Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Mark Burgess

Original Article Posted on:  December 8, 2020

Link to Original Article:  https://www.advisor.ca/tax/tax-news/tax-options-for-pandemic-spending/

Original Article Source Credits:   Narcity , https://www.narcity.com/

Article Written By:  Helena Hanson

Original Article Posted on:  December 08 2020

Link to Original Article:  https://www.narcity.com/en-ca/money/cerb-repayments-the-cra-just-explained-what-you-need-to-do-to-return-the-benefit

The federal government announced the commercial rent subsidy some of you have been asking about. This is welcome news and contains detailed qualify criteria. The application was opened on November 23, 2020. Please follow this link for details on how to apply https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-rent-subsidy.html

Original Article Source Credits:    The Motley Fool  , https://www.fool.ca/

Article Written By:  Ambrose O'Callaghan 

Original Article Posted on:  November 10, 2020 

Link to Original Article:  https://www.fool.ca/2020/11/10/warning-3-ways-the-cra-can-take-away-your-crb-payments/

Original Article Source Credits:  The Globe and Mail Inc , https://www.theglobeandmail.com/ 

Article Written By:  BRENDA BOUW

Original Article Posted on:   NOVEMBER 2, 2020

Link to Original Article:  https://www.theglobeandmail.com/investing/globe-advisor/advisor-news/article-with-tax-audits-increasing-how-can-advisors-help/

Original Article Source Credits:   Canada , https://www.canada.ca/

Article Written By:  NA

Original Article Posted on:  2020-10-19

Link to Original Article:  https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra.html

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Rudy Mezzetta 

Original Article Posted on:  October 9, 2020

Link to Original Article:  https://www.advisor.ca/tax/tax-news/feds-score-big-with-extra-funding-of-cras-business-compliance-programs/

Original Article Source Credits:   Money Sense , https://www.moneysense.ca/

Article Written By:  ROMANA KING 

Original Article Posted on:  JUNE 15, 2020

Link to Original Article:  https://www.moneysense.ca/spend/real-estate/vacation-homes/4-strategies-for-passing-on-the-family-cottage/

Original Article Source Credits:   RetireHappy , https://retirehappy.ca/

Article Written By:  Jim Yih

Original Article Posted on:  January 13, 2020

Link to Original Article:  https://retirehappy.ca/estate-inheritance-tax/

Original Article Source Credits:   Advisor's Edge , https://www.advisor.ca/

Article Written By:  Jordan Press, The Canadian Press

Original Article Posted on:  September 18, 2020

Link to Original Article:  https://www.advisor.ca/news/industry-news/design-of-post-cerb-benefits-could-change-minister-says/

Original Article Source Credits:   Financial Post , https://financialpost.com/

Article Written By:  Jason Heath

Original Article Posted on:  Apr 21, 2020

Link to Original Article:  https://financialpost.com/personal-finance/taxes/death-and-taxes-estate-settlement-can-cost-money-time-and-relationships

Original Article Source Credits:   Financial Post , https://financialpost.com/

Article Written By:  Jason Heath

Original Article Posted on:  Mar 24, 2020

Link to Original Article:  https://financialpost.com/personal-finance/taxes/death-and-taxes-how-to-navigate-the-probate-process-to-keep-tax-costs-in-check

Original Article Source Credits: CANADA , https://www.canada.ca/

Article Written By: NA

Original Article Posted on: 2020-02-26

Link to Original Article:  https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2020/tax-filing-season.html

1. How will COVID-19 impact your business in the next six months?
The most significant impact of COVID-19 on our business was the necessity to keep up-to-date with the government’s new program implementations. Keeping up-to-date was especially challenging as the requirements and restrictions, as well as timeframes would routinely change. As one example, initially, the government stated that the CEBA could not be used to pay dividends, but CRA removed this prohibition within a week, and consequently, we had to change the advice we gave to our clients.

When the Canada Emergency Response Benefit (CERB) was introduced, the program provided $500/week to a maximum of 16 weeks, running from April to early July.  On Monday, Prime Minister Justin Trudeau announced an extension to the CERB program for another eight weeks.  The requirement to re-apply every four weeks will remain to confirm the applicant continues to meet the current criteria.

As accounting and taxation professionals, it is essential for us to keep up to date on the latest taxation, accounting, and financial management trends and find new sources of creative inspiration while staying connected to other professionals. 

We use a variety of online and offline sources to keep current on the everchanging taxation rules. These tools allow us to deliver exceptional services to all our clients, ensuring they receive the most up to date information and advice. 

Canada Emergency Wage Subsidy (CEWS) Update

CEWS offers employers who qualify, a 75% subsidy of employees wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020.

Applications open for employers applying to CEWS on Monday, April 27, 2020. The application can be made through CRA’s My Business Account, Represent a Client, or a separate online application form (not yet available).

COVID-19 Assistance for STUDENTS

Prime Minister Justin Trudeau today announced $9 billion in assistance for young Canadians, focusing on students. The introduction of the Canada Emergency Student Benefit (CESB) will provide $1,250 a month for eligible students from May to August, which is increased to $1,750 if that student is taking care of someone else or has a disability. The initial details noted that to be eligible for CESB, you had to be:

• A current college or university student;
• An individual who is planning to start college or university in September; or
• An individual who graduated from college or university in December 2019

The Government of Canada recently announced enhancements to the support measures for business:

Canada Emergency Commercial Rent Assistance Program:

The federal government has announced relief measures that many small businesses were hoping for – rent relief.  As with other relief measures announced, we did not hear a timeline on when small businesses would see a benefit from these measures.  We would hope that the two weeks before rent for May is due would be sufficient time, but have seen other relief measures take longer to be implemented.

COVID-19 – Canada’s Response

We wanted to reach out and touch base on all of the support measures the Government of Canada and Government of Ontario have implemented.  This information is the most current as of today.  The government is constantly providing additional details and measures which we will try to keep you informed about.