New business supports announced

The federal government recently new and expanded COVID-19 government aid measures that will assist small businesses: 1) Canada Emergency Rent Support (CERS)  The CERS replaces the previous rent subsidy program (CECRA) and will run until June 2021. In a major improvement from CECRA, CERS will provide rent relief directly to tenants. We are still waiting…

Urgent reminder! Taxes are due September 30

CRA extended the payment due date for income tax returns and instalment payments to September 30, 2020. This deadline is in effect for individuals (your personal tax return), corporations, and trusts.    Penalties and interest will not be charged if payments are made and returns are filed by the extended deadline of September 30, 2020.    If you or…

CANADA SMALL BUSINESS RELIEF FUND

The Ontario Chamber of Commerce has created a Canada United Small Business Relief Fund in order to help small businesses with their recovery efforts as a result of COVID-19. Although created by the Ontario Chamber of Commerce, small to medium-sized (SME) companies from all sectors and all regions of Canada are eligible. A company can be receiving…

BIG CHANGES TO CERB AND EI

The federal government announced significant changes to the Canada Emergency Response Benefit (CERB) and the Employment Insurance (EI) programs.  CERB will be extended by an additional four weeks, to a new maximum of 28 weeks, and will be available until September 27, 2020. At that time, recipients in continued need of support will move to…

HAS YOUR REVENUE DECREASED? – CEWS 2.0

If so, you probably qualify for the wage subsidy under CEWS 2.0.  Under CEWS 2.0, claims that cover July 5, 2020 and onwards (periods 5 through 9) do not require a minimum revenue drop to qualify for the wage subsidy. The rate your revenue has dropped is only used to calculate how much subsidy you…

TAX PAYMENT DEADLINE EXTENSION AND CECRA EXTENSION

Extended Alberta corporate income tax payment deferral  Alberta businesses with corporate income tax balances that become owing on or after March 18, 2020, or instalment payments coming due between March 18, 2020 and September 30, 2020, may defer making these payments until September 30, 2020. This payment date now aligns with the recently extended federal…

CEBA UPDATE AND TAX PAYMENT DEADLINE EXTENSIONS

There have been a number of changes made by the federal government and CRA which may impact you and your business:    CEBA  The CEBA website has been quietly updated to now expand on the definition of eligible non-deferrable expense categories, which is relevant for businesses with total employment income paid to employees in 2019 of $20,000 or less, and 2020…