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 the First-Time Home Buyer Incentive, development of a free, automatic tax Filing for simple personal tax returns, and the creation of a new Canadian Disability Benefit model. We will provide you with updates as details become available.
The Government has also expanded support of Businesses as of October 9, 2020 including :
· Canada Emergency Wage Subsidy (CEWS)
· Canada Emergency Business Account (CEBA)
· Canada Emergency Rent Support (CERS)
Please note there are additional T4 reporting requirements for the 2020 calendar year that are required for the CRA to validate subsidy payment. The CRA has also resumed their audit, compliance and collection activities that includes reviews of CEWS claims. We have provided details regarding this in the full link. If you have questions please feel free to reach out to us to discuss.
One final note, as we reach the final quarter of the year you may have begun your end of the year tax planning. We have recently posted the latest Tax Tips October 2020, and we hope that you will take a few minutes to review and reach out to us with any questions.
Our office remains open with a rotating staff schedule to ensure we can keep our staff and clients safe with social distancing and enhanced cleaning measures.
If you have questions regarding the programs outlined above, please feel free to contact our office at 905 891 5339.