With all the excitement of tax season, we didn’t get around to summarizing this year’s Federal Budget. Rest assured that our team is fully updated on all of the latest changes, benefits, credits and more. Find out more about the Government of Canada’s plan to finish the fight against COVID-19 — and ensure a resilient economic recovery that creates jobs and growth for Canadians.
- Extension of Emergency Subsidies – The Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support have helped many people and businesses over the course of the pandemic. The new budget proposes to extend these subsidies until September 25, 2021.
- Canada Small Business Financing Program – Small businesses need access to financing in order to invest in people and innovation, and to have the space to operate and grow. Budget 2021 proposes to improve the Canada Small Business Financing Program to increase annual financing by $560 million, supporting approximately 2,900 additional small businesses, alongside other enhancements that will increase the eligibility to this financing and permit lending against intellectual property and start-up assets and expenses.
- Helping Businesses Hire More Workers – The budget proposes to introduce the new Canada Recovery Hiring Program for eligible employers that continue to experience qualifying declines in revenues relative to before the pandemic. The proposed subsidy would offset a portion of the extra costs employers take on as they reopen, either by increasing wages or hours worked or by hiring more staff.
- Helping Enhance Small Business – The budget proposes to improve the Canada Small Business Financing Program to ensure small business and independent entrepreneurs can access the capital they need to recover, innovate, and grow in the long term. These proposed amendments are projected to increase annual financing by $560 million, supporting approximately 2,900 small businesses.
- Creating Opportunities for Skilled Tradespeople – The skilled trades are vital to our economy, and apprenticeships are the bridge that help skilled workers, especially young people starting their careers. The budget proposes to provide $470 million over three years to help establish a new Apprenticeship Service. The service would help 55,000 first-year apprentices in construction and manufacturing with small and medium-sized companies. It will also provide an incentive for employers who hire people traditionally underrepresented in the trades, including women, racialized Canadians, and persons with disabilities.
- Canada Technology Adoption Fund – The government is launching the Canada Digital Adoption Program, which will create thousands of jobs for young Canadians and help as many as 160,000 small and medium-sized businesses adopt new digital technologies. Eligible businesses will receive micro-grants and access to zero-interest financing to help offset the costs of going digital.
Keenans Accounting Service is here to help you make the most of the 2021 Budget. Give us a call at 705-526-7628 to arrange a consultation by phone or via Zoom meeting. We are practicing social distancing while working remotely, and with reduced staff, so please leave us a message and we will get back to you as soon as possible. Contactless, secure document dropoff and pickup are available at our offices in Downtown Midland.