Tips, Tricks and Taxes
Real Estate Professionals & Incorporation
As of October 1, 2020, the Ontario government now allows real estate professionals to incorporate Personal Real Estate Corporations (“PREC”).
Ontario COVID-19 Grants
The government of Ontario recently released applications for a number of different grants:
- Ontario Small Business Support Grant, which helps small businesses that are required to close or significantly restrict services under the Provincewide Shutdown effective December 26, 2020.
2020 Federal Fall Economic Update
- The government has provided details on period 11 to 13 (covering December 20, 2020 to March 13, 2021) of the Canada Emergency Wage Subsidy (CEWS) including:
- December 3, 2020/Tax
CEWS - CERS Update
The government recently passed into law some changes to the Canada Emergency Wage Subsidy (“CEWS”) including:
• Extending the CEWS program to June 2021.
• Providing a maximum subsidy for period 8-10 (October to December) of 65% of wages paid up to $1,129 per employee per week (40% base subsidy + 25% top-up subsidy). Details for Period 11 – 17 (January to June 2021) have not been released.