Rajiv Juneja CPA, CGA
15897 13 Ave Sw T6W2H5 Edmonton, AB, Canada

CEBA requirements and deadlines have changed: 1. As of October 26, 2020, eligible Canadian businesses that currently operating through a personal bank account will be able to apply for CEBA. 2. All applicants now have until December 31, 2020, to apply for CEBA. *COMING SOON* CEBA support is being expanded from $40K to $60K. This expansion will be available to all eligible previous and new CEBA applicants.

https://www.country94.ca//no-shortage-of-small-business-h/

Grants of $5,000 for #smallbusinesses across Canada with revenues of $150k to $3m, and up to 75 employees, to pay for #PPE and modifications related to #COVID19. #COVIDCanada #smallbusiness #employers https://www.videotax.com//canada-united-small-business-rel

Choose your hard wisely

"Refreezing" an Estate Freeze An estate freeze is a technique used to minimize future income taxes of a business owner by having them exchange their common shares for fixed value preferred shares. The exchange of common to preferred shares is done without triggering any immediate tax. New common shares are issued to a family trust or directly to adult family members at a nominal value. Therefore, the future growth in value is effectively passed on to the beneficiaries of the ...freeze, and the original business owner has fixed the tax liability on the preferred shares since no future growth will accumulate on them. Some businesses have experienced a decline in value due to the economic effects of Covid19. It may be beneficial to refreeze the shares to lock in the new lower value of the business into new fixed value preferred shares. Redoing the freeze at a lower value can reduce the tax liability upon a future sale or at death when there will be a deemed disposition of all the deceased’s assets. Professional advice is required before implementing a refreeze because there are various tax measures such as attribution rules, tax benefit, and other anti-avoidance rules that could apply. For example, these measures could apply if the decline in value is because of excess dividends or remuneration that have been paid out of the corporation. Finally, an accredited business valuator will need to adequately document and support the new lower valuation.