NewsletterS

A newsletter for our clients and others on request.

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Stay On Top of Tax and Other Issues (COVID-19)

Look below for important Bulletins and quarterly Newsletters. We also send emails to our clients and anyone else who is interested in Tax Tips and Traps, as well as other major current tax law changes, tax court cases and issues of interest.

In addition to our direct communications with you, our Bulletins and quarterly Newsletters are our way of informing you of issues that may impact you. See below to subscribe.

Hacking and CEWS / CERB Extensions

Compromised CRA "My Account" - We have been made aware of instances where individuals have had their personal CRA “My Account” compromised. The hacker finds access and enters their own Direct Deposit information into the profile personal information.
EXTENTION - Canada Emergency Wage Subsidy (CEWS) - he government recently announced an extension to this program to August 29 comprising 3 additional periods.
EXTENTION - Canada Emergency Response Benefit (CERB) - The government recently announced an extension to this program by a further 8 weeks providing a maximum subsidy of $12,000 per person.

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18 JUNE 2020

RRRF (for owners who take dividends)

Regional Relief and Recovery Fund (RRRF) - This recently announced relief fund will be particularly applicable those small companies whose shareholders are remunerated by way of Dividend rather than salaries/wages.

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18 May 2020

More - Wage Subsidy, Students & Seniors

Wage Subsidy Extention - Today the government announced an extension to the Canadian Emergency Wage Subsidy (CEWS) Program.
Relief for Students - The Canada Emergency Student Benefit (CESB) provides financial relief to students and recent graduates who are unable to work or unable to find work due to COVID-19.
Relief for Seniors - Earlier this week, a one-time tax-free payment of $300 for seniors receiving Old Age Security (OAS) and an additional $200 for those seniors receiving the Guaranteed Income Supplement (GIS) was announced.

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15 MAY 2020

Calculating the CEWS

Calculation of the Canada Emergency Wage Subsidy (CEWS) - Today, the government announced that the application process will start for the CEWS on April 27th, 2020.

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21 APRIL 2020

New Program (CECRA) and Updates

Canada Emergency Commercial Rent Assistance (CECRA) - This program will provide loans and / or forgivable loans to commercial property owners who in turn will lower or forgo rent due from their small business tenants for the months of April (retroactive), May and June.
CHANGES - Canada Emergency Response Benefit (CERB) - There have also been changes to the CERB.
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17 APRIL 2020

Dividend Remuneration CERB Needed Changes

Canadian Emergency Response Benefit program became Law this last weekend. The Government’s Covid-19 programs to date offer relief for employers paying wages and for individuals receiving wages (or self employment income). However, Bill C-14 excluded addressing the needs of Incorporated owner/operators who remunerate themselves with Dividends. This is a serious oversight by the Government and offers no concrete relief for many of our clients.

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15 APRIL 2020

Revised Canada Emergency Wage Subsidy

Update on the Canada Emergency Wage Subsidy - Over the weekend, Bill C-14 received Royal Assent and became law. This Bill formalizes the terms of the Canada Emergency Wage Subsidy program (the “CEWS”) which is intended to help employers retain their employees during the Covid-19 crisis. The CEWS program provides a 75% wage subsidy to eligible employers for up to 12 weeks for the period between March 15th to June 6th, 2020.

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14 APRIL 2020

CEBA Loans (COVID19)

Canada Emergency Business Account (CEBA) - Our prior bulletin outlined a summary of the recently announced CEBA as part of Covid-19 emergency response. This bulletin provides further details.

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8 APRIL 2020

CRA My Account (COVID-19)

Temporary Wage Subsidy Program - In order to set up your direct deposit with CRA for the purposes of receiving that 75% wage subsidy benefit, you must first register as an individual with CRA.
Canada Emergency Response Benefit (CERB) - Note that there are further changes coming to address the needs of those who received DIVIDENDS from their own SMALL BUSINESS CORPORATION. This will be addressed in our next Bulletin, once we obtain clarification.
To set up My Business Account, click on this link: https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/business-account.html

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7 APRIL 2020

Government Program Roll-out (COVID-19)

Temporary Wage Subsidy Program - On March 30th, 2020, the government announced changes to the wage subsidy program. This announcement was very general in nature but today, the Minister of Finance provided further details. 
Canada Emergency Business Account - The new Canada Emergency Business Account program guarantees interest free loans of up to $40,000 to small businesses and not-for-profits to help cover operating costs during a period where revenues have been temporarily reduced.
Canada Emergency Response Benefit (CERB) - Today, the Minister of Finance announced further details on the CERB.

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1 APRIL 2020

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Tax Tips & Traps

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