Tax and Financial Updates

June 25, 2020

On June 22, 2020 President Trump signed a proclamation suspending the entry to the United States of certain non-immigrants. The entry ban took effect last evening at midnight and will remain in effect until at least December 31, 2020. There has been considerable press...

June 24, 2020

An IMPORTANT UPDATE was released recently by the Canada Revenue Agency:

In response to the #COVID19 pandemic, the CRA has extended the tax filing deadline for non-resident rental property owners that originally had to file by June 30, 2020 to September 1, 2020.

CR...

While various Canadian tax filing deadlines have been extended due to COVID-19, the tax filing deadline of June 30th, 2020 for non-resident rental property owners remains the same. This deadline is fast approaching and it is critical to file on time to avoid hefty non-...

May 25, 2020

IMPORTANT TAX NEWS: The CRA has extended filing deadlines for corporations and trusts to SEPTEMBER 1, 2020.

More details HERE

May 22, 2020

This week, the Government of Canada announced an expansion to the eligibility criteria for the Canada Emergency Benefit Account (CEBA ) established to help more workers and small businesses affected by COVID-19.

The Canada Emergency Business Account (CEBA) will provide...

May 22, 2020

The Canada Emergency Wage Subsidy (CEWS) helps businesses keep employees on the payroll and encourages employers to re-hire workers previously laid off, and better positions businesses to bounce back following the crisis.

Finance Minister Bill Morneau has announced that...

May 22, 2020

Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19. It offers unsecured, forgivable loans to eligible commercial property owners to:

  • reduce the rent owed by th...

May 21, 2020

The CRA has released guidance on the following international tax issues raised as a result of COVID-19:

  • Income Tax Residency

  • Carrying on Business in Canada/Permanent Establishment (PE rules)

  • Cross-border Employment Income

  • Waiver Requests – Payments to...

May 21, 2020

With many Canadians living and working abroad, navigating tax obligations while out of the country can be confusing and complex. To help address some of the many tax questions that we get asked regularly, we have partnered with Allan Nicols of THE CANADIAN EXPAT to pro...

On April 21, 2020, the IRS issued two Revenue Procedures dealing with individuals who end up spending more days in the US in February and March of 2020 than they expected because of Covid, and issued an FAQ related to business conducted in the US. In some cases, the in...