FAQs

Working from home expenses

As a result of COVID-19, many people have found themselves working from home. You may be asking yourself what, if anything, can I deduct as an employment expense? The 2020 Fall Economic Statement announced that the Home Office Expense Deduction will be simplified due to millions of Canadians unexpectedly working from home… Read More

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

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

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

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

CRA Further Extends Payment and Filing Deadlines

The CRA is further extending the payment due date for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as for instalment payments, from September 1, 2020, to September 30, 2020. Penalties and interest will not be charged if payments are made by the extended deadline of September 30,… Read More

Canada Emergency Business Account Update

On June 15, 2020, the CEBA website was updated to include additional FAQ questions. The additions focus on the the details and differences between the applying under the “Non-Deferrable Expenses Steam” as compared to the “Payroll Stream”. In a separate announcement, the Prime Minister stated that applications under the expanded… Read More

New Ontario legislation allows realtors to incorporate Personal Real Estate Corporations (PREC)

On March 4, 2020 Bill 145 of the Trust in Real Estate Services Act received royal assent. With the passage of Bill 145 of the Legislative Assembly of Ontario, Ontario real estate salespersons and brokers are now permitted to incorporate in Ontario. Supporting regulations are not yet finalized. Future regulations will outline… Read More

Canada Emergency Student Benefit (CESB)

The Canada Emergency Student Benefit (CESB) provides emergency financial relief to students and recent graduates who are unable to work, or unable to find work, due to reasons related to COVID-19. It is also available for those who are working but not making more than $1,000 (before taxes) over the… Read More

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

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