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, […]

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 […]

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 1st 2020. In […]

Update on Canada Emergency Commercial Rent Assistance Program

The CMHC has posted updated information on the CECRA Program on their web-site. For full details (including FAQ’s for both landlords and tenants), click here. Please speak to your DMCL advisor about your circumstances and to understand the tax impact on you or your organization. Of particular note: • Properties with or without a mortgage are […]

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 […]

One-Time Payment for Seniors During COVID-19

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 […]

B.C. Emergency Benefit for Workers: Information Update

Starting on May 1, 2020,  B.C. residents can apply now for the B.C. Emergency Benefit for Workers, a tax-free, one-time $1,000 payment for those whose ability to work has been affected due to COVID-19. One of the requirement is that the BC resident applied for and is eligible for the Federal CERB. Applicants must have […]

CMHC Information on the Canada Emergency Commercial Rent Assistance for Small Businesses

The CMHC has posted some additional information on its website regarding the Canada Emergency Commercial Rent Assistance for small businesses. While the CMHC’s comments are helpful, it is important to remember that there is no legislation on the CECRA program, draft or otherwise.  Once legislation implementing the CECRA program has been passed into law, the […]

Canada Emergency Commercial Rent Assistance for Small Businesses

Prime Minister Trudeau announced this morning that the Federal Government has reached an agreement in principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. Our DMCL comments are in the brackets. This program will lower rent by 75 per cent for small businesses that have been […]