COVID-19

As we are in the final quarter of 2020, many wonder if they are subject to U.S. Income taxes due to the travel restrictions earlier in the year! Good News: Yes, there is an exception available! Generally, if you meet the substantial presence test (SPT), you are subject to U.S. income tax filing requirements. May Canadians spend a significant portion of the year in the U.S. especially in...

Canada Emergency Wage Subsidy (CEWS) has been providing significant support to Canadian jobs by covering 75% of employee’s wages (sometimes up to 85%, see new CEWS rules).A total of $35.31 billion has been paid under CEWS to unique applicants of 312,750 against 1,094,330 applications made by them (see updated...

The Canada Revenue Agency (CRA) has introduced additional reporting requirements for T4 Information returns of 2020. The purpose of these additional requirements is to validate the benefit payments to Canada Emergency Response Benefit (CERB), Canada Emergency Students Benefits (CESB) and Canada Emergency Wage Subsidy (CEWS). All of these programs provide much-needed relief and support to...

NOTE: the Government is proposing to extend the CEWS further until June 2021. Canada Emergency Wage Subsidy (CEWS) has undergone major changes in July 2020.Extension of CEWS...

Almost a month ago, in May, the government announced expanded eligibility for Canada Emergency Business Account (CEBA). Previously, only the businesses with a minimum of $20,000 in payroll were eligible. After facing a lot of criticism and feedback, the government decided to expand the eligibility program to include more businesses. As of now, CEBA program includes two streams: Payroll stream...

The Government had rolled out its  Canada Emergency Business Account (CEBA) to support small businesses due to pandemic. Since the start of the program there has been a much criticism over the “exclusion” of certain small businesses. One of the key requirements for CEBA is that a business should have T4 of minimum $20,000 for 2019. That excluded a lot of small businesses,...

Canada Emergency Business Account (CEBA) is a loan program announced by the government of Canada to support small businesses in meeting their operational needs. You can find more information about this program from your bank. Your bank is the only source of information for you. Canada Emergency Business Account and Other Loan Programs for Small Businesses during COVID-19… New Update: T4 might...

Effective July 05, 2020, there are new rules applicable to non-arm’s length employees and Canada Emergency Wage Subsidy, please read here. In response to COVID-19, the government of Canada has announced a series of relief measures. Canada Emergency Wage Subsidy (CEWS) is one of such measures to provide relief to businesses. One of the most frequent questions we are having from a lot of...

  COVID-19 Crisis has posed an existential threat to small and medium-sized businesses in particular. Small businesses are seeing significantly lower revenues if not completely zero. The government has announced a series of benefits for small and medium businesses to help them through this crisis. There is a lot of confusion and misinformation going around the availability of loans for...

COVID-19 Economic Crisis is a historical event in making! In the future, this economic event of 2020 is going to be referred to alongside the great recession of 1932 and 2008. This will be always a case-study for how diseases and epidemics affect globally connected economies. COVID-19 crisis has certain unique differences from the previous global recessions. Whilst the 2008 crisis was...