Corporate
Update to the Canada Emergency Business Account
On April 16, Prime Minister Justin Trudeau announced changes to the CEBA, expanding the program to make it available to more Canadian businesses. The minimum threshold for 2019 payroll has been lowered to $20,000 (from $50,000) and the maximum increased to $1.5 million (from $1 million). To read updates about the Canada Emergency Business Account click here.
Canada Emergency Wage Subsidy- Update
On April 11, 2020, Finance Minister Bill Morneau introduced in Parliament Bill C-14, the COVID-19 Emergency Response Act, No. 2, which received Royal Assent, bringing this measure into law. The improvements to the Canada Emergency Wage Subsidy, also known as CEWS or the 75% subsidy, are as follows: To measure their revenue loss,… Read More about “Canada Emergency Wage Subsidy- Update”
Canada Emergency Business Account
On April 9, 2020, the government announced that small businesses and not-for-profit organizations can apply for support from the Canada Emergency Business Account through their banks and credit unions. Details: CEBA will provide qualifying businesses and not-for-profit organizations a loan of up to $40,000 to help cover their operating costs… Read More about “Canada Emergency Business Account”
Canadian Emergency Wage Subsidy- Update
On April 8, 2020, The Government of Canada is taking immediate, significant and decisive action to support Canadians and employers facing hardship as a result of the global COVID-19 outbreak. The government proposes the following additional flexibilty: To measure revenue loss, it is proposed that all employers have the flexibility… Read More about “Canadian Emergency Wage Subsidy- Update”
COVID-19 Financial Relief for Canadians- summary
Since the beginning of March, restrictions and measures related to COVID-19 have rapidly escalated. On March 18, 2020, the Government of Canada announced a series of mesaures designed to help Canadians. Since then, new possibilities have been introduced and old ones have been adjusted. Click here to read a summary… Read More about “COVID-19 Financial Relief for Canadians- summary”
How to register for CRA My Business Account
My Business Account is a secure online portal that provides an opportunity to interact electronically with Canada Revenue Agency on various business accounts. Business accounts include GST/HST (except for GST/HST accounts administered by Revenu Québec), payroll, corporation income taxes, excise taxes, excise duties, and more. To get access, you will need:… Read More about “How to register for CRA My Business Account”
75% Wage Subsidy- Additional Information
On April 1, 2020 the government released further information about The Canada Emergency Wage Subsidy that will help businesses keep and return workers to their payroll. This will provide a 75% wage subsidy to eligible employers for up to 12 weeks, retroactive to March 15, 2020. Eligible employers include individuals,… Read More about “75% Wage Subsidy- Additional Information”
WSIB Financial Relief Package
The Workplace Safety and Insurance Board (WSIB) has announced a financial relief package which will allow the deferral of premium reporting and payments until August 31, 2020. Businesses which report and pay monthly, quarterly or annual premiums are eligible for the deferral. The deferral applies to payments due on the following dates:… Read More about “WSIB Financial Relief Package”
Federal government announces broad tax deadline extensions
The federal government announced additional extensions to many for tax-related deadlines. Most federal tax filing deadlines have been extended to June 1, 2020, including the March 31 deadline for T1134 forms and T2s. The filing deadline for the T5013 partnership return and other information that individuals will need to complete… Read More about “Federal government announces broad tax deadline extensions”
Employer Health Tax Changes
On March 25, 2020, the Ontario government announced relief measures to help support Ontario businesses when they need it most. These include increasing the Employer Health Tax exemption for 2020 from $490,000 to $1 million and a five‑month relief period for Ontario businesses who are unable to file or remit their provincial taxes on time… Read More about “Employer Health Tax Changes”
