In the wake of its doubling on July 1st, 2022, the Canada Revenue Agency’s prescribed rate will increase to 3 per cent on October 1st of this year. The rate, which sets interest rates for everything from tax refunds to outstanding tax debts, is currently set at 2 per cent. The prescribed interest rate is […]
In the early days of the COVID-19 crisis, as the federal and provincial governments rushed to rollout a whirlwind of relief benefits, Canadians applied for income support programs for which they believed they were eligible–one of the most readily available being the Canada Emergency Response Benefit (CERB) Some of those applications were later deemed inappropriate, […]
A key Canada Revenue Agency tax rate that impacts everything from the interest due on outstanding taxes to interest received on tax refunds, is about to double. The prescribed rate will increase to 2 per cent from the current 1 per cent, effective July 1st, 2022. The rate has remained at 1 per cent […]
After more than two years of pandemic-related bad news, massive deficits and dire fiscal predictions, the Progressive Conservatives were clearly eager to drive home a message with the 2022 Ontario budget: We plan to build. That includes highways, schools, hospitals—you name it. The pre-election budget is not short on spending. In fact, it proposes a […]
The federal government approached Budget 2022 under immense pressure to address skyrocketing inflation, amid widespread uncertainty as we enter a sixth wave of the coronavirus pandemic and facing global supply chain woes and a geopolitical crisis stemming from the war in Ukraine. Factor in the Liberals’ minority government status—one stabilized by a recent confidence-and-supply agreement […]
The federal government’s Budget 2022 contained several new proposed measures, both from a personal and corporate tax perspective, in addition to various new spending initiatives and tax credits. These measures will have some impact on the business community, but when it comes to Canada’s economic outlook as a whole—including strategies to manage runaway inflation and […]
Canadian taxpayers would be forgiven for being at least slightly confused in recent months by the federal government’s new incoming (yet delayed) trust reporting requirements. You’ll recall that in the 2018 federal budget, Ottawa laid out plans that would require all non-resident trusts to provide additional beneficial ownership information alongside the T3 returns they are […]
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 […]
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 […]
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