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Tax and Financial News and Updates

Tuesday October 31, 2023

Below are some noteworthy news items and updates that may impact your tax and financial planning: Loans and Mortgages from Related Corporations The Department of Finance recently clarified their definition of what constitutes a loan being “in the ordinary course of the creditor’s [...]

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NEWS New Trust Reporting Requirements on Pause plus changes to the CEBA Loan Repayment Deadline

Friday January 14, 2022

New Trust Reporting Requirements on Pause The legislation to support the new T3 beneficial ownership disclosures that was proposed in the 2018 budget—and that was set to come into effect for trusts with December 31, 2021 year ends—is still pending, as it has [...]

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Employment Expenses for Working at Home Due to COVID-19 – details on new rules and simplified forms

Wednesday January 20, 2021

The Canada Revenue Agency (CRA) recently released details on its temporary home office expense rules for eligible employees who worked from home in 2020 due to COVID-19. These measures include a flat-rate method for employees with modest expenses and a simplified form for [...]

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Mandatory filing of Form PD27 for employers claiming amounts under the Temporary Wage Subsidy (TWS) program or the Canada Emergency Wage Subsidy (CEWS) program during the TWS claim period

Tuesday January 19, 2021

Please note that the CRA will be conducting reconciliations of your 2020 T4 information returns against amounts claimed under the Canada Emergency Wages Subsidy (CEWS) and Temporary Wage Subsidy (TWS) programs. The CRA will use the information from Form PD27 (10% Temporary Wage Subsidy [...]

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The Canada Emergency Rent Subsidy - Summary and FAQ

Wednesday November 18, 2020

With Bill C-9 currently being fast-tracked through the House of Commons, the Canada Emergency Rent Subsidy (CERS) is expected to be enacted shortly. In preparation, we have created a summary of what we know about the program to date: Canada Emergency Rent Subsidy Summary The Canada [...]

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Covid-19 Tax Implications

Friday September 18, 2020

The full economic impact of the Covid-19 pandemic remains to be measured, but it is safe to assume that personal and corporate financial repercussions will be felt by many for years, even decades to come. Moving forward, careful tax planning may play a [...]

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Summary of Key Government Announcements, August 2020 (updated October 8th)

Tuesday August 25, 2020

*UPDATE* The COVID-19 Response Measures Act (formerly Bill C-4) received Royal Assent on October 2nd. The Canada Recovery Benefit was increased to $500/week and the Canada Recovery Sickness Benefit was extended to include those with underlying conditions that make them more susceptible to COVID-19. Here is [...]

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Significant changes coming to the CEWS program

Thursday July 23, 2020

On July 17th, the federal government unveiled details of their proposed changes to the Canada Emergency Wage Subsidy (CEWS). The program will be extended to December 19th, 2020 and the 30% revenue loss eligibility threshold will be replaced with a sliding scale rate—opening [...]

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June 2020 Update

Tuesday June 30, 2020

Expanded CEBA program launched The Canada Emergency Business Account program (CEBA) provides government-guaranteed, interest-free loans to small businesses and not-for-profits of up to $40,000. Repaying the balance of the loan on or before December 31th, 2022 will result in loan forgiveness of 25%, [...]

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