At the end of last month, it was announced that a new program would be put in place by the Ontario government to offer relief for landlords and small business owners.
The program, Ontario-Canada Emergency Commercial Rent Assistance Program (OCECRA), will provide loans to commercial property owners in exchange for reducing rent for small business tenants by at least 75% with a freeze on evictions for three months. These loans will be forgivable.
The Old Age Security (OAS) benefit is Canada’s largest pension program available to support senior Canadians. Unlike the Canada Pension Plan or private pension/retirement funds, you do not have to pay into OAS to receive it. It is instead paid for by general tax revenues.
Salons, clothing stores, sit down restaurants, gyms, public services, local attractions – these are just some of the many businesses that are not able to operate during these times, not to mention the number of businesses that have voluntarily shut down in an effort to protect their staff and customers.
As a senior, finding programs and credits that can help you financially can be incredibly important. This tax season, here are three non-refundable tax credits you should know about when filing your tax return.
To help support businesses through this difficult time, the Canadian Federal government is allowing for deferrals that will help ease the financial burden and give businesses time to focus on the matters at hand.
With all of the changes that have come our way as a result of measures put in place to reduce the spread of COVID, many businesses are facing reduced revenues. To help support businesses during this time, prevent additional job loss and encourage the hiring of previously laid-off individuals and new employees, the Canadian Federal Government has introduced as a wage subsidy program.
A number of non-essential service workplaces, from libraries to casinos, have been mandated to shut down in Ontario in an attempt to curb the spread of COVID-19.
We are three months into 2020 and while many Canadians are still concerned with their 2019 tax return, we must also remember how important it is to plan and strategize our taxes for the year ahead.
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