Covid-19

COVID-19 FINANCIAL IMPACT UPDATE – SEPTEMBER 29, 2020

We have previously advised of extensions to payment deadlines for individuals and corporations as announced by CRA in July. Clients should note that the payment extension deadline ends September 30, 2020. Clients are advised to make payments to avoid interest and penalty charges. Below please find the details of the announced extensions as provided in our …

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COVID-19 FINANCIAL IMPACT UPDATE – SEPTEMBER 1, 2020

APPLICATION DEADLINE EXTENSIONS FOR CEBA AND BCAP LOANS On August 31, 2020, the Federal Department of Finance announced it has extended the loan application deadlines for the Canada Emergency Business Account (“CEBA”) and the Business Credit Availability Program (“BCAP”).  The CEBA program, which provides loans up to $40,000 with 25% forgiveness if paid by December 31, 2022, now has an application deadline of October 31, 2020.  The BCAP loan application program deadline is now …

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COVID-19 IMPACT ON BUSINESS – AUGUST 28, 2020

CANADA EMERGENCY COMMERCIAL RENT ASSISTANCE (CECRA) DEADLINE NOTIFICATION July and August extensions now available If you have previously been approved, you automatically qualify for the extensions and no additional documents are required. Not all tenants in the original application need to be included in the request for the July and/or August extension. An impacted tenant …

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COVID-19 IMPACT ON BUSINESS – JULY 29, 2020

CANADA REVENUE AGENCY (CRA) TAX PAYMENT DEADLINE EXTENSION The CRA has further extended the payment due date for 2019 individual and 2019 or 2020 corporate, or trust income taxes owing, including instalment payments, from September 1, 2020, to September 30, 2020.  Penalties and interest will not be charged if payments are made by the extended deadline of September 30, 2020. INTEREST ON EXISTING TAX DEBT The …

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COVID-19 IMPACT ON BUSINESS – JUNE 19, 2020

Yesterday we sent a reminder of Federal Government programs and key dates. Today we are sending reminder information on Provincial Government subsidies to help ensure that you are not missing any opportunity for funding that you may be eligible to apply for. Essential Worker Support Program (EWSP) On June 15th the Provincial Government announced details …

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COVID-19 IMPACT ON BUSINESS – MAY 4, 2020

GOVERNMENT OF NEWFOUNDLAND AND LABRADOR EMPLOYEE SUBSIDY On April 29th the provincial government announced compensation for private sector employers for continuation of pay to employees who were required to self-isolate for 14 days due to the COVID-19 travel restrictions.  This includes individuals who are self-employed. The maximum amount of funding under the provincial program will be $500 per week for each employee …

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COVID-19 IMPACT ON BUSINESS – APRIL 25, 2020

CANADA EMERGENCY COMMERCIAL RENT ASSISTANCE  (CECRA) The Federal Government has announced more details on the Canada Emergency Commercial Rent Assistance (CECRA) program following an agreement in principle regarding funding with all provinces and territories.  While more details are yet to come, here is what we know so far. Commercial landlords who qualify under the program will be eligible for forgivable loans that will cover 50% of eligible …

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COVID-19 IMPACT ON BUSINESS – APRIL 17, 2020

CANADA EMERGENCY WAGE SUBSIDY (CEWS) PROGRAM The passing of the CEWS legislation and recent announcements and clarifications as well as some tips to keep in mind of note are: If an employer has qualified for the CEWS for one claiming period, they will automatically qualify for the immediately following claiming period.  For example, if an …

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