Business people putting puzzle pieces together

Blog

Update: Work Space in the Home Expenses

On December 15, 2020, CRA published additional guidance with respect to claims for work space in the home expenses on the upcoming 2020 personal tax return. The guidance outlines details relating to the new temporary flat rate method, new optional detailed method, changes to the claims process, and new eligible… Read More

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

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

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

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

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

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

Receive tax alerts, latest news and events delivered to your inbox.