The Canada Revenue Agency prescribed rate will remain at 5 per cent for the fourth quarter of 2024—the period from October 1st to December 31st. It is the second straight quarter the rate has remind unchanged. The prescribed rate reached record highs following the peak of the pandemic in 2022, surging to 6 per cent […]
The Canada Emergency Business Account (CEBA) loan repayment and forgiveness deadline is tomorrow: Thursday, January 18th, 2024. Barring a further extension by the federal government—which is highly unlikely—borrowers who were eligible for the previous CEBA repayment extension must repay their outstanding balances to qualify for partial loan forgiveness of as much as 33 per cent. Loan […]
The federal government announced late last week that it is once again extending the repayment deadline for outstanding Canada Emergency Business Account (CEBA) loans. Organizations with outstanding balances will now have until January 18, 2024 (extended from December 31st, 2023), to repay their loans and still qualify for partial loan forgiveness. Ottawa last extended the CEBA […]
As devastating as the global pandemic has been, it did create a new way of thinking for businesses large and small. Remote work became common, Zoom calls the norm and businesses of all sizes shifted their workflow, both to accommodate lockdown restrictions and the evolving work preferences of their employees. At the same time, a […]
News today that the federal government is, indeed, considering changes to the new Canada Emergency Wage Subsidy to aid organizations struggling in the wake of the COVID-19 crisis, was lauded by many in the business community. As we reported previously, the $71 billion program would provide a subsidy of up to 75 per cent of […]
It’s challenging to design a multibillion-dollar piece of legislation at the best of times. Factor in the raging global coronavirus pandemic, a collapsing national economy and a business community in desperate need of support due to COVID-19 business closures, and we can all appreciate the uphill battle facing the federal government as it works to […]
The federal government today announced details of the much-anticipated Canada Emergency Wage Subsidy. As we noted in a previous blog, the program is designed to support Canadian businesses struggling to meet payroll and other operational needs in the face of the unprecedented COVID-19 crisis, while protecting jobs and discouraging further layoffs. Under the proposed plan, […]
The federal government told Canadians that absolutely every option was on the table as it took steps to mitigate the economic devastation wrought by the COVID-19 outbreak. Today’s announcement of enhanced relief measures to aid small- to medium-sized businesses underscores Ottawa’s determination to keep businesses afloat in the face of an unprecedented pandemic—not to mention […]
As the federal government rolled out a sweeping package of stimulus measures this week to cushion the economic blow from the COVID-19 epidemic, business owners across Canada immediately sought information as to how they could quickly access the new relief programs. The urgency has been heightened by complete shutdowns across some sectors such as hospitality, […]
As the coronavirus crisis has escalated in Canada and around the world in recent days, the KRP LLP team has been closely monitoring the situation. Our thoughts are with you, your family and your employees at this challenging time. We wanted to take the opportunity to share our plan to continue providing the same […]
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