The world as we know has and continued to rapidly change because of COVID-19 and the ongoing political developments such as the elections in the United States (US), the United Kingdom’s (UK) impending exit from the European Union (BREXIT), trade wars between economic superpowers, and climate change, among other global emergencies. COVID-19 being the most […]
Read MoreCEBA – Forgivable Loan If you are a small business owner you are likely aware of the Canadian Emergency Business Account (CEBA) and may have received a loan under this program. This loan program is facilitated by Canadian lending institutions under which an interest-free loan of up to $40,000 is made to a qualifying small […]
Read MoreIn light of Covid-19, many employees have had to work from home for a large portion of the 2020 calendar year. Therefore, there is the possibility for employees to claim a home office deduction in calculating their 2020 personal taxes. Ordinarily, if an employee maintains an office in their home, the employee could deduct certain […]
Read MoreOn June 25, 2020, the CRA posted a tender notice asking for assistance so that CRA would be able to mine the data of Canadian residents who purchase, sell or transfer U.S. real estate. The goal for CRA is the ability to sort through bulk information including historical records, mortgage transactions, property taxes, real property […]
Read MoreThe COVID-19 pandemic has resulted in unprecedented demands on the Canadian health system, along with strains on our economy and our personal financial situations. The federal government has announced several programs offering targeted support for individuals, businesses and other organizations. These programs have been updated and amended throughout the past two months; here is the […]
Read MoreAs reported on CBC.ca: “The federal government’s latest projection of how much it will spend on direct support for Canadians to get through the COVID-19 crisis have risen to more than $152.7 billion as of May 28 … Ottawa estimates that overall total — including measures to protect Canadians health and safety and to provide business and tax liquidity support as well […]
Read MoreOver the weekend the Federal government approved an updated version of the Canada Emergency Wage Subsidy Program (“CEWS”). The Government’s intent with this program is to help employers keep and/or return workers to their payroll throughout the COVID-19 pandemic. This is an update to our previous announcements on the program as there has been a […]
Read MoreToday Finance Minister Bill Morneau provided some additional details related to the Canada Emergency Wage Subsidy program previously announced by the Government of Canada. These details include: The wage subsidy will be available to all non-publicly funded companies, charities, and not for profits – however only employers who suffer a drop in gross revenues of […]
Read MoreToday the Minister of Finance for Canada has announced changes to certain deadlines for filing tax returns and paying taxes: For individuals, the return filing due date will be deferred until June 1, 2020; For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May […]
Read MoreAs always, the Department of Finance together with Canada Revenue Agency supply the taxpayer with changes to the tax rules for individuals and families. Some of the changes that may be of interest: Enhanced Canada Pension Plan/Quebec Pension Plan – Starting in 2019, the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP) are […]
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