BT WM announces new lead of Digital Technology & Risk Group

Toronto, ON – Baker Tilly WM is excited to welcome new partner Deepak Upadhyaya as leader of the firm’s Digital Technology & Risk Group. A respected people coach, leader and mentor, Upadhyaya brings to this role more than 25 years of progressive experience leading risk and consulting teams at various professional services firms. His specialized expertise in technology and risk management will serve him well in his new role.

Canada Emergency Wage Subsidy (CEWS) announced

April 9, 2020 update: the federal government has announced changes to the Canada Emergency Wage Subsidy (CEWS). The details of these updates can be found here.

In a press conference today, Minister Morneau announced details of the new Canada Emergency Wage Subsidy (CEWS). The announcement by Minister Morneau, followed by details from Department of Finance, provides some important information about this new wage subsidy program.

Additional measures from the CRA

The Canada Revenue Agency (CRA) has announced additional measures on March 26, 2020 in regard to the extension of tax reporting deadlines. These measures are in addition to the income tax filing and payment deadline extensions previously announced as part of the fiscal measures taken in response to COVID-19.

Taking relief measures – new QC tax deadlines

On March 17, 2020, the Québec government made an announcement to postpone the due date of certain 2019 tax filings, as well as certain 2019 and 2020 tax payments. This announcement was followed by a subsequent announcement on March 18, 2020, harmonizing Revenu Québec’s practices with those of Canada Revenue Agency.

Temporary wage subsidy for employers

Updated as of April 1, 2020:  The federal government’s relief measures have been evolving over the last couple of weeks as the government tries to get a grasp on the significant economic fall-out from the self-isolation and quarantine of many Canadian citizens.

Deadline for QST returns and payments postponed

In response to the economic impact of the COVID-19 pandemic, the Québec government has postponed the deadline for filing QST returns and making the attendant payments. This will apply to filings and payments due between March 27 and June 1, 2020, with June 30, 2020 serving as the new deadline. For reporting periods with filing deadlines that fall after June 1, 2020, the filing and payment deadlines stipulated in the tax legislation will still apply.

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.

Supporting investment in zero-emission vehicles

The 2019 federal budget introduced two new capital cost allowance classes (class 54 and class 55) providing an accelerated write-off of 100 per cent of the purchase price for new zero-emission vehicles purchased on or after March 19, 2019, and made available for use before 2024. This accelerated write-off is to be phased out between 2024 and 2028, and the write-off of zero-emission passenger vehicles is capped at $55,000 per vehicle.