Tax updates in Canada in response to COVID-19

RSM regularly reviews federal and provincial tax measures addressed by the Canadian government in response to COVID-19. The principal measures in force early in 2021 include:

• Continuation of the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and the Canada Emergency Business Account
• Introduction of the CanExport SMEs program and the Highly Affect Sectors Credit Availability Program
• New measures for individuals in respect of 2020 tax returns, for example, the amended working from home deduction
• New and updated provincial measures

These and other measures are discussed within this article. RSM continues to monitor new developments closely and provides updates as information becomes available. For a complete list of the CRA’s updates, visit the CRA’s official website.

If you have specific questions about how any of these measures may affect your business, please contact us today. We are here to help.