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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).