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Sep
14

Canada’s first ever Black Entrepreneurship Program

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The Prime Minister announced investments of up to $221 million in partnership with Canadian financial institutions (including up to $93 million from the Government over the next 4 years) to launch the Black Entrepreneurship Program. This program aims to help thousands of Black business owners and entrepreneurs recover from the economic impacts of the COVID-19 pandemic and grow their businesses. This program includes the following: • New National Ecosystem Fund to support Black-led business organizations by providing access to funding and capital, mentorship, financial planning services and business training. • Black Entrepreneurship Loan Fund to provide loans of between $25,000 to...
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Sep
14

Changes to Meal Benefits and Allowances

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CRA has announced changes to amounts related to meal benefits and allowances. • CRA increased the amount that employers can use to determine whether an overtime meal or allowance, or the meal portion of a travel allowance is taxable, from $17 to $23. • CRA also increased the rate at which transport employees and other individuals can claim meal expenses, using the simplified method (a flat rate per person), from $17 to $23 per meal. These changes are effective immediately and retroactive to January 1, 2020. Source: https://www.canada.ca/en/revenue-agency.html
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Aug
26

Changes to Employment Insurance

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The Federal Government announced changes to the Employment Insurance (EI) program to continue supporting Canadians looking for work. The changes are as follows:• Establish a minimum unemployment rate for EI program of 13.1% in Canada• Allow Canadians with 120 hours of insurable work or more to qualify for benefits by providing a temporary, one-time credit of 300 insurable hours for those claiming EI regular benefits and 480 insurable hours for those claiming EI special benefits• Freeze the EI premium rate for employees at the 2020 level of $1.58 per $100 of insurable earnings for 2 years and the rate for employers...
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Aug
26

3 New Financial Support Measures for Individuals Announced

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The Federal Government recently introduced the following financial support measures to help individuals during this difficult time:• Canada Recovery Benefit (CRB): The CRB will provide $400 per week for up to 26 weeks to workers who are self-employed, are not eligible for EI but still need income support, are available and looking for work and whose income has dropped or not returned due to COVID-19. Please note that you must have at least $5,000 of employment and/or self-employment income in 2019 or in 2020 to be eligible and have not quit your job voluntarily. This benefit will start on September 27th...
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