It’s a winter without so many of our usual escapes and activities. But this is Ottawa, and in Ottawa, this year more than ever, we skate! As we celebrate our 75th anniversary in the local business community, we are delighted to support a favourite Ottawa tradition as a ‘Friend of the Rideau Canal Skateway’. This […]
We’ve updated our Tax Facts for Ontario Residents document to include the new 2019 rates, as well as the 2018 rates.
GGFL’s “go-to” Tax Facts sheet is a quick reference guide on Ontario tax rates, including corporate income, RRSP limits, prescribed interest rates, automobile amounts, personal tax brackets for salary and dividends, TFSA, CPP and EI limits, pension splitting with spouses, Workplace Safety & Insurance Board (WSIB), and clawback of Old Age Security.
By Monica Martinez, CPA, CA, CPA (Illinois) Joe Biden has been inaugurated as President of the United States. Now that the new administration is finally in place and the chaos of the campaign and election results are (mostly) a thing of the past, we can start to focus on what tax policy changes President Biden […]
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 […]
Teenage co-op student Deborah Bourchier arrived at GGFL in January 1980, recruited from the University of Waterloo where she was studying math and accounting, and where the campus population was significantly larger than the northern Ontario town of Mattawa where she was raised. It was shortly before Terry Fox began his Marathon of Hope, just […]
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 […]