Year End Tax Planning Tips 2020 This year had been challenging for both businesses and individuals, the government had implemented various assistance programs in response. The Federal Government provided a Fall Economic Statement on November 30, 2020, which can be found at the following link. Year-end tax planning As we wind up the year 2020, we have prepared a 2020 Personal Tax Changes and Updates summary of the items you may wish…

Updates on Government Relief Initiatives November 20, 2020 On November 19, 2020, the government passed Bill C-9 into legislation. It enacts the new Canada Emergency Rent Subsidy (CERS) and extends the Canada Emergency Wages Subsidy (CEWS) to June 30, 2021. Both subsidies are determined based on revenue decline, to bring support to those who are suffering from the pandemic. To assist those affected by the lockdown measures, there is an…

HVGP sponsors #PinkTruckTour HVGP is a proud to once again be a Gold Captain Sponsor of The Mississauga Fire Fighters Benevolent Fund for Pink Truck Tour 4.0.  This campaign is working hard to raise funds and awareness for the Cancer programs at Trillium Health Partners. The @MFFA_Benevolent volunteers recently came by the HVGP office to visit our staff.  We thank them for this opportunity to join them in supporting @TrilliumHealth…

Summary of Ontario Budget 2020 Ontario Budget: On November 5th, 2020, Rod Phillips, Ontario’s Minister of Finance, presented the province’s budget. Please find our summary of the budget here. Other Government Support: CEBA: Further to our last newsletter regarding the increase from $40,000 to $60,000, the government had updated their position and you are now permitted to apply if you were not operating your business from an active business banking account….

Updates on Government Relief Initiatives – October 2020 On October 2, 2020 additional Government Relief Initiatives were passed to replace the outgoing CERB Program that ended on October 3, 2020. You will find the full details in this Link regarding the new: · Canada Recovery Benefit (CRB) · Canada Recovery Caregiving Benefit (CRCB) · Canada Recovery Sickness Benefit (CRSB) In addition, there are other key discussions happening around enhancement of…

Update on Extension, CEWS, CERB, TWS, Disability Payment, and New Programs – August 27, 2020 Since our last newsletter the Government has implemented changes and further support for the economy, such as the CEWS extension and three new benefit programs. Please visit our latest newsletter summarizing these important updates here:  Link to 2020-08-27 Updates on government programs A kind reminder that income tax payments and instalments for personal and corporate income…

Update – CEWS, CERCA, Disability Payments –  July 24 2020 On July 20th, the federal government introduced Bill C-20, “An Act respecting further COVID-19 measures”. This bill has passed all three readings in the House of Commons and will come into force when it receives Royal Assent shortly. Bill C-20 extends the Canada Emergency Wage Subsidy (CEWS) for the remainder of the year. All businesses that experience a decline revenue…

Updates on Government Relief Initiatives – June 24, 2020 Over the past several months, the Federal Government has updated many of its relief provisions for businesses and individuals. Our link below provides updates to the following programs: Payment and Filing Deadline Deferrals Canada Emergency Wage Subsidy (CEWS) Canada Emergency Student Benefit (CESB) Updates to Canada Emergency Business Account (CERB) Support for Small Business Support for Seniors Home Office Expenses for…

Personal Tax Deadline Is June 1st – Please Send In Your Information This Week If you have submitted your information to us for the preparation of your personal tax returns, thank you. If you have yet to submit your information, a reminder that your personal returns are due June 1st, 2020 (June 15th for self-employed individuals). We know this is a difficult time and we want to ensure that we file your…

HVGP Office Hours & Update on Government Relief Programs – May 11, 2020 Update On Government Relief Programs Last week, Prime Minister Trudeau announced that the Canada Emergency Wage Subsidy (CEWS) will be extended beyond June to assist businesses to kick start the economy. We will provide details as they are made available. In addition, the government has provided updated information on the Canada Emergency Student Benefit (CESB) and Canada…