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). âOur hope is that employers being pushed to layoff people because of COVID-19 will think again.â 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 […]
Federal government, Innovate BC investing $2 million into BC tech pilot projects
The National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) and Innovate BC have signed a memorandum of understanding (MOU) to invest more than $2 million into 22 pilot projects being led by tech companies based in British Columbia. âWeâre enabling our traditional industries to become more efficient, competitive, and resilient.â The governmentsâ […]
How the CRA is supporting innovation through SR&ED during COVID-19
In 2019, I wrote an article on how the CRA had become tougher on SR&ED claims despite the declining number of reviews. However, the latest data (obtained via an Access to Information and Privacy request) shows that the CRA has been working hard to support the tech community during the COVID-19 pandemic. 2020 was brutal […]
SR&ED payments beginning to flow to Canadian tech following delay caused by COVID-19
Funds from the federal governmentâs 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. âIt might just buy them enough time for the federal government to get the 75 percent wage subsidy right.â 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 âdouble-dip.â 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 Canadaâs 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 […]
