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 […]
Under intense pressure from the business community, and as COVID-19 restrictions are tightened across the country in an attempt to contain the fast-spreading Omicron variant, the federal government has stated its intention to temporarily expand access to two worker and business relief benefits. The $4 billion expansion would be covered by $4.5 billion in funding […]
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 […]
Ontario’s Fall Economic Statement, released late last week, was clearly drafted with the province’s upcoming spring election in mind. With a focus on infrastructure and economic development, the statement is aimed at positioning the Progressive Conservatives as the party focused on economic growth, which is their traditional political wheelhouse. But it was also a decidedly […]
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 […]
The very brief federal election campaign that few Canadians wanted is now over. We know which party will form the next government and which ones will provide the support that the victorious Liberals need to govern. It was no surprise that neither the Liberals nor the Conservatives garnered enough seats to win a majority. Now […]
Until recently, it was more financially beneficial to sell a business to a third party in Canada, rather than passing it along to children or grandchildren through an intergenerational business transfer. This had been a longstanding bone of contention among entrepreneurs. Bill C-208, An Act to amend the Income Tax Act (transfer of small business […]
After months of lobbying on the part of the medical community and various labour groups, the Ontario government this week proposed amendments to the province’s Employment Standards Act, 2000, to provide up to three paid sick days for employees that need to miss work for reasons relating to COVID-19. Under the Worker Income Protection Benefit, […]
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 […]
Ontario Finance Minister Peter Bethlenfalvy promised to table a provincial budget that would do what it takes to carry the province through the final stages of COVID-19—and the 2021 Ontario budget lives up to the promise of continued major spending commitments. The proposed package would see Queen’s Park spend $173 billion in 2021-22, up from […]
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