an entrepreneurial-spirited accounting and consulting firm primarily concentrating on the special needs of Alberta's independent business

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Tax Tips & Traps

2020 fourth quarter     issue no. 132

Tax Ticklers...some quick points to consider...
  • CRA has opined that U.S. Economic Impact payments received by residents of Canada are not taxable in Canada.

  • 1,252,830 Canada Emergency Wage Subsidy (CEWS) applications have been approved for a total value of $41.12 billion (as of October 4, 2020).

  • On October 9, 2020, the Government announced that the CEWS program will be extended to June 2021.  Further, the maximum subsidy for period 8 (calculated using October’s revenues) of 65% would be maintained for the next two periods even though it was scheduled to decline.

  • 767,336 businesses have been approved for the Canada Emergency Business Account (CEBA) for a total disbursal of $30.62 Billion (as of October 8, 2020).