COVID-19: Canada Emergency Response Benefit

[schurchill39]

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I actually have an active corporation, are you guys saying I can get $60k and then repay back $30k? Have not looked into this even a little.

You can get a $60k loan (CEBA) and if you pay back $40k by December 31, 2022 they forgive the other $20k. That $20k then gets considered as taxable income. You need to have between $20k-1.5M in "non deferable expenses" in the previous tax year which originally was "payroll".

https://ceba-cuec.ca/

[JfuckinC]

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You can get a $60k loan (CEBA) and if you pay back $40k by December 31, 2022 they forgive the other $20k. That $20k then gets considered as taxable income. You need to have between $20k-1.5M in "non deferable expenses" in the previous tax year which originally was "payroll".

https://ceba-cuec.ca/

You can only use it for payroll on “non arms lengths employee” meaning not the owner or their family as far as I was told..

[Tik-Tok]

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You can only use it for payroll on “non arms lengths employee” meaning not the owner or their family as far as I was told..

With the 6' separation rule, everyone is non arms length.

[ExtraSlow]

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You can only use it for payroll on “non arms lengths employee” meaning not the owner or their family as far as I was told..

Am I arms length from myself? Hah, seems like this may not apply.

[Buster]

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You can only use it for payroll on “non arms lengths employee” meaning not the owner or their family as far as I was told..

I think that's only if you don't fall into the payroll stream and you are using the non deferable experience stream

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Government or your bank emailed you? I got the email from my bank (TD) today, I don't see the downside to taking this???

There is none. It's helicopter money.

Consider it a down payment on the future ass reaming you're going to get from inflation.

[schurchill39]

Originally when this was first announced they didn't specify that it was for arms length payroll expenses and I think at the time it was $50k. They've added further definitions and reduced that payroll threshold since then though.

[killramos]

We are all doomed

[ExtraSlow]

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We are all doomed

If my company qualified it would not be a good sign.

[The_Rural_Juror]

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Am I arms length from myself?

Yes. The old stranger manoeuvre.

[ExtraSlow]

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If my company qualified it would not be a good sign.

Just to avoid the butthurt shit heads neg repping me, I will clarify. No, the company I own does not qualify. I consider this a good sign and I'm not upset about that.
The company that currently employs me may qualify, but I am not privy to information about that. I have no ownership stake in that corporation.

Untwist your panties now please.

[pheoxs]

Curious if someone can answer before I sit on the phone for hours. I have a small manufacturing business I run from home and looking at if I have 40k in eligible expenses. I'm fairly close it that with royalties, licensing fees, and product material purchases in Jan/Feb that are all eligible but unsure how it would work for rental expenses. My business reimburses me a portion for rent, internet, and property insurance but it's all under my personal name. Can I include that amount? Guessing not since that could be deferred and isn't a separate entity? 5k short

[ExtraSlow]

Just do the online predetermination. I think the result is pretty clear.