Forgivable Portion of CEBA and Income Inclusion
Many businesses in Canada have taken advantage of Canada Emergency Business Account (CEBA). The initial program offered $40,000 with 1/4 i.e. $10,000 is forgivable if …
COVID-19
2019 Income Tax return Adjustments for CERB Eligibility
A lot of people have claimed CERB for the full 28 weeks period, totalling up to $14,000. Canada Revenue Agency (CRA) has issued letters to …
2019 Income Tax return Adjustments for CERB Eligibility Read More »
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 …
2020 End of Year Tax Planning for Small Corporations in Canada Read More »
5 Alternatives to CEBA
Canada Emergency Business Account (aka CEBA) has been the most talked-about government support program for small businesses. Since its launch, it has helped many small …
Canada Emergency Rent Subsidy (CERS) – Applications opened
Canada Emergency Rent Subsidy (CERS) applications are open now. CERS provides much-needed support to Canadian businesses struggling with rent payments during the pandemic. If you …
Canada Emergency Rent Subsidy (CERS) – Applications opened Read More »
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 …
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 …
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 changes in July 2020. …
Canada Emergency Wage Subsidy – New Rules – July 5 Onwards Read More »
Non-Deferrable Expenses Stream – CEBA
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 …
Expanded CEBA Program for Small Businesses
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 …