Trudeau announces 75 percent wage subsidies, interest-free loans for Canadian small businesses

On Friday, Prime Minister Justin Trudeau announced that the federal government will now be providing 75 percent employees wage subsidies for qualifying small-and-medium-sized enterprises (SMEs). “Our hope is that employers being pushed to layoff people because of COVID-19 will think again.” Trudeau stated that the goal is to help companies keep employees on the payroll […]

CRA extends tax filing deadlines for corporations and trusts to September 1

The Canada Revenue Agency (CRA) has extended two of the tax filing deadlines for corporations and trusts to September 1, due to the COVID-19 pandemic. The agency said it made this decision to ease the impact of the COVID-19 crisis on Canadian businesses and tax preparers. The extensions, which are for the T2 and T3 […]

Tech industry calls on CRA to release funds critical for innovation economy

For its part, the Canada Revenue Agency says ‘non-critical services’ such as the SR&ED program have had to take a backseat while the agency adds capacity for employees to work from home, and while it prioritizes the stimulus put in place by the federal government, such as the Canada Emergency Response Benefit. Adrian Wyld/The Canadian […]

SR&ED payments beginning to flow to Canadian tech following delay caused by COVID-19

Funds from the federal government’s Scientific Research and Experimental Development (SR&ED) tax incentive program that have not been released due to the COVID-19 pandemic are now starting to flow. “It might just buy them enough time for the federal government to get the 75 percent wage subsidy right.” The COVID-19 crisis reportedly delayed nearly $200 […]

SR&ED claims reduced due to federal COVID-19 assistance

A week ago, CEO of Venbridge Garron Helman wrote an article on how the recent government incentive programs could affect SR&ED claims. For weeks now we have both listened to many companies that were concerned all these emergency subsidies may be eating up their future claims. Companies cannot ‘double-dip.’ Assistance received under either subsidy program […]

Some banks begin rollout of EDC loan guarantee for Canadian businesses

Scotiabank and the National Bank of Canada are now offering the Export Development Canada (EDC) loan guarantee program for their clients, signalling that Canada’s big banks are starting to roll out the federally-backed program. The loan guarantee program allows the banks to offer a flexible, short-term financing solution to businesses. The loan guarantee is one […]

Navigating Canada’s Complex Incentives Landscape

[ad_1] Government incentives have been vital in driving the Canadian economic engine and a key factor in putting us on the map as one of the strongest investment destinations in the world. The benefit to Canadian-based businesses has been immense, but the incentives ecosystem also provides an excellent opportunity for companies considering relocating or expanding […]