Year-end Tax Planning Tips 2020

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 to consider.
Canada Emergency Response Benefit (CERB)
A reminder that the last day to apply retroactively for CERB is December 2, 2020(today). CERB was available until September 26, 2020. New programs have been introduced to replace CERB.
Canada Emergency Business Account (CEBA)
Application deadline for CEBA has been extended to March 31, 2021. We will provide more information about the additional CEBA loan amount as it becomes available.

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