I want to preface this section by saying that we are still operating with a high level of uncertainty and there are a wide range of possible outcomes associated with COVID-19 and our economy. Even if the current lockdown conditions are lifted soon, there will still be a need for social distancing, the wearing of… Read More
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of the provisions in the federal government’s aid package is a 25% reduction in the minimum amount (MAP) that must be withdrawn from a Registered Retirement Income Fund (RRIF) in 2020.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