It’s over. At long last we have put 2020 behind us, the lockdown will hopefully end soon, and we can start to look to the future with some optimism. Thanks to the vaccines, there are brighter days ahead for our economy and community. But we are not out of the woods, and the road ahead […]
Gathering all the tax return information to send to your accountant and/or CRA can be unnecessarily time consuming and involve way too much paper. GGFL Associate Partner Jean McDonell offers these tips to make the annual chore a little less . . . well, taxing. Ask your dental professional, pharmacist or other relevant health professional […]
The province of Ontario has opened applications for its new relief funding program for businesses. The Ontario Small Business Support Grant starting at $10,000 to a maximum of $20,000 is open to businesses that are required to close or significantly restrict their services due to the province-wide shutdown effective December 26, 2020. Funds from the […]
The application deadline to apply for the CEBA loan was extended to March 31, 2021. We understand that some banks will be opening applications for the additional CEBA loan of $20,000 on December 4th, 2020. CEBA details for new and existing applications are as follows: Existing CEBA clients: Another $20,000 available (in addition to the original […]
On November 30th, the federal government delivered its Fall Economic Statement. The statement included a number of updates to existing COVID-19 relief programs, as well as changes to other existing tax relief programs. Of note, there were no changes to income tax rates for individuals or corporations on any type of income earned, or other […]
By Karen McKay, CPA, CGA As COVID-19 took its devastating toll on the economy last spring, the federal government introduced the 10% Temporary Wage Subsidy (TWS). That aid program was quickly followed by the Canada Emergency Wage Subsidy (CEWS). With 2020 quickly drawing to a close, the government is now requiring all eligible businesses, eligible […]
The new Canada Emergency Rent Subsidy (CERS) program for businesses, non-profits and charities that are facing economic challenges due to COVID-19 received Royal Ascent on November 19th, 2020. It is expected applications for CERS will open as early as Monday, November 23rd, 2020. CERS replaces the Canada Emergency Commercial Rent Assistance (CECRA) program and will […]
By Kody Wilson, CPA, CA, CBV To say that 2020 has been rough for most business owners is an understatement. The pandemic has created a host of issues businesses have had to deal with on the fly. But one silver lining that has come out of this challenging year is the opportunity to re-assess succession […]
By Lyman Gardiner, CPA, CA, LPA, CBV While most businesses have suffered a difficult or terrible 2020, there are small pockets of the economy that have enjoyed unprecedented demand and revenue. Many of the business owners who benefited from this unexpected boom in business may now find themselves in new financial territory – what to […]
New ‘Canada Emergency Rent Subsidy’ Program On October 9th, 2020, the Federal government announced a new rent and mortgage relief program for some businesses that have suffered revenue drops by subsidizing a percentage of their expenses on a sliding scale, up to a maximum of 65 per cent of eligible expenses, until June 2021. There […]