Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients
Great news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB)
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5 Top Financial Planning Strategies For Small Business Owners
Creating a financial plan for your business is critical not only for your business’ survival but also for its growth. However, many small business owners struggle to create a comprehensive financial plan that considers all of the financial needs of the business – which should include long term growth goals and contingency plans for any unexpected circumstances. Below, we have compiled a list of the strategies business owners should start with when considering a comprehensive financial plan.
Impact of Recent Events On Your Estate Plan
A year ago, the projected deficit for 2020 was estimated to be $20 billion. Shockingly, as a result of Covid-19, this projection has risen to over $380 billion by the end of the year. So, what does that mean for tax rates and how will this affect your estate plan?
Government of Canada to allow up to $400 for home office expenses
For the 2020 tax year, the Government of Canada introduced a temporary flat rate method to allow Canadians working from home this year due to Covid-19 to claim expenses of up to $400.
Highlights of the 2020 Federal Fall Economic Statement | Additional $20,000 CEBA loan available now
Finance Minister Chrystia Freeland recently provided the government’s fall economic update. It included information on the government’s strategy for dealing with the COVID-19 pandemic and its plan to help shape the recovery. We’ve summarized the highlights for you:
• Corporate Tax Changes, including extensions to subsidy programs.
• Personal Tax Changes, including additional Canada Child Benefit Plan payments and a new “Work from home” tax credit.
• Indirect Tax Changes, including the proposal to charge GST/HST on services provided via digital platforms, as well as the temporary removal of GST/HST on face masks and shields.
For business owners, as of December 4th, the CEBA loan has been expanded by an additional $20,000.
How Many Wills Do I Need?
It is important to have a valid Will to avoid the challenges of intestacy – dying without a Will. Indeed, eventually, everyone ends up with a Will of one sort or other, either the deceased gets to decide how assets are distributed by writing one before death or the provincial authorities get to decide based on intestacy rules. So, it’s always best to get a Will written in advance.
The question is, do you need more than one? Getting one Will is trouble enough, so why would anyone want to have two?
Applications for the new Canada Emergency Rent Subsidy starts today!
The new Canada Emergency Rent Subsidy is open for applications today! Unlike the previous program, this subsidy will provide payments directly to qualifying renters and property owners, without requiring the participation of landlords.
CERS covers up to 65% of rent for businesses, charities and non-profits impacted by COVID-19.
An additional 25% Lockdown Support is available during a public health lockdown order.
Diversifying in Uncertain Times
Uncertain about where to invest during Covid-19? It may be time to diversify through a Participating Whole Life policy
Applications for Canada Recovery Benefit now open!
The Canada Recovery Benefit (CRB) is now open for applications.
If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period.
If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25, 2021.
New Canada Emergency Rent Subsidy | Wage Subsidy extended | CEBA additional $20,000 loan
Great news for businesses! The new Canada Emergency Rent Subsidy will be available directly to business owners who need rent relief. The Wage Subsidy has been extended to June 2021. And the CEBA has been expanded to provide up to $20,000 interest-free loan.
