The COVID-19 pandemic has resulted in unprecedented demands on the Canadian health system, along with strains on our economy and our personal financial situations. The federal government has announced several programs offering targeted support for individuals, businesses and other organizations. These programs have been updated and amended throughout the past two months; here is the […]
Read MoreAs reported on CBC.ca: “The federal government’s latest projection of how much it will spend on direct support for Canadians to get through the COVID-19 crisis have risen to more than $152.7 billion as of May 28 … Ottawa estimates that overall total — including measures to protect Canadians health and safety and to provide business and tax liquidity support as well […]
Read MoreOver the weekend the Federal government approved an updated version of the Canada Emergency Wage Subsidy Program (“CEWS”). The Government’s intent with this program is to help employers keep and/or return workers to their payroll throughout the COVID-19 pandemic. This is an update to our previous announcements on the program as there has been a […]
Read MoreToday Finance Minister Bill Morneau provided some additional details related to the Canada Emergency Wage Subsidy program previously announced by the Government of Canada. These details include: The wage subsidy will be available to all non-publicly funded companies, charities, and not for profits – however only employers who suffer a drop in gross revenues of […]
Read MoreRecent Updates During todays COVID-19 update the Prime Minister provided an announcement on new measures for businesses. These include: The Temporary Wage Subsidy has been increased to 75% from 10% for eligible businesses (details to come from the Federal Government); Up to $40,000 in government guaranteed interest-free loans from the banks will be offered, with […]
Read MoreToday the Minister of Finance for Canada has announced changes to certain deadlines for filing tax returns and paying taxes: For individuals, the return filing due date will be deferred until June 1, 2020; For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May […]
Read MoreAs always, the Department of Finance together with Canada Revenue Agency supply the taxpayer with changes to the tax rules for individuals and families. Some of the changes that may be of interest: Enhanced Canada Pension Plan/Quebec Pension Plan – Starting in 2019, the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP) are […]
Read MoreMore than a year has passed since the U.S. Supreme Court rendered its decision in the case of South Dakota v. Wayfair Inc. States can now require an out-of-state seller to register for their Sales and Use Tax (“SUT”) and collect it even if this seller doesn’t have a physical presence in the state. The […]
Read MoreInitially, there was going to be a new set of rules for any stock options issued after December 31, 2019, effective January 1, 2020. However, the Department of Finance recently released a statement that the effective date of the new rules will be disclosed in a future communication- likely the budget released in March or […]
Read MoreThe new year brings new changes and new ideas; if you’re planning on incorporating or starting a business as a sole proprietor here is some advice to consider for planning an effective year-end. Plan in Accordance with Your Highs and Lows If your business is seasonal or cyclical, you’ll ideally want to establish a year-end […]
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