The federal government’s Fall Economic Statement 2020 delivered few surprises. As expected, it did not provide a clear fiscal anchor for the year ahead. Nor was there a plan to return to fiscal balance in the near future. Ottawa hasn’t delivered a formal budget since March, 2019, well before the coronavirus pandemic sent the country’s […]
In tabling the 2020 Ontario Budget yesterday, the provincial government reminded us that the path to fiscal stability will be long and arduous as a result of the ongoing coronavirus pandemic—and that new COVID-19 lockdowns could still inflict major economic damage. In doing so, Doug Ford’s Progressive Conservatives scrapped plans to balance the budget in […]
The federal government on Monday announced that the application deadline for the Canada Emergency Business Account will be extended to October 31st, 2020, from August 31st, 2020. The much-maligned Canada Emergency Commercial Rent Assistance program–intended to provide rent relief to small businesses that have been financially impacted by COVID-19–will not be extended. As we […]
As the fall approaches, federal COVID-19 relief measures are slowly wound down and the economic recovery plods along at a glacial pace with a potential pandemic second wave looming large, Ottawa understood that Canadians would need additional financial assistance in the months ahead. It delivered a costly new aid package last week that includes significant […]
As the federal government takes steps to slowly wind down COVID-19 relief measures such as the Canada Emergency Relief Benefit, its economic recovery strategy is becoming clearer after it was announced on Friday that the Canada Emergency Wage Subsidy would be extended to November 21st, 2020 (or nine claim periods) and possibly to December 31st, […]
The federal government continues to enact measures to address the economic disruption caused by the COVID-19 crisis, this time announcing yet another extension of tax payment due dates for 2019 tax returns. Individuals, corporations and trusts will now have until September 30th, 2020, to pay outstanding current-year tax balances. The previous payment deadline was September […]
We’ve blogged extensively in recent weeks about the much-maligned Canada Emergency Commercial Rent Assistance program (CECRA) and its undue complexity—even though the initiative is intended to relieve the burden on small and mid-sized businesses struggling due to COVID-19. We’ve been fielding countless calls from entrepreneurs who are still confused about the program and how it […]
UPDATE: On the heels of the federal government’s announcement this week of penalty deferrals for late T1 filings—which came in addition to a previous extension of the 2019 tax filing deadline to June 1, 2020, all to help Canadians impacted by COVID-19—Ottawa is also granting filing deadline extensions for certain corporations and trusts. Corporations that […]
The federal government has announced that it will expand access to the Canada Emergency Business Account. The program, which launched in April, provides interest-free loans of up to $40,000 (with as much as 25 per cent forgivable) to help small- to medium-sized businesses impacted by COVID-19 cover fixed costs such as rent, utilities and wages. […]
The federal government has provided a series of updates and clarifications regarding deduction considerations and qualification eligibility for the Canada Emergency Wage Subsidy, a program designed to encourage employers to retain workers or re-hire those that have been laid off due to COVID-19. The updates are available on the program’s FAQ page and are in […]
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