Fall Federal Budget: Will Spending Be Cut?
Canada has historically presented an annual budget since Confederation in 1867, even through periods like World Wars and the Great Depression, but we have recently experienced the longest period without a full federal budget in our history. By the time the next one is brought down, expected in October 2025, it will have been 18 months since the controversial April 2024 budget which introduced the doomed capital gains inclusion rate hikes. What can we expect?The Virtual DAC Agenda is Shaping Up – It’s Phenomenal!
Delegates coming to Virtual DAC 2020 are in for an outstanding educational experience which includes pre-approved CE Credits and the promise to be the most unusual and memorable virtual conference you will ever attend. Check out the highlights: our incredible speakers, their cutting-edge topics, our pre-eminent sponsors and our delegates from coast-to-coast, who will participate in everything from wine tasting to cooking classes and goat yoga, after the educational events! Register by September 15.
Breaking News: Tax Filing Deadline Extended Again Until September 30
The federal government announced Monday that tax filing and payment deadlines have been informally extended once again, this time until September 30. Though the deadline officially listed remains as June, no late filing penalties or interest will be charged provided the new September 30 deadline is met. However, tax credit or benefit recipients should file as soon as possible to avoid interruptions in payments.
CEWS Changes and Disability Benefit Passed into Law
On Monday, July 27 a couple of highly anticipated pandemic support measures were passed into law: the changes to the Canada Emergency Wage Subsidy (CEWS) for Period 5 forward and the one-time payments to disabled persons. This latter provision extended the tax-free disability payment to two categories of recipients who will not require a Disability Tax Credit to receive it.
Summer Break, Summer School
We hope that you’re enjoying your summer holidays. Please note that our editorial team is on summer break, too. Knowledge Bureau Report will return August 12. However, our dedicated Educational Consultants are busy at work for those of you who wish to start Summer School online before the end of the month.
Special Report: Canada Emergency Wage Subsidy Redesign
On July 17, 2020, a redesigned Canada Emergency Wage Subsidy (CEWS) was proposed with substantive changes over previous periods and the new rules are very complex. The good news is that the program has been extended to December 19, 2020 and potentially all businesses with a revenue loss over 0% could qualify for a wage subsidy.
CEWS Extension: No New Info, But Business Bears Burden of Proof
Between a rock and a hard place. That could well describe how Canada’s suffering business owners feel about the complete lack of direction that followed Monday’s announcement that the Canada Emergency Wage Subsidy (CEWS) has been extended until December 2020. It’s meant to help restart the nation’s economy, but you won’t find a single reference to this on CRA’s website as of today. Here’s why that’s a very big deal:
