This Month’s Poll
The automobile deduction limits raised — the CCA ceiling for passenger vehicles to $39,000 plus tax for 2026. In your opinion, is that high enough?Recently Laid-Off? Process for New CERB Applications
Recently unemployed or are earning zero income due to COVID-19 and need to apply for the CERB for the first time? The application process has changed slightly since it first opened. So, beware: how you apply may not be the same as what you heard your friends, family, or colleagues did earlier this month.
Make it Right: Returning CERB Payments You’re Ineligible For
On April 6, the government initially opened the CRA application process with two portals: one through the CRA (for those ineligible for standard EI) and one through Service Canada and the standard EI program. This lead to many Canadians receiving duplicate $2,000 payments last week – one from each program. What now?
Small Business Owners Still Falling Through the Cracks
Small business owners in Canada are among the most impacted fiscally by the pandemic, according to the Canadian Federation for Small Business (CFIB). In a recent survey, the group reported that almost 80% of small businesses are fully or partially closed, and on average, it’s cost them more than $200,000 already. Will the new announcements from this week help?
Wage Subsidy: Finally, Details on New EI/CPP Refunds
With the passing of Bill C-14, the COVID-19 Emergency Response Act, No. 2 on April 12, 2020 Canadian businesses have some surety on the 75% Canada Emergency Wage Subsidy (CEWS), and the money could flow in 2 to 5 weeks. However, there are some of the important new details to consider including a new refund of the employer’s portion of EI/CPP benefits.
Unprecedented Employment Rates: One Month Decline
The unemployment numbers released for March by Statistics Canada in a new weekly report are staggering. They provide a grave assessment of the current reality: swift unemployment is taking place across the country it's putting incredible stress on Canadians, especially for those in the core working years (aged 25 to 54). Financial education and tax-focused support is required and professionals in these industries need to be proactive. We offer 6 important ways to help.
Two CERB Payments Received? Don’t Spend It All at Once
CRA is warning Canadians that if they mistakenly received the Canada Emergency Response Benefit of $2,000 twice, as many reported last week, they will be coming after it. So make sure you don’t spend both payments: audit risk is high. Canadians can expect that verification activities will take place after the fact, as the first priority for government has been to get money promptly into the hands of Canadians who have been suddenly laid off.
