Corporate
The Underused Housing Tax (UHT) Act
In June 2022, the Underused Housing Tax (UHT) Act received royal assent and became law. The act imposes a 1% tax on the value of residential properties that are vacant or underused which are owned by entities other than permanent residents or Canadian citizens. The legislation is retroactive to January… Read More about “The Underused Housing Tax (UHT) Act”
The Vacant Home Tax (VHT)
In an effort to encourage property owners to increase rental supply, governments across the country have explored implementing a Vacant Home Tax (VHT). Most notably, the municipalities of Toronto and Ottawa have taken steps to implement this tax at the municipal level starting in 2022. Hamilton will have the tax… Read More about “The Vacant Home Tax (VHT)”
The Upcoming 2021 Federal Budget & Potential Changes in Taxation
There have been significant changes to the Canadian economic landscape in the years since the 2019 Federal Budget was released. Most notably, the economic effects of the COVID-19 pandemic on the Canadian economy have been immense. The economic support programs introduced by the Federal government have been numerous and come… Read More about “The Upcoming 2021 Federal Budget & Potential Changes in Taxation”
Continuing Changes to the Canada Emergency Wage Subsidy (CEWS)
On November 19, 2020, the passage of Bill C-9 brought several changes to the CEWS program, such as decreasing the wage subsidy rate to 65% and extending the subsidy program to June 2021. As part of the 2020 Fall Economic Statement released by the Government of Canada on November 30,… Read More about “Continuing Changes to the Canada Emergency Wage Subsidy (CEWS)”
Extended Support Through the Canada Emergency Rent Subsidy (CERS)
Under the Canada Emergency Rent Subsidy (CERS), rent relief is provided directly to tenants and supports businesses, charities, and non-profit organizations until June 2021. The subsidy provides for a percentage of expenses on a sliding scale of up to 65% of eligible expenses, such as rent and interest on a… Read More about “Extended Support Through the Canada Emergency Rent Subsidy (CERS)”
Additional Funds Available through the Canada Emergency Business Account (CEBA)
As part of the 2020 Fall Economic Statement released by the Government of Canada on November 30, 2020, the maximum amount available under the Canada Emergency Business Account (CEBA) has been increased by an additional $20,000 per qualifying business. Up to $10,000 of the additional $20,000 loan is forgivable if… Read More about “Additional Funds Available through the Canada Emergency Business Account (CEBA)”
Canada United Small Business Relief Fund
On October 20, 2020, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, announced an investment of $12 million in the Canada United Small Business Relief Fund. Canada United is a national fundraising campaign created by the Royal Bank of Canada (RBC) in collaboration with private sector partners and… Read More about “Canada United Small Business Relief Fund”
An update on Personal Real Estate Corporations (PREC)
On March 4, 2020 Bill 145 An Act to amend the Real Estate and Business Brokers Act, 2002 received Royal Assent in the Legislative Assembly of Ontario. The bill amended the Real Estate and Business Brokers Act, 2002, including a name change to the Act which is now known as… Read More about “An update on Personal Real Estate Corporations (PREC)”
Canada Emergency Wage Subsidy Calculator
On August 11, 2020, the Honourable Diane Lebouthillier, Minister of National Revenue, launched an updated and improved Canada Emergency Wage Subsidy online calculator. This will help small and large employers prepare to apply for the next period of the CEWS program. The CRA opened applications for CEWS Period 5 on… Read More about “Canada Emergency Wage Subsidy Calculator”
Enhancements to the Canada Emergency Wage Subsidy (CEWS) have been approved – does your business qualify under the CEWS new rules?
On July 27, 2020, Bill C-20, An Act respecting further COVID-19 measures, received Royal Assent. The Canada Emergency Wage Subsidy (CEWS) will continue to protect jobs by helping businesses keep employees on payroll and encouraging employers to re-hire workers previously laid off. The amendments to the CEWS program will be in… Read More about “Enhancements to the Canada Emergency Wage Subsidy (CEWS) have been approved – does your business qualify under the CEWS new rules?”
