As Quebec is likely heading into a full lockdown for the upcoming weeks, the following is a brief summary of how the Canada Emergency Wage Subsidy (“CEWS”) is expected to work during the expected lockdown period. The CEWS measures are divided into periods. CEWS period 11 runs from December 20, to January 16. The lockdown will likely […]
REVISIONS TO SMALL BUSINESS DEDUCTION A summary of the tax rates applicable to CCPCs in 2020 and 2021 is set out in the following tables: Combined Federal and Quebec corporate tax rates applicable on income earned in 2020: To consult the full article, click below. READ THE FULL ARTICLE
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the Fall Economic Statement 2020. Generally, the plan proposed to: Increase the maximum rate of the Canada Emergency Wage Subsidy to 75 per cent for periods between December 20, 2020, and March 13, 2021, and to extend the current rates of the […]
New T4 reporting requirements For the 2020 tax year, the CRA will be introducing additional reporting requirements for the T4 slips. The new requirements will be used to validate payments under the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Response Benefit (CERB) and the Canada Emergency Student Benefit (CESB). In addition to reporting employment […]
On August 20, 2020, the Canadian government announced new measures as the government slowly reopens the economy. On September 27, 2020, new measures will be effective as the government will be transitioning from the Canada Emergency Response Benefit (CERB) to a simplified Employment Insurance (EI) program. Extension of the Canada Emergency Response Benefit The CERB […]
On September 14, 2020, the Canada Revenue Agency (“CRA”) posted a notice on its newsroom indicating that the CRA had extended the payment due date for current year individual, corporate, and trust income tax returns, including instalment payments, from September 1, 2020, to September 30, 2020. Penalties and interest will not be charged if payments […]
On July 27, 2020, both the Government of Canada and the Government of Quebec announced the extension of the payment due date for current 2019 individual tax returns and 2019 or 2020 corporation, or trust income tax returns, including instalment payments, from September 1, 2020, to September 30, 2020. Penalties and interest will not be […]
On July 17, 2020, the federal government announced it is proposing a further extension of the Canada Emergency Wage Subsidy program (“CEWS”) until December 19, 2020. New CEWS Rules starting July 5, 2020 Effective July 5, 2020, the CEWS will consist of two parts: a base subsidy available to all eligible employers that are experiencing […]
As part of Canada’s Covid economic response, the federal government adopted an urgency measure for commercial landlords and tenants; the Canada Emergency Commercial Rent Assistance (CECRA) program. The CECRA program provides for eligible commercial property owners to reduce the rent owed by their impacted qualifying small business tenants. Property owners must however offer a minimum […]
As a reminder, last March, the governments of Canada and Quebec announced that the deadline for the payment of the GST/HST and the QST returns to be filed within the period starting March 27 and ending May 31, 2020 was extended to June 30, 2020. The tax authorities have also announced that no interest or […]