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Get insights on the latest Canadian government programs, business risks and more in our series of Q&A videos intended to help guide businesses through the COVID-19 pandemic.
The Canada Emergency Wage Subsidy (CEWS) Explained
The Canada Emergency Wage Subsidy (CEWS) is a 75% subsidy to help businesses retain their workforce, or, in some cases, even hire back employees who have been laid off due to the pandemic. Michael Espinoza explains the important points you need to remember if applying for the CEWS program.
The Canada Emergency Student Benefit (CESB) Explained
To provide financial support to eligible students and new graduates, the government has introduced the Canada Emergency Student Benefit (CESB). Alli Cheng, Manager, Tax Services, explains the important points you need to remember if applying for the CESB program.
While many assume this generation is less interested in home ownership, the hard data now says otherwise, as millennials are trading city living for the suburbs.
Selling a business is a significant step that deserves careful attention even at the best of times, and Canada’s ongoing recovery from the economic impacts of 2020 could pose additional challenges.
To help businesses prepare for the future, we decided to aggregate COVID-19 learnings from both our virtual roundtable meetings and IBR results to develop a blueprint, of sorts, on how to navigate a crisis.
Since mid-March 2020, COVID-19 has impacted virtually all businesses in Canada. For example, as a result of the pandemic, your entity may have experienced a decrease in revenue, obtained new sources of income (such as government funding), or identified impairment indicators for certain assets.
Events after the reporting period: If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period.
Now that provinces have implemented reopening strategies, businesses may be looking to rehire employees who were previously put on unpaid leave or laid-off altogether.
As a result of COVID-19 entities are generally expecting to experience significant declines in revenue and decreases in progress of delivery of performance obligations for long-term contracts.
With the application process for the Canada Emergency Wage Subsidy (CEWS) under way, many Canadian-based employers are looking to this program for support to balance their cash flow and keep their employees working during the COVID-19 pandemic.
In response to the unprecedented impact of COVID-19 on Canadian business, in March 2020 the government quickly announced a number of support programs for small businesses.
Individuals responsible for preparing financial statements and approving them for issue need to be cognisant of not only what has happened and is happening at the reporting date and the time the financial statements are approved, but also what is likely to happen next.
The virus has taken its toll on not just human life, but businesses and financial markets too, the extent of which is currently indeterminate. Entities need to carefully consider the accounting implications of this situation.
The COVID-19 outbreak has significantly affected businesses. Companies have had to close their offices, stores and retail locations to the public, resulting in either significantly reduced revenue and cash inflow or, in many cases, no revenue at all.
If you work in the agriculture and food industry and have been negatively impacted by COVID-19, the federal government’s new credit programs with Farm Credit Canada (FCC) may offer some relief.
This article outlines key areas of your tax provision that could be affected by the impacts of COVID-19 and related tax stimulus and should be considered when preparing your 2020 tax provision for financial reporting purposes under IAS 12 Income Taxes (IAS 12).
To provide relief for US taxpayers, assist employees affected by COVID-19 and bolster US businesses, the US government has released a range of new tax measures and regulations.
In an effort to provide support for individuals and businesses affected by COVID-19, the federal government continues to refine and revise the programs available to Canadians.
The 2020 Fall Economic Statement provides a summary of government measures introduced in response to COVID-19 to help Canadian businesses and individuals.
The Canada United Small Business Relief Fund is providing Canadian businesses across different sectors and industries with grants of up to $5,000 to offset the cost of expenses businesses have incurred due to COVID-19.
The Canada Emergency Response Benefit (CERB) program, which provided many out-of-work Canadians with $2,000 per four-week period, ended on September 26.
In light of the travel restrictions introduced in Canada and around the world as a result of COVID-19, certain international tax rules and processes have been impacted.
Beyond the federal measures introduced in the wake of COVID-19, Canada’s provinces are also offering a range of support to help employees and individuals navigate the ongoing pandemic.
As part of the federal government’s economic response plan to COVID-19, the Canada Emergency Commercial Rent Assistance (CECRA) is intended to provide rent relief for small businesses.
To provide relief for US taxpayers, assist employees affected by COVID-19 and bolster US businesses, the US government has released a range of new tax measures and regulations.
This summary provides the latest details available up to April 1, 2020 for the programs announced by the Canadian government to help Canadian businesses and employees.
Canadian businesses implementing new work arrangements during the COVID-19 pandemic may face heightened tax risks – particularly those with international employees.
On March 25, 2020, the federal government passed legislation that would provide support for millions of Canadians who are impacted by the economic effects of COVID-19.
Alberta’s provincial government has recently announced several support measures to mitigate some of the damaging effects being felt locally as a result of the global COVID-19 pandemic.
The Province of Ontario has announced a series of tax changes and financial measures to build on the federal government’s COVID-19 Economic Response Plan.
British Columbia has announced a series of tax changes and financial measures including $5 billion in income support, tax relief and direct funding for people, businesses and services.
On March 27, Prime Minister Trudeau announced measures aimed at helping all Canadians — whether a business or an employee — address their immediate cash flow needs.
The federal government has announced several economic measures to assist employers and their employees as a response to the COVID-19 pandemic.
COVID-19 Update: To our valued clients
The present COVID-19 crisis has created a challenge that none of us could imagine just a short time ago. Our most immediate priorities are the safety of our colleagues and supporting our clients in any way we can.
You’ve invested a lot of time and effort into your business, and it’s hard to know what’s ahead. But working with the team at Grant Thornton means you can clearly think of the next logical step and know that you’re not doing it alone.