Tax updates in Canada in response to COVID-19
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Authored by RSM Canada
Originally published November 24, 2020, most recently updated February, 2021.
RSM regularly reviews federal and provincial tax measures addressed by the Canadian government in response to COVID-19. The principal measures in force early in 2021 include:
- Continuation of the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and the Canada Emergency Business Account
- Introduction of the CanExport SMEs program and the Highly Affect Sectors Credit Availability Program
- New measures for individuals in respect of 2020 tax returns, for example, the amended working from home deduction
- New and updated provincial measures
These and other measures are discussed within this article. RSM continues to monitor new developments closely and provides updates as information becomes available. For a complete list of the CRA’s updates, visit the CRA’s official website.
If you have specific questions about how any of these measures may affect your business, please contact us today. We are here to help.
Call us at (519) 426-5160 (Simcoe) or (519) 842-4246 (Tillsonburg) or fill out the form below and we'll contact you to discuss your specific situation.
Source: RSM Canada
Used with permission as a member of RSM Canada Alliance
The information contained herein is general in nature and based on authorities that are subject to change. RSM Canada guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. RSM Canada assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.
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For more information on how Good Redden Klosler can assist you, please call us at (519) 426-5160 (Simcoe) or (519) 842-4246 (Tillsonburg).