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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 […]

2021 Ontario budget offers billions in relief for hard-hit businesses

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 […]

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 […]

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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 […]

Ontario launches Small Business Support Grant to aid COVID-19-impacted organizations

The application window for the Ontario Small Business Support Grant is now open. The provincial COVID-19 relief measure is intended as yet another lifeline to aid struggling small to medium-sized businesses across Ontario that have been forced to close or reduce services due to the most recent province-wide lockdown. Qualifying businesses—including corporations, partnerships, charities, non-profits and […]

2020 Ontario budget posts record deficits, offers major spending to support business

In tabling the 2020 Ontario Budget yesterday, the provincial government reminded us that the path to fiscal stability will be long and arduous as a result of the ongoing coronavirus pandemic—and that new COVID-19 lockdowns could still inflict major economic damage. In doing so, Doug Ford’s Progressive Conservatives scrapped plans to balance the budget in […]

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COVID-19 Update: Ottawa extends CERB, overhauls Employment Insurance program

As the fall approaches, federal COVID-19 relief measures are slowly wound down and the economic recovery plods along at a glacial pace with a potential pandemic second wave looming large, Ottawa understood that Canadians would need additional financial assistance in the months ahead. It delivered a costly new aid package last week that includes significant […]

Construction workers and Canada Emergency Wage Subsidy extended

COVID-19: Canada Emergency Wage Subsidy extended and expanded

As the federal government takes steps to slowly wind down COVID-19 relief measures such as the Canada Emergency Relief Benefit, its economic recovery strategy is becoming clearer after it was announced on Friday that the Canada Emergency Wage Subsidy  would be extended to November 21st, 2020 (or nine claim periods) and possibly to December 31st, […]

M&A deal

M&A opportunities and challenges in the COVID-19 era

COVID-19 changed our world overnight as it quickly evolved from a global health crisis to a global economic crisis. Countries around the world closed non-essential businesses and pressed pause on their economies in order to stop, or at least slow, the spread of the novel coronavirus. A global pandemic was always going to be bad […]