Entries by Armando Iannuzzi

Federal government clarifies CERB eligibility for Canadians seeking COVID-19 relief

By all accounts, today’s rollout of the Canada Emergency Response Benefit (CERB) has gone relatively smoothly. Ottawa estimated that more than 240,000 Canadians, in search of financial support due to the COVID-19 crisis, had successfully applied for the program this morning alone. But at his daily press briefing, Prime Minister Justin Trudeau addressed criticism over […]

Federal government promises to fill ‘gaps’ in Canada Emergency Wage Subsidy

It’s challenging to design a multibillion-dollar piece of legislation at the best of times. Factor in the raging global coronavirus pandemic, a collapsing national economy and a business community in desperate need of support due to COVID-19 business closures, and we can all appreciate the uphill battle facing the federal government as it works to […]

Ottawa outlines new 75% Canada Emergency Wage Subsidy

The federal government today announced details of the much-anticipated Canada Emergency Wage Subsidy.  As we noted in a previous blog, the program is designed to support Canadian businesses struggling to meet payroll and other operational needs in the face of the unprecedented COVID-19 crisis, while protecting jobs and discouraging further layoffs. Under the proposed plan, […]

CRA announces new tax filing extensions as part of COVID-19 relief measures

The federal government today announced tax filing extensions to help individual Canadians and businesses manage through the COVID-19 crisis. Businesses, including self-employed individuals, will be allowed to defer GST/HST payments, as well as custom duties on imports, until June 30, 2020. The deferral generally applies to remittances that would be due between March and the […]

Ontario tables $17 billion COVID-19 stimulus package with economic update

The COVID-19 crisis and ensuing shutdown of entire economies across the globe has sent governments scrambling to respond. From providing aid to individuals to supporting devastated businesses, stimulus packages have been organized at an unprecedented pace to boost market liquidity, mitigate shocking spikes in unemployment and stave off an even more widespread recession. It’s in […]

COVID-19 Economic Stimulus: We analyze the tax implications

The federal government’s announcement Wednesday of an $82 billion stimulus package to offset the devastating economic impact of the COVID-19 outbreak provided a modicum of reassurance to Canadian businesses. Ottawa’s message was simple: we’re here for you in tough times. The package introduced $27 billion in direct support for businesses and individuals, as well as […]

COVID-19 update: Federal government unveils $82 billion stimulus package

Extraordinary times call for extraordinary measures. The federal government’s latest response to the COVID-19 pandemic, a breathtaking $82 billion stimulus package announced today, underscored the severity of the current—and coming wave—of economic upheaval facing Canadian businesses in the weeks and months ahead. Put simply, all prior fiscal projections are now irrelevant. Business performance estimates must […]

What Ontario’s Fall 2019 economic update means for your business

The business community in Ontario just received a modest, yet business-friendly, tax reduction courtesy of Doug Ford’s Progressive Conservative government. The move is a step towards achieving balanced budget while looking to encourage economic activity within the province Specifically, Wednesday’s Fall Economic Statement announced proposals to reduce the small business Corporate Income Tax rate to […]