KLCA CHARTERED PROFESSIONAL ACCOUNTANTS

Interest relief if you received COVID-19 benefits

CRA will give interest relief to individuals if your total 2020 taxable income was $75,000 or less and you received at least one COVID-19 benefit in 2020.
You have to filed your 2020 tax return, the CRA will automatically apply interest relief o...

Highly Affected Sectors Credit Availability Program (HASCAP) Guarantee

New program for businesses heavily impacted by COVID-19 can access guaranteed, low-interest loans of $25,000 to $1 million to cover operational cash flow needs. These loans are for small and medium-sized businesses that hav...

New $500 Digital News Tax Credit for 2020

The Canadian Revenue Agency (CRA) introduced the Digital News Subscription Tax credit (DNSTC) in 2020 to entice taxpayers to help local media outlets. You could get a maximum tax credit of $75 if you spent $500 on qualifying subscriptions in 2020. This...

Ontario Building On Supports for Employers During COVID-19

On December 21, 2020, the Ontario government announced new Ontario Small Business Support Grant to Provide up to $20,000 for Eligible Businesses. Small businesses required to close or restrict services under the Provincewide Shutdown wi...

Canadians told to pay back CERB

The CERB (Canada Emergency Response Benefit) and other emergency payments established swiftly in the early days of the pandemic are now being verified "on the back end". Recently, Canadians have received letters from the Canada Revenue Agency (CRA) suggesting the...

Canada Emergency Business Account (CEBA) Expanded

Effective December 4, 2020, the CEBA program has been increased by an additional $20,000, bringing the total CEBA loan amount to $60,000 per eligible business. Businesses who receive $60,000 in total CEBA loan proceeds will be eligible to receive...

Recent Additional Measures to Combat International Tax Evasion and Aggressive Tax Avoidance

In the Fall Economic Statement 2020, the government proposes an additional $606 million over 5 years, starting in 2021-22, to allow the CRA to fund new initiatives and extend existing programs targeting i...

NEW T4 REPORTING REQUIREMENTS

A T4 is a slip issued by employers to the Canada Revenue Agency (CRA) to detail how much employment income was paid and how much was deducted.
For the 2020 tax year, employers will need to comply with additional T4 reporting requirements to help the CRA validate pa...

CANADA EMERGENCY WAGE SUBSIDY EXTENSION

The extension of the Canada Emergency Wage Subsidy until June 2021, which would continue to protect jobs by helping businesses keep employees on the payroll and encouraging employers to re-hire their workers. The subsidy would remain at the current subsid...