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Recent trade and tariff developments are creating new challenges for Canadian businesses across industries.
Prime Minister Mark Carney announces support for Canada’s lumber industry citing heavy reliance on US exports and vulnerability to trade policies.
Business owners and investors can use tools like estate freezes to navigate market volatility, boosting security and certainty in uncertain economies.
Effective for financial years beginning on or after 1 January 2019, IFRIC 23 ‘Uncertainty Over Income Tax Treatments’ (‘the Interpretation’) requires entities to consider the potential for adverse tax determinations being made by taxing authorities while under a hypothetical tax review – and record a liability (and expense) where such a finding is considered “probable”.
Support for Canadian entrepreneurs comes from many sources and both the federal and provincial governments offer incentives to build and foster successful start-ups.
Finance Minister Bill Morneau has released a “fiscal snapshot” on federal spending and the overall economic impact of the COVID-19 pandemic.
In response to the COVID-19 pandemic, Canada’s provincial governments have provided measures to support the federal economic response plan. This summary outlines the business and employer programs province-by-province.
If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period. However, to the extent that the widespread impact of COVID-19 occurred during the entity’s ‘subsequent events period’ (ie the period between the end of the reporting period and the date when the financial statements are authorized for issue), management must determine how material developments after the year-end should be reflected in the entity’s financial statements for the period under audit or review.
Beyond the federal measures introduced in the wake of COVID-19, Canada’s provinces are also offering a range of support to help employees and individuals navigate the ongoing pandemic. Here’s a summary of the provincial responses for employees and individuals coast to coast.
On June 17, 2020, Finance Minister Darlene Compton tabled PEI’s 2020-21 budget. The estimates provided in Budget 2020 show a deficit of $3.7 million for the 2019-2020 fiscal year.
On June 15, 2020, Finance Minister Donna Harpauer tabled Saskatchewan’s 2020-21 budget. For 2020-21, the government has projected revenues of $13.6 billion (a decrease of 8.3% from last year) and expenses of $16.1 billion (an increase of 7.2% from the prior year’s budget) resulting in a deficit of approximately $2.4 billion. Due to the uncertainty caused by the COVID-19 pandemic, the government has not provided projections for future years.