August 3, 2020 Extension of the Canada Emergency Wage Subsidy (CEWS) to December 19, 2020 On July 27, 2020 the government extended the CEWS program allowing eligible employers to obtain a subsidy on the wages paid until December 19, 2020 (period 5 – commencing on July 5-August 1, until November 21, 2020). The main […]
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Retractable or redeemable shares effective for financial years beginning on January 1, 2020 – ASPE In December 2018, several changes were made to accounting standards for private enterprises (ASPE). One of the changes can have an impact on the balance sheet of many private companies and may affect various users ‘assessment of the financial position […]
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Most private companies with external stakeholders having a significant financial interest (ie. loan or investment) will require the investee to prepare and report on audited or reviewed annual financial statements. This is an additional administrative cost which affects a company’s cash outflows and profitability if the company is not well prepared. Based on our experience, […]
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2017 NEW RATES FOR AUTOMOBILE BENEFITS The Department of Finance issued the new rates to compute the stand-by charge and the operating cost benefits for purposes of calculating the taxable benefits on employer provided vehicles to employees. In summary, there are no changes compared to 2016, except for the operating cost benefit. The operating cost […]
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PRINCIPAL RESIDENCE EXEMPTION One of the changes announced by the Government in October 2016 was the new reporting obligations related to the sale of a principal residence. Background When an individual sells their principal residence and the gain is eligible for the full principal residence exemption, no reporting obligations were necessary to report the sale and […]
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Aug 03,2020