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...

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...

UPDATE:  Starting November 23, 2020, businesses can start applying for the CERS.  For more information, please go to the official CERS page, https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-rent-subsidy.html  The Federal Government has announced the details of the Canada Emergency Rent Subsidy that will apply to its first 12 weeks of implementation (until December 19, 2020). Note that this new rent subsidy is available retroactive to September 27, 2020 until June 2021. The Canada Emergency Rent Subsidy (CERS) is a new program that would provide benefits directly to qualifying renters and property owners without the participation of landlords. Eligible organizations that have suffered a revenue drop would be...

The CRA announced it has resumed some business activities last September 2020. These activities include the following: • Appeals – The CRA’s dispute resolution and taxpayer relief programs are resuming operations. CRA is now contacting taxpayers who filed objections or CPP/EI appeals to the Minister or who applied for relief of penalties and interest. CRA will also start activating CPP/EI rulings this September. • Business Audits –The CRA’s business audit will focus on complex and aggressive tax planning arrangements using partnerships and trusts by sophisticated and high income earners and audits in the real estate sector to address non-compliance in Vancouver...