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On November 5, 2020, Finance Minister Rod Phillips presented the Province’s budget. The Ontario 2020 budget: Permanently increases the Employer Health Tax exemption to $1 million; Proposes a new Seniors’ Home Safety Tax Credit for the 2021 taxation year; Extend filing deadlines for the Ontario Research and Development Tax Credit; and, Extends filing deadlines for
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Financial Support and Resources for Business in Ontario and Canada Federal and provincial government financial supports: Government Support for businesses Ontario-Canada Emergency Commercial Rent Assistance Program Canada Emergency Rent Subsidy (CERS) Canada Emergency Wage Subsidy (CEWS) program: The Canada Emergency Wage Subsidy (CEWS) covers 75% of an employee’s wages – up to $847 per week
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(Released April 21, 2020) Today, the Federal government finally provided details about the Canada Emergency Wage Subsidy. There have also been updates announced to some of the initiatives that have already taken effect. With that in mind, we wanted to provide the latest on the following economic response measures: Canada Emergency Wage Subsidy; Emergency Community
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(Released April 14, 2020) Update Eligibility Criteria for the Canada Emergency Wage Subsidy An eligible employer to receive the 75% CEWS benefit includes: • an individual; • a corporation (other than a tax-exempt corporation or public institution); • a registered charity (other than a public institution); • a person that is tax-exempt because of paragraph
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(Released April 6, 2020) As we head into the second week of April, businesses, charities/NPOs and individuals will have access to several of the Federal government’s COVID-19 response initiatives. With that in mind, we wanted to provide an update on eligibility criteria, benefits, and logistics of the following measures: 10% Temporary Wage Subsidy; and Canada
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(Released April 3, 2020) Advice for Your Business During the COVID-19 Pandemic based on Federal and Provincial Economic Response Measures We continue to monitor the Federal and Ontario government announcements on an hourly basis. As both governments work through the COVID-19 pandemic, we understand the need for communication to help alleviate any anxiety you may
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(Released April 2, 2020) As mentioned in our initial March 30, 2020 newsletter, Hogg, Shain & Scheck will provide updates between weekly newsletter releases on days of major announcements or for matters of particular interest to clients. With that in mind, this update covers: new details and guidance for the Canada Emergency Wage Subsidy filing
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COVID-19 TAX UPDATE Tax Filing and Payment Extensions and Other Filing Relief Measures in Response to the COVID-19 Pandemic (Released March 31, 2020) The Canadian government has announced several measures to help taxpayers during these challenging times by providing extensions for filing and payment of taxes for business, Charities/NPO, individuals, partnerships, and trusts. To help
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COVID-19 TAX UPDATE Federal and Ontario Governments Economic Response Measures to COVID-19 (Released March 30, 2020) The Canadian and Ontario governments have pledged over $124 billion to fight the COVID-19 pandemic through announcements made up to March 30, 2020. Many of the programs and initiatives are geared towards keeping the economy moving by assisting businesses,
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What is the Canada Emergency Response Benefit (CERB)? On March 25, 2020, the government proposed legislation to establish the Canada Emergency Response Benefit (CERB). This taxable benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic. The CERB would be a
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On March 27, 2020, the Prime Minister announced additional economic measures in response to the COVID-9 pandemic. Canadian Governments COVID-19 Economic Response Measures Include: 1. Wage Subsidies An increase in wage subsidies to 75% for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. The government is hoping employers can keep
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On March 25, 2020, the Ontario government announced a $17 billion plan to protect businesses, households, and public services from the financial fallout of the novel coronavirus. These measures include the following: Ontario’s economic response measures include the following: Five-month relief for Ontario businesses who are unable to file or remit select Provincial taxes Employer
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