA) – August 31, 2020 Deadline Reminder
The deadline to apply for the Canada Emergency Business Account (CEBA) interest-free loan up to $40,000 is a hard deadline of next Monday, August 31, 2020. Up to 25% of the loan (up to $10,000) may be forgiven (may be taxable) if 75% of the loan is repaid by December 31, 2022. If the loan […]
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 […]
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 it […]
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, […]
