Owners of certain residential property in Canada should act quickly to meet their obligations under the Underused Housing Tax (UHT) as the first-year transitional relief runs out on October 31, 2023.
Note: This is an update to our article that was originally published on December 13, 2021. The new reporting requirements for trusts, applicable to T3 returns that are due on March 31, 2023, have been clarified by the Department of Finance.
We are so excited to share some news. Over the past couple of months, three of our students attained their CPA designation. Join us in congratulating Damon Wan, Liji Chen, and Dennis Luk who are now Chartered Professional Accountants. Certainly, a testament to their hard work and dedication.
Repayment Deadline for CEBA loans extended The Canada Emergency Business Account (CEBA) program provides interest-free, partially forgivable loans to small businesses and not-for-profit organizations to help them navigate the pandemic and remain resilient. However, the Omicron variant has delayed the recovery for businesses in many parts of the country.
The federal government proposed new trust reporting rules in the 2018 Federal Budget to improve the collection of beneficial ownership information with respect to trusts. The new trust reporting rules will apply to tax years ending on and after December 31, 2021. These changes to the reporting requirements are considerable for trust returns with the penalties for non-compliance being significant.
Understanding the new Canada Recovery Hiring Program (CRHP) and the extension of the Canada Emergency Business Account (CEBA) Does your company qualify and how can these programs assist you?
It is that time of year again when you start receiving slips from your employer, government, banks, investment advisors etc. Please visit our Resources Section for forms and tools that will help you organize all your documentation quickly and with ease.
Over the past number of months, there have been a number of government subsidy programs announced, changed and extended. There is a lot of information to digest for small business owners. The rules are complex and it can be difficult to determine which programs your business qualifies for. We hope the following summary of the government subsidy programs announced by the Federal Government helps with determining what your business is eligible to claim.
CEWS Eligibility has been expanded and there is a new form to file for the Temporary Wage Subsidy Temporary 10% Wage Subsidy – a new form to file If you claimed the 10% wage subsidy on the remuneration paid from March 18 to June 19, 2020, there is a requirement to complete and file a Self-Identification Form (form PD27) to the Canada Revenue Agency. This information will be used to reconcile the subsidy on the employer’s payroll account and should be submitted before the end of the calendar year to ensure you do not receive a discrepancy notice.
If your business has not already applied for the CEBA program, you can still do so. This is the program where your bank will lend up to $40,000 to be used to pay non-deferrable business expenses. If the loan is repaid before December 31, 2022, 25% of the loan amount will be forgiven.
