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Federal Budget 2022—Home-buying, climate change and personal tax highlights

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 […]

person holding a maple leaf after Fiscal and Economic update 2021

Federal Fiscal and Economic Update 2021: Few gifts (or lumps of coal) for business

The federal government tabled its Fiscal and Economic Update 2021 last week and the business community across Canada wondered if it had been all but forgotten. The update was heavy on COVID-19 relief spending and made direct references to the potential uncertainty ahead—including the looming economic impact of the omicron coronavirus variant, global supply chain […]

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 […]

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 […]

Office workers

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, […]

CRA headquarters

COVID-19 Update: Tax payment deadlines extended once again

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 […]