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 …

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

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). …

Ontario Realtors Can Now Incorporate and Achieve Valuable Tax DeferralsRead More »

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 …

Taxability of Covid-19 Relief MeasuresRead More »

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 …

NEW RULES & EXTENSION OF THE WAGE SUBSIDY (CEWS)Read More »

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 …

Bank Borrowing Facility Stress Test- A new program provided by HS & Partners LLPRead More »

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 …

Additional Support for BusinessesRead More »

    75% Wage Subsidy Applications On April 27, 2020,  the 75% wage subsidy application process went live. We are happy to assist clients in this process.  In order to calculate the amount of subsidy that you, as the employer, qualify for, you will need answer the following questions: 1.     Have you already determined if …

75% Wage Subsidy ApplicationsRead More »

To those in need of Guidance for Refinancing- We are here to Help! Dear Clients & Friends, As the economic effects of COVID-19 continue, HS & Partners understands that many of our clients and friends of the firm are experiencing liquidity problems. We want our clients to know that we understand and are determined to …

Introduction to our network of curated mortgage brokersRead More »