RLB Blog

Shawn Deyell
About the author: Shawn Deyell

Spending, Support & Staycation – Ontario’s Action Plan

Spending, Support & Staycation – Ontario’s Action Plan
November 6, 2020

On November 5, 2020, Ontario’s Finance Minister Rod Phillips released details of the Ontario budget, an action plan highly focused on spending while also declaring 2021 as the year of the staycation in Ontario. The spending and incentives target a wide variety of individuals and businesses. Some key highlights of the plan include:

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Canada Emergency Rent Subsidy (CERS) – New Relief & New Acronym

Canada Emergency Rent Subsidy (CERS) – New Relief & New Acronym
October 14, 2020

On Friday, October 9, further COVID-19 relief measures were announced outlining the expansion of existing programs and creating a new program, the Canada Emergency Rent Subsidy (CERS). Details are still forthcoming, but we have some insight into the framework of these program changes and additions.

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Assistance for Small Businesses Announced

Assistance for Small Businesses Announced

Further details regarding the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses were announced today.  This program will be a joint effort between the Federal and Provincial governments.  Some of the key aspects of the CECRA applicable for Ontario commercial properties are outlined below:

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Department of Finance Announcements re COVID-19

Department of Finance Announcements re COVID-19
March 30, 2020

Canada’s COVID-19 Economic Response Plan is being updated frequently. For the most up to date information follow this link:  https://www.canada.ca/en/department-finance/economic-response-plan.html

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New Legislation for Estate Tax starting January 1, 2016

New Legislation for Estate Tax starting January 1, 2016
December 21, 2015

There is new legislation that was recently passed and introduces the concept of a Graduated Rate Estate (GRE).  Prior to the legislation, many estates and testamentary trusts were benefiting from lower tax brackets, but beginning January 1, 2016 these trusts will be subject to the top marginal tax rate.  Going forward the GRE will last for a maximum of 36 months and have special characteristics such as the availability of lower tax brackets (i.e. graduated tax rates).  After 36 months have elapsed, the trusts will then have another year end triggered on the next December 31st.  Existing estates and testamentary trusts where the individual passed away earlier than 36 months prior to December 31, 2015 will have a December 31st year-end starting in 2015. Please note that the graduated rates no longer apply effective January 1, 2016, therefore, if you have an estate or testamentary trust that is older than 36 months, the stub period in 2015 is the last return with graduated rates.

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