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The New Canada Emergency Rent Subsidy, Expansion of the Canada Emergency Business Account (CEBA) and Extension of the Canada Emergency Wage Subsidy (CEWS)
On October 9, 2020, new subsidies were announced for small and mid-sized businesses. These subsidies include the new Canada Emergency Rent Subsidy (CERS), expansion of the Canada Emergency Business Account (CEBA) and extension of the Canada Emergency Wage Subsidy...
Deciding the Best Structure for your Business
Are you thinking of starting your own business or buying an existing one? The first thing that you need to look at is its structure. This is because choosing the right structure will have a major impact on your estate planning as well as your personal taxes. Today,...
Extension of Rent Relief for Small Businesses
The rent subsidy program for small businesses was extended on July 31, 2020 to cover the month of August 2020. Tenants and landlords who initially applied for the period of April to July 2020 can now apply for August as well. The final date to apply for the rent...
Interest Relief and Extension of Payment Deadline on Outstanding Tax Debts during Covid-19
On July 27, 2020, the Canada Revenue Agency (CRA) announced that it will be extending the due dates for some returns and payments. The original extended due date was September 1, 2020 and a further extension has been granted till September 30, 2020. Filing Deadlines...
Tax Return Due Dates for Individuals, Corporations, Partnerships, Trusts and Estates During Covid-19
Here are the tax return due dates for individuals, corporations, partnerships, trusts and estates. Individuals T1 returns are normally due on 1st June (for employed individuals) and on 15th June (for self-employed individuals). However, because of the pandemic, the...
Canada Emergency Wage Subsidy (CEWS) Program – Updates and Summary
Important Updates The most important update to the Canada Emergency Wage subsidy program is that it’s been extended till August 29, 2020. Originally, the program was available from March 15, 2020 till June 6, 2020. The Canada Revenue Agency (CRA) will introduce a...
Updates to the Canada Emergency Business Account (CEBA) Program
The Canada Emergency Business Account (CEBA) offers partially forgivable, interest-free loans to small businesses that have experienced a decrease in revenue due to the Covid-19 pandemic. The amount of the loan is up to $40,000 and is provided to businesses to cover...
Applying for Canada Emergency Commercial Rent Assistance (CECRA)
CECRA is designed to cover 75% of the rent for small business owners and will cover the months of April, May and June 2020. This will allow small business tenants to avoid bankruptcy and in turn property owners will continue to receive rental income. Applications for...
Canada Emergency Commercial Rent Assistance (CECRA) for Small Businesses
The CECRA program offers forgivable loans to commercial property owners. This in turn allows the owners to reduce the rents owed by their small business tenants by at least 75% for the months of April, May and June 2020. Eligibility In order to qualify for CECRA, a...
Applying for the Canada Emergency Relief Benefit (CERB) for Individuals
Eligibility Contract workers, wage earners, self-employed individuals who don't qualify for Employment Insurance (EI)It is available for workers living in Canada who are at least 15 years oldThey should have earned at least $5,000 in 2019 year before their application...