an entrepreneurial-spirited accounting and consulting firm primarily concentrating on the special needs of Alberta's independent business
We are a paperless office and encourage you to send your confidential messages and files to us securely by clicking on the e-courier icon above. If you do not already have an e-courier account set up with us, please contact us.
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).