As surely as Ottawa’s chillingly-cold winters will soon shift to warmer spring weather, professionals and media are eagerly speculating about the potential contents of the upcoming federal budget—the spring 2022 installment of which is expected to be tabled in early April. A number of factors, both domestic and foreign, will strongly influence measures included in […]
The federal government announced this week that the repayment deadline for interest-free loans qualifying for partial loan forgiveness under the Canada Emergency Business Account (CEBA) program—a relief benefit designed to aid struggling organizations during the coronavirus pandemic—has been extended. Eligible small businesses and not-for-profits that took CEBA loans of as much as $60,000 will now […]
The federal government tabled its Fiscal and Economic Update 2021 last week and the business community across Canada wondered if it had been all but forgotten. The update was heavy on COVID-19 relief spending and made direct references to the potential uncertainty ahead—including the looming economic impact of the omicron coronavirus variant, global supply chain […]
While the coronavirus pandemic has by no means subsided, the federal government clearly believes that the economy is regaining its footing, with recent job performance data confirming a return to pre-pandemic employment levels. Accordingly, Ottawa last week allowed three key COVID-19 business benefits—the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support—to […]
In the old days (e.g., prior to the coronavirus pandemic), many organizations dedicated a less-than-optimal percentage of their HR resources to employee retention. Why bother working to retain staff when new employees were lining up for their positions? Even then, top employers understood that it not only makes more financial sense to retain and engage […]
NON-ARM’S LENGTH PROPERTY TRANSFERS Overview There are special rules under the Income Tax Act (the “Act”) that apply to property transfers to a non-arm’s length person. The rules, discussed below, can override the actual proceeds or sales price received on the property transfers. For most purposes, “related” persons, as defined in the Act, are non-arm’s […]
Federal budget 2021, the first federal budget in two years, was tabled yesterday amid doom and gloom predictions of increases in the capital gains rates, taxation on the sale of principal residences, and a range of other tax increases to pay for COVID-19 relief programs. The worry proved to be all for naught—at least for […]
TEN COMMON TAX MISTAKES What are the most common areas where Canada Revenue Agency auditors find errors that they can assess? Here are some of the most common tax problems or mistakes that people make, and for which tax assessments or reassessments may be issued. Watch out for them! Meals and entertainment: If you are […]
The federal government today announced that it will extend the rate structures for three COVID-19 relief benefits—the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Rent Subsidy (CERS) and the Lockdown Support—until June 5th, 2021. The rates for each of the programs were set to expire on March 13th, 2021. The maximum CEWS wage subsidy […]
In the face of widespread confusion, complaints and a looming class action lawsuit, the federal government has changed course, cancelling plans to require some self-employed individuals to repay the Canada Emergency Response Benefit (CERB) funds they received at the height of the COVID-19 crisis. Controversy erupted late last year when the Canada Revenue Agency informed […]
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