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Gregory, Harriman & Associates LLP Blog

5 Things you Should Know About the New Immediate Expensing Rules

When the Federal Government presented the 2021 Federal Budget on April 19, 2021, many Canadians were surprised to see only minor proposals relating to personal and corporate income tax. There was one important change, however, that was introduced to help provide tax relief to Canadian Controlled Private Corporations (CCPC). The “Immediate Expensing” rules allow CCPC’s to deduct the full cost of certain depreciable capital assets in the year that they are acquired, accelerating what can often be a significant deduction to reduce taxes owing.

Here are a few important things to know about the Immediate Expensing Rules and how your business can take advantage.

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Guide to the Canada Emergency Rent Subsidy (CERS) - Updated May 28, 2021

With the Canada Emergency Commercial Rent Assistance (CECRA) program which covered the period of April to September 2020 now closed, the federal government introduced a replacement wage subsidy program on November 2, 2020 called the Canada Emergency Rent Subsidy (CERS).

This program is intended to provide continued support to business to cover their commercial rental costs and other similar costs for the period of September 27, 2020 to September 2021 (exact end date is not yet known).

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Guide to The Canada Emergency Wage Subsidy (CEWS) for Employers (Updated May 11, 2021)

The Canada Emergency Wage Subsidy (CEWS) for employers was implemented by the passing of Bill C-14 on April 11, 2020, and expanded with the passing of Bill C-20 on July 27, 2020. The subsidy is widely accessible to employers of all sizes and across all sectors of the economy, with the exception of public sector entities. It is intended to support businesses that are hardest hit by the COVID-19 pandemic and would help protect the jobs Canadians depend on during these difficult times.

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Helpful Hints on Gathering Tax Slips and Other Information for Personal Tax Returns

Now that personal tax season is here you will need to start gathering up all your tax slips to report your income and deductions for 2020.  With a lot of institutions and businesses going paperless you will need to determine what tax slips may be coming by e-mail or that you need to sign into your account to download versus arriving in the mail.

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