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Corona Virus

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Reminder: Applications for Additional $5,000 Grants are still Accepted

Further to our email of November 18, 2020; applications for additional $5,000 grants are still accepted, depending on your circumstances. Please use the link below to apply if you have not already done so. Ontario Provides Grants for PPE and rebates on property taxes and energy bills: Eligible small businesses with 2 to 9 employees can apply …

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Working-from-Home 2020 Expenses

The government announced that due to Covid-19 related closures, and many people forced to work from home, salaried and hourly non-union employees will be eligible to claim home office expenses on their 2020 personal income tax returns. This includes work-space-in-the-home, office supplies, and home internet fees. There are 2 options on how to make this …

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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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