ESTIMATED SALES BY CRA: Audit File Selection and Assessment
In an attempt to identify unreported revenue, CRA and Revenu Québec may compare a business’ reported revenue to what would be expected given the business’ level of purchases. The analysis is based on industry-specific profit and revenue…
CERB/CRB: Eligibility Verification
Over the last year, CRA has increased verification activity in respect of eligibility for the Canada Emergency Response Benefit (CERB) and the Canada Recovery Benefit (CRB). As a result, a number of disputes have hit the judicial system. One…
COVID-19 BENEFITS FOR INDIVIDUALS: Period Extensions
The eligibility periods for several personal income replacement COVID-19 benefits have been extended:
the previous limit of 26 weeks for the Canada Recovery Benefit (CRB) and Canada Recovery Caregiver Benefit (CRCB) will be extended by…
EXTENDED WAGE AND RENT SUBSIDIES: Details Released
On March 3, 2021, the Department of Finance announced details on the Canada Emergency Wage Subsidy (CEWS) and Canada Emergency Rent Subsidy (CERS) for the March 14 - June 5 periods. Later, the Federal Budget (April 19, 2021) announced an extension…
CANADA RECOVERY HIRING PROGRAM (CRHP): New Hiring Subsidy
The 2021 Federal Budget introduced the new CRHP which would provide eligible employers with a subsidy of up to 50% of the incremental remuneration paid to eligible employees in respect of June 6, 2021 to November 20, 2021. The higher of the…
Covid Recovery Grant: Small and Medium Sized Business
With several Covid type loans, programs and benefits out there to help businesses through these difficult times, which one suits your needs the best? This program from the Government of British Columbia offers grants of $10,000 to $30,000 to…
COVID Relief Option From BDC
There are a lot of Covid type loans, programs and benefits out there to help businesses through these difficult times. The following program is just one that has recently captured our attention.
Highly Affected Sectors Credit Availability…
CANADA EMERGENCY BUSINESS ACCOUNT: Program Expanded
The Canada Emergency Business Account (CEBA) program is intended to support businesses incurring non-deferrable expenses by providing partially forgivable interest-free loans. Originally, applicants could receive a loan of up to $40,000, with…
EMPLOYEES WORKING FROM HOME DURING COVID-19: Personal Tax Deductions
Due to the COVID-19 pandemic, many employees worked from home during a portion of 2020. On December 15, 2020, CRA released guidance on two new options available for employees claiming expenses related to working from home on their personal tax…
CANADA EMERGENCY RENT SUBSIDY: More COVID-19 Support
The Canada Emergency Rent Subsidy (CERS) provides a federal subsidization of expenses associated with both commercial rental payments and property ownership. The program commenced on September 27, 2020 and is scheduled to continue until June…