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Jul
29

Canada Emergency Wage Subsidy (CEWS) Extension and Other Updates

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Canada’s Finance Minister recently announced proposed changes to the Canada Emergency Wage Subsidy (CEWS) including the extension of the program until December 2020. Please note that there are significant changes to this program because of these announced proposals, effective July 5, 2020. The following are the legislative proposals for the CEWS: Extension of the CEWS until December 19, 2020 including redesigned program details until November 21, 2020.Make subsidy available to employers with a revenue decline of less than 30% and provide a gradually decreasing base subsidy to all qualifying employers.Introduce a top-up subsidy of up to an additional 25% for employers...
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Jul
28

COVID-19 & Taxes: Interest Waived on Existing Tax Debt

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Aside from the payment deadline extension that CRA announced recently, the CRA also announced that it will waive arrears interest on the following existing tax debts:existing debts related to individual, corporation and trust income tax returns from April 1, 2020 to September 30, 2020 andexisting tax debts related to the goods and services tax/harmonized sales tax (GST/HST) returns from April 1, 2020 to June 30, 2020.Please note that this will not cancel penalties and interest already assessed on a taxpayer's account prior to this period. This measure will only ensure that a taxpayer's existing debt will not grow through interest during...
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Jul
28

COVID-19 & Taxes: CRA extends payment deadline

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The CRA has just announced that it is extending the payment deadline as many Canadians are still struggling amid the COVID-19 pandemic. Here are more details:Payment deadline extensionThe payment due date for current year individual, corporate and trust income tax returns, including installment payments have been extended to September 30, 2020 (instead of September 1,2020). Penalties and interest (including the late-filing penalty) will not be charged if payments are made by the extended deadline of September 30, 2020. Filing returnsAlthough the filing due dates for individual, corporate and trust income tax returns were not changed, the late-filing penalties will not be...
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Jul
01

Alberta’s Small and Medium Enterprise (SME) Relaunch Grant

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The Government of Alberta announced the launch of the Small and Medium Enterprise Relaunch Grant, a new program that will provide financial assistance to Alberta businesses, cooperatives and non-profit organizations that were ordered to close and experienced a revenue reduction of at least 50% due to the COVID-19 pandemic. How does this program work? Eligible SMEs can apply for 15% of their pre-COVID-19 monthly revenue up to a maximum of $5,000 in funding. This funding can be used to help shoulder a portion of their relaunch costs such as implementing measures to minimize COVID-19 transmission. Relaunch costs can include those incurred...
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