Mar
24

Paper Filing may delay your assessment

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COVID-19 may cause significant delays in processing paper returns, as well as delivering notices of assessment and cheques in the mail. The CRA will process paper returns in the order it receives them. Since these delays do not impact processing electronic returns, the CRA encourages you to sign up for direct deposit and file your 2020 return online. This will help you get any refund faster and avoid interruptions to any benefit and credit payments. If you are registered for direct deposit, you will receive your payments without delay. Removal of drop boxes – Due to COVID-19, drop boxes have been...
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113 Hits
Feb
22

Highly Affected Sectors Credit Availability Program (HASCAP)

HASCAP
What is HASCAP? HASCAP provides low- interest loans of $25k to $1M to businesses heavily affected by COVID 19. HASCAP is available to businesses that operate in sectors such as tourism and hospitality, restaurants, and those that primarily rely on in-person services. This program is available at some participating financial institutions. HASCAP offers a 4% interest rate, repayment term of up to 10 years and up to 12-month postponement of principal payments at the start of the loan.  Government of Canada has mandated BDC to provide a guarantee to your financial institution for 100% of the value of a new term...
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255 Hits
Dec
04

Highlights of the Fall Economic Statement 2020

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The Federal Government released the Fall Economic Statement 2020 on November 30, 2020. Here are the highlights of the Fall Economic Statement 2020:• The deficit is expected to reach $381.6 billion in 2020-21. In the next 2 years, the deficit is expected to fall to $121.2 billion in 2021-22 and to $50.7 billion in 2022-23. • The Federal Government plans to invest up to $100 billion over three years to jumpstart our economic recovery once the virus in under control. • The Federal Government will increase funding to provinces that are facing a year-over-year decline in non-resource revenues through the Fiscal...
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395 Hits
Nov
26

Updates for Periods 5 to 10 of the Canada Emergency Wage Subsidy (CEWS)

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The rules of the CEWS have been modified for periods 5 (July 5, 2020 to August 1, 2020) to 10 (November 22, 2020 and ends on December 19, 2020) with transitional rules available for periods 5 and 6. For periods 5 to 10 (starting July 5 to December 19, 2020), the CEWS has been adjusted to allow access to all eligible employers that have experienced a decline in revenue for a claim period, with a base wage subsidy amount and an additional top-up wage subsidy amount for those employers that have been adversely affected by the pandemic. Also, for periods 5...
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1452 Hits

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