Category Archives: Coronavirus – Associates

Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now

    Finance Minister Chrystia Freeland recently provided the government’s fall economic update. It included information on the government’s strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We’ve summarized the highlights for you:

    • Corporate Tax Changes, including extensions to subsidy programs.

    • Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new “Work from home” tax credit.

    • Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.

    For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.

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    Personal Tax Planning Tips – End of 2020 Tax Year

      To help our clients, we’ve put together a comprehensive article filled with great tips on how to get ready for 2020 tax season. Here’s a summary of our personal tax tips article:

      • Details about the different COVID-19 benefits programs and the tax ramifications of them

      • Information about family tax issues including the Canada Child Benefits and tips on how to split income.

      • Managing investments. Details about contributing to various savings plans such as a TFSA, RESP, or RDSP. Also tips on how and when to donate to charity and how to time the purchase or sale of investments.

      • Retirement planning. How to make the most of your RRSP, things to know if you’ve turned 71, and tips on RRIF conversion.

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      Applications for Canada Recovery Benefit now open!

        The Canada Recovery Benefit (CRB) is now open for applications.

        If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period.

        If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.

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        CERB transitions to NEW Recovery Benefits and EI

          On August 20th, the Federal Government announced the extension of the Canada Emergency Response Benefit (CERB) by one month and the transition to the Canada Recovery Benefit, Canada Recovery Sickness Benefit, Canada Recovery Caregiving Benefit and a simplified EI.

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