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 […]
Almost overnight, the COVID-19 crisis launched many Canadian businesses into the most ambitious remote-work/home office experiment ever attempted. Widespread lockdowns forced businesses to either shutter or have their employees work from home until further notice. Many still are—and have no plan to return to the office. Indeed, many a CFO and accounting department embraced […]
The federal government on Monday announced that the application deadline for the Canada Emergency Business Account will be extended to October 31st, 2020, from August 31st, 2020. The much-maligned Canada Emergency Commercial Rent Assistance program–intended to provide rent relief to small businesses that have been financially impacted by COVID-19–will not be extended. As we […]
The federal government continues to enact measures to address the economic disruption caused by the COVID-19 crisis, this time announcing yet another extension of tax payment due dates for 2019 tax returns. Individuals, corporations and trusts will now have until September 30th, 2020, to pay outstanding current-year tax balances. The previous payment deadline was September […]
UPDATE: On the heels of the federal government’s announcement this week of penalty deferrals for late T1 filings—which came in addition to a previous extension of the 2019 tax filing deadline to June 1, 2020, all to help Canadians impacted by COVID-19—Ottawa is also granting filing deadline extensions for certain corporations and trusts. Corporations that […]
The federal government yesterday announced that it would begin accepting applications for the Canada Emergency Wage Subsidy (CEWS) on April 27th, 2020. Businesses should expect to receive funds in May. Ottawa also released details on how to apply for the CEWS, which for organizations registered with the Canada Revenue Agency, can be managed through their […]
After an extraordinarily compressed timeline for debate and amendment, Bill C-14, the legislation to enact the new Canada Emergency Wage Subsidy that will provide relief to employers struggling to remain operational due to COVID-19, has received royal assent. The legislation is highly technical and laden with definitions and exceptions that make it complex—if there was […]
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 […]
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 […]
The first week of the federal election campaign, most pundits griped, was a notably dull affair. At least until Time magazine published ‘brown face’ photos of Prime Minister Justin Trudeau. That’s when the horserace to elect our next government got interesting. Whether the PM survives the scandal remains to be seen. But when the dust […]
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