COVID-19 & Taxes: CRA extends payment deadline

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

Update (January 25, 2021):  Alberta's SME Relaunch Grant Eligibility Change: New businesses that began operating between March 1 and October 31, 2020 and meet the updated 30% threshold can apply for the grant starting February 4, 2021. Update (December 8, 2020):  The Alberta Government announced a program expansion to the Small and Medium Enterprise Relaunch Grant. Here are the changes you need to know: • Starting week of December 14, job creators with 30% revenue loss due to the COVID pandemic will qualify for the program instead of the previously announced 40% revenue loss requirement. This 30% threshold will be available to affected businesses...
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COVID-19 Financial Relief and Support: STATS & FACTS

During the past couple of months, we have seen the many financial support that were launched to help Canadians and Businesses survive the COVID-19 pandemic. Let us now take a look at some statistics and facts that may help us get an accurate picture of just how COVID-19 has affected our economy and our everyday lives. Impact of COVID-19 on Canadian BusinessesStatistics Canada conducted a survey from April 3-24, 2020. Representatives from more than 12,600 businesses participated in this survey. Here are the findings:Nearly 1/3 of businesses who responded to the survey reported a 40% decrease in revenue from the first...
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Regional Relief and Recovery Fund (RRRF)

Update (January 25, 2021):  The RRRF in Western Canada through the Western Economic Diversification Canada (WD) has expanded the RRRF. The RRRF will now be providing SME's with an interest-free repayable contribution of up to $60,000 during the period of April 1, 2020 to March 31, 2021. If you have applied for or received the initial funding of $40,000, you can apply for the up-to-$20,000 expansion based on your financial need. The financial need is determined by forecasted operating deficit (total operating costs minus total revenue) between October 1, 2020 and March 31, 2021. If you repay the outstanding balance on or...
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