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…

CERB AND CECRA EXTENSION

The federal government recently announced extensions to the CERB (Canada Emergency Response Benefit) and CECRA (Canada Emergency Commercial Rent Assistance) programs. CERB The CERB has been extended by 8 weeks and is now available for 24 weeks total (previously 16 weeks). The maximum amount a claimant can receive through CERB is $12,000 (previously $8,000). Claimants…

ALBERTA SMALL AND MEDIUM ENTERPRISE RELAUNCH GRANT

The Small and Medium Enterprise Relaunch Grant offers financial assistance to Alberta businesses, cooperatives, and non-profit organizations that were ordered to close or curtail operations as a result of public health orders, and that experienced a revenue reduction of at least 50 per cent in April and/or May 2020, due to the COVID-19 pandemic. Eligible organizations can…

EXPANDED CEBA ELIGIBILITY APPLICATIONS OPEN FRIDAY

On May 19, the Prime Minister announced expanded eligibility of the Canada Emergency Business Account (CEBA), which provides interest-free loans of up to $40,000 to small businesses. These changes create two CEBA application streams:  1) Payroll stream: for businesses with total employment income paid to employees in 2019 greater than $20,000 and less than $1,500,000 (previously announced…

FIND FINANCIAL HELP DURING COVID-19

The government has released a tool that will allow guide individuals and businesses towards which financial help they may qualify for.  Simply answering the questions with your relevant details will lead you to a narrowed list of possible support measures available to you or your business.  For financial help for individuals, click here.  For financial help for businesses,…

CECRA applications open May 25, 2020

Today, the federal government announced that applications for the CECRA will open on May 25, 2020 at 8:00 am EST.  Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19. It offers unsecured, forgivable loans to eligible commercial property owners to:  reduce the rent owed…