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An update to our clients and friends
At Baker Tilly, we are committed to working with all Canadians to Flatten the Curve in all of our communities
Our firm, and our families, are fully committed to Physical Distancing but, we also want to remain social with our clients, co-workers and our friends.
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COVID-19: Business guidance webinars
Let our experts help you navigate the various tax deadline extensions, loans, subsidies, grants and other relief measures the federal and provincial governments have implemented in the wake of the COVID-19 crisis.
The Latest at Baker Tilly Dartmouth
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COVID-19: Business guidance
Updated as of August 5, 2020. Stay tuned for the latest updates on tax and financial measures impacting Canadian businesses in the wake of COVID-19, as well as insights on how organizations can navigate this crisis.
Federal government COVID-19 economic response plan
On March 18, 2020, the federal government made an announcement to postpone the due date of certain 2019 tax filings as part of their COVID-19 economic response plan.
Update from IRS regarding federal tax payments due to COVID-19
On March 18, 2020, the IRS issued Notice 2020-17 deferring federal income tax payments due on April 15, 2020 to July 15, 2020. This notice was superseded on March 20, 2020 by Notice 2020-18 which expanded the relief measures.
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Get the latest news and updates
Get the latest news and updates from the experts at Baker Tilly.
COVID-19 business guidance: EHT and WSIB
The economic impact of the COVID-19 pandemic to both individuals and businesses has been devastating. With job losses and unemployment levels at an all-time high, no one could have predicted the level of pain and sacrifice we have all had to endure.
Canada Emergency Wage Subsidy – Part IV
The wage subsidy is the most lucrative program offered by the federal government with wide appeal ranging from small to large businesses. The proposed wage subsidy program was originally introduced on April 1, 2020. It received a few modifications a week later with even further amendments as it passed through the House as Bill C-14 on April 11, 2020.
COVID-19 support programs for Individuals and Businesses
As the ongoing response to COVID-19 rapidly evolves, many Canadians find themselves facing an uncertain financial future. To help alleviate concerns, the Canadian government introduced financial relief measures and programs to support individuals and businesses impacted by the COVID-19 pandemic.
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Further expansion of the CEBA – applications open June 26
The expanded CEBA program is being made available gradually starting with the larger banks. Other participating financial institutions will start offering the program over the coming weeks.
The Canada Emergency Business Account (CEBA) was previously introduced in early April 2020 to provide eligible businesses with financing up to $40,000, with 25 per cent of this being forgivable based on the terms of the CEBA loan program. In the early stages of the program, businesses were required to employ individuals with an aggregate employment expense between $40,000 and $1,000,000 in 2019. The program was modified to widen the employment scope to between $20,000 and $1,500,000, thus expanding the reach of the program.
Canada Emergency Wage Subsidy – Subsidize up to 100% of payroll costs
Today is application day for the Canada Emergency Wage Subsidy (CEWS), and in certain circumstances, you can get up to 100 per cent subsidy of your payroll costs.
Is it time to consider a “refreeze” transaction?
In times of crisis, people can be opportunistic, and this economic turmoil can allow for certain tax planning opportunities. The current economic downturn caused by the COVID-19 pandemic has negatively affected the valuation of many Canadian businesses. Accordingly, it is wise to revisit any estate freeze transactions that may have been implemented at a time in a prior year when the economy was booming.
Updates to the Canada Emergency Wage Subsidy (CEWS)
The Canada Emergency Wage Subsidy (CEWS) program – which went through a facelift before hitting the House of Commons – was revised just before receiving Royal Assent on April 11, 2020. The intent of this program is to provide financial support to businesses that were affected by COVID-19 – in order to prevent further job losses, encourage employers to re-hire workers previously laid off and help transition Canadian businesses back into a thriving economy post pandemic.
