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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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Jun
15

COVID-19 Financial Relief and Support: STATS & FACTS

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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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May
29

Regional Relief and Recovery Fund (RRRF)

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Small- and medium-sized enterprises (SMEs) in Western Canada who cannot access existing financial relief measures can now apply for funding under the Regional Relief and Recovery Fund (RRRF) through Western Economic Diversification Canada. The RRRF can provide 2 types of funding for SME’s: • Funding requests up to $40,000 – SMEs can apply for an interest-free repayable contribution of up to $40,000 • Funding requests over $40,000 – Eligible businesses can apply for interest-free repayable funding of up to $1,000,000 under the RRRF. Regional Relief and Recovery Fund (RRRF) – funding requests up to $40,000Western Economic Diversification Canada (WD) will provide...
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