2020 End of Year Tax Planning for Small Corporations in Canada
There are many ways small business owners can optimize their corporate income taxes for 2020.
This post is for the small to medium-sized businesses operating in the corporate form. Further, we do not recommend relying solely on this post for corporate tax planning purposes. It is always better to consult your corporate tax accountant to get wholesome tax advice.
Government Support to...
CEWS Audits by CRA – Just landed
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...
Additional T4 Reporting Requirements for 2020
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...
Canada Emergency Wage Subsidy – New Rules – July 5 Onwards
NOTE: the Government is proposing to extend the CEWS further until June 2021.
Canada Emergency Wage Subsidy (CEWS) has undergone major...
Canada Emergency Wage Subsidy and Shareholder Employees?
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...
How to take advantage of COVID-19 situation – a Positive Perspective
How Small Businesses and Entrepreneurs can take advantage of COVID-19 situation – a Positive Perspective
There is no doubt about the economic damage inflicted by COVID-19.
It has wiped out the savings and growths in investment portfolios, bashed the seniors by wiping lifetime savings and gains in their RRSPs on top of health issues, sent the non-essential workforce to home, and put the...
Canada Emergency Wage Subsidy for Covid-19 Common Questions
The federal government of Canada has announced a 75% wage subsidy for employers. The purpose of this is to support businesses of all sizes to either re-hire laid-off workers or to not lay-off workers due to decreased demand. Previously the federal government had announced a 10% subsidy for small businesses, that subsidy is still in effect also.
Canada Emergency Wage Subsidy has new rules...