On January 26, 2021 the federal government announced a new loan program intended to provide support for businesses that have been the hardest hit by the COVID-19 pandemic. This new program is called the Highly Affected Sectors Credit Availability Program (HASCAP), and offers a low interest loan to businesses that meet certain criteria.
On December 29, 2020 the federal government updated the Canada Summer Jobs (CSJ) website for the 2021 program. Applications for 2021 summer jobs are now open and will remain open until January 29, 2021 unless otherwise extended.
As the holiday season begins, we would like to take this opportunity to say THANK YOU to all of our clients. 2020 has been an interesting year and has presented us all with some serious unexpected challenges and we want to let our clients know that we are here to help you navigate these uncharted waters.
If you or your business has been impacted by the COVID-19 pandemic, you will likely be aware of some of the major economic benefit programs established by the Federal government, including the Canada Emergency Response Benefit (CERB), Canada Emergency Wage Subsidy (CEWS), and Canada Emergency Business Account (CEBA).
These benefits, due to their wide availability and unprecedented extent of support provided, have been closely followed by the media and other tax reporting sources. There are several other smaller benefits and relief initiatives at both the federal and provincial levels of government that have received less attention, but nevertheless may help provide a much-needed boost to those in need of support to overcome the impacts of COVID-19. Here are a few of the lesser known benefits that taxpayers should be aware of and consider if they may be available to you.
December 31, 2020 is fast approaching… see below for a list of tax planning considerations. Please contact us for further details or to discuss whether these may apply to your tax situation.