KLCA CHARTERED PROFESSIONAL ACCOUNTANTS

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...

THE NEW CANADA EMERGENCY RENT SUBSIDY (CERS) would provide simple and easy-to-access rent and mortgage support until June 2021 for qualifying organizations affected by COVID19. The rent subsidy would be provided DIRECTLY to tenants, while also providing support to property owners.

The new rent ...

ONTARIO ALLOWS REALTORS TO INCORPORATE
As of October 1, 2020, Personal Real Estate Corporations (PREC) have been permitted in Ontario. Essentially, this means that individual real estate agents will now be able to incorporate their business. This will allow real estate agents and brokers to ben...

INTEREST AND PENALTY RELIEF FOR LATE FILED PERSONAL 2019 TAX RETURNS

The CRA’s May 22 release says: “Penalties and interest will not be charged if payments are made by the extended deadlines of September 1, 2020. This includes the late-filing penalty as long as the return is filed by September...