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New Ontario Small Business Support Grant

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The government of Ontario is announcing the new Ontario Small Business Support Grant, which will provide a minimum of $10,000 and up to $20,000 to help small business owners during this challenging period. Small businesses required to close or restrict services under the Provincewide Shutdown will be able to apply for this one-time grant. Each […] Read More

Home Office Expenses in 2020 – Temporary flat rate method

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If you worked more than 50% of the time from home for a period of at least four consecutive weeks in 2020 due to COVID-19, you can claim $2 for each day that you worked at home during that period, plus any other days you worked at home in 2020 due to COVID-19, up to […] Read More

Automobile Standby Charge – Temporary Adjustments Due to COVID-19

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Reduced business activity and other changes to our daily lives during the pandemic, may result in an employee’s business or personal use of the employer provided automobile such that the business use may end up being substantially be less than the personal use and therefore the employee may no longer qualify for the reduced standby […] Read More

Canada Emergency Business Account (CEBA)

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Apply with Caution for businesses applying for the additional $20,000 CEBA Loan – Pay special attention to the loan amending agreement when applying for the additional $20,000 CEBA loan, as the new agreement the bank will provide for the additional funds will OVERRIDE the original loan agreement terms! Eligible Non-Deferrable Expenses include wages and other employment […] Read More

Canada Emergency Rent Subsidy (CERS)

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The new Canada Emergency Rent Subsidy (CERS) is now available for application. Qualifying organizations that have suffered a revenue drop would be eligible for a subsidy on eligible expenses. The maximum base rate subsidy would be 65% and available to organizations with 70% or more decline in revenue in the reference period when compared to […] Read More

Canada Recovery Benefit

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The Canada Recovery Benefit (CRB) gives income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. The CRB is administered by the Canada Revenue Agency (CRA). If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a […] Read More

CEBA requirements and deadlines have changed:

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1. As of October 26, 2020, eligible Canadian businesses that currently operating through a personal bank account will be able to apply for CEBA. 2. All applicants now have until December 31, 2020, to apply for CEBA. *COMING SOON* CEBA support is being expanded from $40K to $60K. This expansion will be available to all […] Read More

CRA increases flat rate amount for meals claims

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CRA has increased the amount that employers can use to determine whether an overtime meal or allowance or the meal portion of a travel allowance is taxable, from $17 to $23. The CRA has also increased the rate at which transport employees and other individuals can claim meal expenses, using the simplified method (a flat […] Read More

Income Tax Payment Deadline 2020

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The CRA has further extended the payment due date for 2019 individual tax returns. 2019 or 2020 corporation, or trust returns, as well as for installment payments, from September 1, 2020, to September 30, 2020. This does not change the filing deadlines that were originally announced. If a return was not filed on time and […] Read More

Business Investment

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A loss on an investment in a company you own or made in another person’s small business can qualify for some advantageous tax rules to help ease the impact on your finances. Whether the investment was in shares or a loan to a small business it may qualify for a full deduction against your personal […] Read More