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Employer Health Tax for Ontario 2020

The Ontario government has temporarily increased the EHT exemption from $490,000 to $1 million for the 2020 tax year due to the special circumstances caused by the coronavirus (COVID-19) in Ontario. The exemption will return to the previous amount of $490,000 on January 1, 2021 and will be adjusted according to inflation again in 2024 …

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Canada Emergency Rent Subsidy – Additional Covid-19 Support Measures

Earlier this week the government announced additional support for Canadian businesses, non-profits and charities that continue to face economic challenges due to Covid-19. These measures are designed to help struggling businesses get through the second wave of the virus. The first government attempt at a rent subsidy (CECRA) was not so well-received nor extensively utilized …

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Canada Emergency Wage Subsidy (CEWS) Will Be Extended to July 2021

In the Federal government’s Throne Speech on September 23, 2020, it was announced that the Canada Emergency Wage Subsidy will be extended to July 2021. We have previously informed you of the added complexities and scaling back of the program between September to December. More changes will be announced in the coming weeks and we will continue to keep …

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Ontario Realtors Can Now Incorporate and Achieve Valuable Tax Deferrals

As of October 1, 2020, Ontario realtors can now incorporate and achieve valuable tax deferrals (and potential income-splitting) through their wholly owned corporations. A Personal Real Estate Corporation (“PREC”) can receive remuneration directly from the brokerage and pay income tax at the lower corporate tax rates (12.5% in Ontario on the first $500,000 of profits). …

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Taxability of Covid-19 Relief Measures

As part of the government’s relief measures during Covid-19, Canadians should be mindful of the tax implications as set out below: The $2000/month CERB benefit is taxable on your Personal Tax Return for 2020. The CEWS wage subsidy for businesses is taxable in the fiscal year in which it was received by the corporation. The …

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NEW RULES & EXTENSION OF THE WAGE SUBSIDY (CEWS)

The revised CEWS program has been extended to December 19, 2020 – with far greater complexity. Commencing with the period of July 5, 2020, rather than realizing a revenue decline of 30% to qualify for a 75% wage subsidy, the revised program allows an Eligible Employer with any level of revenue decline to receive a …

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BDC Online Financing for Small Business up to $100,000

Dear Clients & Friends, As an ongoing service to our clients, we want to inform you of a great BDC initiative. BDC has announced an online application funding of up to $100,000 with the below terms.  This program is available to non BDC clients as long as they have been in business for at least 2 …

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Bank Borrowing Facility Stress Test- A new program provided by HS & Partners LLP

COVID-19 has had a major impact on Canada’s banks with large loan loss provisions expected. The resulting tightening of lending parameters will see many Canadian businesses unable to obtain new borrowing or even renew current borrowing. Banks have initiated new, far more restrictive lending requirements BEFORE increases to credit facilities or establishing new relationships. This …

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Additional Support for Businesses

Expansion to the Eligibility Criteria for the $40,000 CEBA Today the government announced an expansion to the eligibility criteria for the $40,000 Canada Emergency Business Account (CEBA) to include many owner-operated small businesses, enabling them to access interest free loans that will help cover operating costs. The program will now be available to a greater …

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