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COVID-19 relief benefits for hospitality

Ottawa unveils targeted COVID-19 business support benefits

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 […]

employee retention

Why your best business investment could be employee retention

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 […]

July tax news: Non-arm’s length property transfers, superficial losses–and more

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 […]

parliament of Canada

Federal Budget 2021 extends COVID-19 supports, introduces new taxes

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 […]

Canada Revenue Agency

March tax news: CRA red flags, a Netflix tax—and more

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 […]

COVID-19: CEWS, CERS, Lockdown Support rates extended

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 […]

Ottawa won’t require some self-employed Canadians to repay CERB

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 […]

Chefs working at a restaurant

Highly Affected Sectors Credit Availability Program now open

The federal government’s new Highly Affected Sectors Credit Availability Program, a COVID-19 relief measure designed to help businesses operating in hard-hit sectors such as hospitality and tourism, is now accepting applications. The program provides loans—fully guaranteed by the Business Development Bank of Canada—of between $25,000 and $1 million to qualifying businesses. Loans of as much […]

Factory workers

Canada Emergency Wage Subsidy enhanced, CRA announces new T4 requirements

The federal government continues to adjust and clarify various features of the Canada Emergency Wage Subsidy  program, the COVID-19 relief benefit designed to help employers cover a portion of their wage expenditures through the worst of the pandemic. Another round of lockdowns, coupled with a stubbornly challenging economic environment across many sectors, has prompted Ottawa […]

Fall Economic Statement 2020 Parliament buildings Centre Block

Fall Economic Statement predicts record deficits, extends COVID-19 relief measures for business

The federal government’s Fall Economic Statement 2020 delivered few surprises. As expected, it did not provide a clear fiscal anchor for the year ahead. Nor was there a plan to return to fiscal balance in the near future. Ottawa hasn’t delivered a formal budget since March, 2019, well before the coronavirus pandemic sent the country’s […]