Federal Aid Programs CERB: Self-employed workers who make up to $1,000 a month are now eligible to apply for the CERB. https://www.canada.ca/en/services/benefits/ei/cerb-application/questions.html Canada Emergency Business Account (CEBA): The CEBA has been expanded to businesses that paid between $20,000 and $1.5 million in total payroll in 2019. This new range will replace the previous one… Read More
What happened this week? Wage subsidy rules amended – March revenue decrease threshold will be only 15%. 4 million Canadians on federal income support since March 15 (combination of EI and CERB applications as of April 7) Alberta government forecasting 25% unemployment rate for the province Prime Minister Trudeau “this will be the new normal… Read More
One of the provisions in the federal government’s aid package is a 25% reduction in the minimum amount (MAP) that must be withdrawn from a Registered Retirement Income Fund (RRIF) in 2020. This is welcome relief for retirees who may have seen a decline in the value of their RRIFs since December 31, 2019, which… Read More
The Globe & Mail published a timely article yesterday about the potential deductions available for employees who have shifted to working from home due to COVID-19. Our interpretation is consistent with the article. You should be able to deduct a prorated amount of your home office costs as an employment expense. The costs will differ… Read More
You can read Part I of our Coronavirus coverage here You can read Part II of our Coronavirus coverage here You can read Part III of our Coronavirus coverage here You can read Part IV of our Coronavirus coverage here Click here for a summary of all cash flow solutions made available by companies or… Read More