Tips, Tricks and Taxes
COVID Program Updates
On October 21, 2021 the federal government made a number of announcements with respect to COVID-19 measures.
Please note that all of the below items are proposals and have not received Royal Assent. It is possible there are further changes.
Government Eases Restrictions on Businesses Transfers to Children / Grandchildren
Prior to Bill C-208, when there was an intergenerational sale to a child or a grandchild of the shares of a corporation that otherwise qualified for the capital gains exemption, the family was left to make a choice. The family could structure the sale of a corporation so that one of the following objectives were achieved but not both:
- The parents could claim the capital gains exemption, allowing for up to approximately $892,000 of the gain (per pare...
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.