On January 12, 2022, the government of Canada announced that the repayment deadline for the Canada Emergency Business Account (CEBA) loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.
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Government Relief Programs
Canada Recovery Hiring Program – Explained
In an attempt to jump-start Canada’s jobs recovery, the Federal Government introduced The Canada Recovery Hiring Program (CRHP) in the 2021 federal budget on April 19, 2021. The main purpose of the CRHP is to provide eligible employers with the ability to offset a portion of their labour costs between the qualifying periods of June 6, 2021, to November 20, 2021.
The BC Launch Online Grant Program – What You Need To Know
What is the BC Launch Online Grant Program?
The BC Launch Online Grant program provides up to a maximum of $7,500 in funding to businesses based in British Columbia to assist with the creation of an online shop and/or improve their existing e-commerce capabilities in order to help acquire new local customers and expand to new markets. In addition, the Launch Online Grant Program will pay for up to 75% of eligible expenses, up to a maximum of $7,500.
Canada Emergency Wage Subsidy (CEWS), Canada Emergency Rent Subsidy (CERS), and Lockdown Support Extended to June 5, 2021
On March 3, 2021, the Government of Canada announced that it intends to extend the current rate structures for the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Rent Subsidy (CERS) and Lockdown Support from March 14 to June 5, 2021.
The Canada Recovery Sickness Benefit (CRSB) – What You Need To Know
What is the CRSB?
The CRSB provides income support to eligible employed or self-employed individuals who have been unable to work due to being ill or needing to self-isolate due to COVID-19. This benefit helps individuals who do not qualify for Employment Insurance (EI) and still require assistance, now that the Canada Emergency Response Benefit (CERB) has ended. The CRSB is also available to employed or self-employed individuals who have underlying health conditions that put them at higher risk of becoming infected with COVID-19.
Department of Finance temporarily adjusts automobile standby charge for the 2020 and 2021 tax years
The effect the ongoing COVID-19 pandemic has had on businesses by way of lockdowns and declines in general business activity has been immeasurable. As many businesses experience declines in activity, the trickle-down has also impacted employees who have seen a reduction in their business or personal mileage use for their employer-provided automobile.
Application Deadline Imminent for the Canada Emergency Wage Subsidy (CEWS)
The deadline for application of the Canada Emergency Wage Subsidy (CEWS) for periods one through five is Sunday, January 31, 2021, which is just 23 days away!
The BC Small and Medium Sized Business Recovery Grant Program Explained
Small and medium-sized businesses fuel British Columbia’s economy. Providing them with the support they need during and after the COVID-19 pandemic is crucial to the province’s economic future. The BC Small and Medium-Sized Business Recovery Grant program does just that by investing up to $300 million in financial support to BC businesses that employ between 2 and 149 BC residents and have experienced a decline in revenue since March 10, 2020.
New Temporary Flat Rate Method for Claiming the Home Office Expenses Deduction Introduced by the CRA
With more and more Canadians working from home due to the COVID-19 pandemic, the Canada Revenue Agency (CRA) has simplified the way employees can claim the home office expenses deduction on their personal tax return for the 2020 tax year by way of a new temporary flat rate method. Employees with larger claims for their home office can still utilize the detailed method to calculate their home office expenses deduction.
Canada Emergency Rent Subsidy (CERS) Released by the Federal Government
Qualifying businesses affected by the ongoing COVID-19 pandemic will have rent and mortgage support until June 2021 through the Canada Emergency Rent Subsidy (CERS). The CERS replaces the Canada Emergency Commercial Rent Assistance (CECRA) program, which provided rent support of over $1.8 billion to over 130,000 small businesses across the country.
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