CEBA is short for the Canada Emergency Bank Account or is better known as the interest free $40,000 bank loan provided by Ottawa for small businesses due to the Covid lockdown.
Vancouver Tax Planning Post Covid-19 Lockdown for Canadians
With the curve flattening in BC, I am going to practice optimism and leap back to the future to discuss tax planning for BC individuals and small businesses for the 2020 year end.
Operating loss utilization
There will be businesses with operating losses for this fiscal year. Losses can be carried back three years whether you are proprietor or an incorporated business. Note that many of the financial assistance received under the Canada Emergency Response Plan for ... Read MoreManaging Cash Holdings During the Covid-19 Lockdown
Canada is now into its 4th week of lockdown due to the Covid-19 pandemic and Vancouver small businesses are suffering as a result. Even businesses that are marginally impacted are suffering as well due to lack of staffing, delayed delivery, having to adapt to working remotely, etc. Right now, the uncertainty is high. We are not sure at all how many more weeks if not months the lockdown will continue. Even if the government ease on the lockdown, how long will it take for the ... Read More
