Corporate Tax Planning
Government of Canada Announces Changes to CEBA
Since the outbreak of the COVID-19 pandemic in Canada, the government of Canada announced a number of support programs for individuals and businesses. One of these, the Canada Emergency Business Account (“CEBA”) provided loans of up to $40,000 for qualifying businesses. The government has recently announced an expansion of this benefit. What is CEBA? CEBA was originally launched on April 9, 2020, to provide interest-free loans of up to $40,000 to small businesses to help… Read More
Corporate Tax Planning
Report Indicates Staggering Number of High-Income Non-Filers in the United States
A recently released report from the United States’ Treasury Inspector General for Tax Administration (TIGTA) raised a flag concerning the Internal Revenue Service’s failure to pursue high-income earners who fail to file their taxes. Just how rampant is non-filing amongst high-income earners? The results of the study may be enough to raise eyebrows. How much money is lost due to non-filing? The report states that non-filing, which is a crime when… Read More
Corporate Tax Planning
Federal Government Updates CERB and CEWS Programs
The Canada Revenue Agency is continuing to update information related to the Canada Emergency Wage Subsidy (CEWS) as well as other benefits related to COVID-19 as the pandemic continues to impact the Canadian economy. In today’s blog, we would like to update our readers on some of the news. Changes to the Canada Emergency Wage Subsidy The Canada Emergency Wage Subsidy was introduced to help employers re-hire workers who were laid off as a result… Read More
Corporate Tax Planning
Canada’s Tax Season is (Mostly) Over
COVID-19 has had a huge impact on the tax season in Canada, hitting just under two months before personal income tax filings were due and largely shutting down the Canadian economy (as well as those all over the world). Fortunately, the Canada Revenue Agency extended tax deadlines for most people. Today we want to look at which deadlines have passed, which ones have “sort of” passed, and which remain in effect. Personal Tax Deadlines Individuals… Read More
Corporate Tax Planning
Canada Revenue Agency Addresses Residency for Tax Purposes
A few weeks ago we wrote a blog about how the United States’ Internal Revenue Service (The IRS) is addressing the issue of non-Americans being forced to stay in the United States due to COVID-19, and as a result, running the risk of becoming U.S. residents for income tax purposes. Last week, the Canada Revenue Agency published a memo addressing similar concerns for those running the risk of becoming Canadian… Read More
Corporate Tax Planning
Navigating the Canada Emergency Wage Subsidy
The implementation of the Canada Emergency Wage Subsidy (CEWS) is meant to provide economic relief for the private sector by offering wage subsidies for employers as an incentive to keep people on the payroll or return those who have been laid off back to work. The legislation is available to many private-sector employers who have suffered a significant loss in revenue due to COVID-19 but are continuing to pay employees. Like many pieces of extensive… Read More
Corporate Tax Planning
COVID-19 Brings Tax Changes To Ontario
Our last few blogs have focused on how COVID-19 has brought changes to how the Canadian and American governments are approaching tax issues at the height of the 2020 tax season. This week, we would like to turn our focus on Ontario specifically and the tax implications being felt here. Many of the updates we will share today can be found in the government document, Ontario’s Action Place: Responding… Read More
Corporate Tax Planning
A Brief Summary On American Tax Relief In Light Of COVID-19
COVID-19 has provided Canadian businesses with operational challenges that few could have foreseen, even just months ago. For Canadian businesses with operations in the United States, or Americans living in Canada, it might be difficult to understand how COVID-19-related legislation in the United States might impact them. This is a rapidly-evolving environment, but we wanted to take a moment to share the latest in this complex environment. The CARES Act The United States passed the… Read More
Corporate Tax Planning
Tax and GST/HST Remittance Updates Due to COVID-19
With the nation dealing with the management of COVID-19, our blogs for the last few weeks have focused on what kind of impact the virus has had on Canadian taxpayers. Today we would like to continue that discussion by looking at how the Canada Revenue Agency is treating GST/HST payments during this time. Please note that more information is available directly from the CRA. Fiscal Measures Taken by the… Read More
Corporate Tax Planning
A Tale of Three Cars
A requirement to use your own car at work can allow for associated expenses to be claimed on your income tax returns. However, not everyone is entitled to such claims (for example, you can’t make a claim if an employer already reimburses you), and it is critical to keep detailed records, especially if more than one vehicle is used for work. A recent decision from the Tax Court of Canada highlights… Read More