12/23/2023 0 Comments Tax law changes for 2020![]() Additional detail is expected over the coming days, including the revised monetary caps. On March 27, 2020, it was announced that the subsidy would be increased to 75% of remuneration. The Federal Government initially announced a subsidy equal to 10% of remuneration paid during this period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer. Partnerships all the members of which are individuals, charities or CCPCs, non-profit organizations and other tax exempt entities or registered charities. ![]() Wage Subsidy: a reduction from the obligation to remit income tax withheld from their employees' remuneration during the period between Maand Jfor:Ĭanadian-controlled private corporations (CCPCs) with taxable capital employed in Canada of less than $15M, and In addition, eligible individuals who are presently receiving the CCTB will continue to receive these payments based on their 2018 income tax return information in the event their 2019 income tax return is not assessed by September 2020. In addition, eligible individuals who are presently receiving the GST/HST credit will continue to receive these payments based on their 2018 income tax return information in the event their 2019 income tax return is not assessed by September 2020.ĬCTB: increasing the maximum Canada Child Tax Benefit (CCTB) benefits for the year 2020 by $300 per child. GST/HST Credit: a one-time special payment of the Goods and Services Tax (GST) credit of $290 for individuals and $580 per couple and $153 per child, payable in May 2020. It is estimated that the system will be in place by the week of April 6 and that the first payments will be made ten (10) days later. The Federal Government passed the Act respecting certain measures in response to COVID -19, which provides for various elements of the Federal tax relief measures. 1 Read our detailed analysis here and the answer to some of the most frequently asked questions here. However, the Federal Government announced on that it will be extending the CEWS by an additional 12 weeks, to August 29, 2020. The program was initially in place for a 12-week period, from March 15 to June 6, 2020. The CEWS applies at a rate of 75 per cent of the first $58,700 normally earned by employees - representing a benefit of up to $847 per week, per employee and $10,164 in total. The CEWS is a $73 billion subsidy intended to support the well-being of workers, maintain employment relationships and reduce claims on the employment insurance regime. On April 11, 2020, the legislation implementing the Federal Government's new Canada Emergency Wage Subsidy ("CEWS") was enacted. We expect to continue to see additional detail on these measures over the coming days. ![]() This bulletin summarizes certain enacted amendments and further announcements made by the Federal Government, as well as announcements by some provinces. ![]()
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