On February 24, the CEBA FAQ was updated to include the following:
I repaid my CEBA loan. Am I able to re-borrow amounts previously paid?
No. CEBA loan repayments are final and any amounts repaid cannot be re-borrowed.
If your CEBA loan was initially structured as a revolving line of credit, the deadline to drawdown on your CEBA loan was January 20, 2022. After this date, no further drawdowns are permitted and any amounts repaid are not available to be re-borrowed.
On February 18, CRA emailed the following message out to EFILERS:
Legislative changes
As we head into the 2022 filing season, we would like to provide you with important information that may impact tax return preparation and processing for a subset of your clients. There are several refundable tax credits included in Bill C-8, Economic and Fiscal Update Implementation Act, 2021:
Return of Fuel Charge Proceeds to Farmers Tax Credit (Form T2043)
Eligible Educator School Supply Tax Credit
Although your certified tax software may perform the calculations, the Canada Revenue Agency (CRA) cannot process claims for the above items until supporting legislation has been enacted. Therefore, if your clients plan to claim any of these credits, processing cannot be finalized until Royal Assent has been received. Conversations should be had with your clients on the options available to them to meet their individual needs.
On February 11, 2022, CRA updated the “What’s new for corporations?” page.
The following comment was included in respect of the Budget 2021 proposal to allow immediate expensing of many capital asset purchases by CCPCs:
“As of December 31, 2021, the legislation had not been tabled. The legislation must be tabled in the House of Commons before you can include any claims with your T2 Return.”
Supporting draft legislation was released for consultation on February 4, 2022.
On February 9, 2022 the Federal government announced that the enhanced access to the Local Lockdown Program (LLP) and the Canada Worker Lockdown Benefit (CWLB) (announced on December 22, 2021) would be extended by one month, to March 12, 2022 as follows:
Local Lockdown Program: Eligibility would continue to include employers subject to capacity-limiting restrictions of 50% or more; and the current-month revenue decline threshold requirement would remain at 25%.
Canada Worker Lockdown Benefit: Eligibility would continue to include workers in regions where capacity-limiting restrictions of 50% or more are in place.
Interview with Neil Mather of MatherLaw.com- When CRA Calls About a Client’s Debt.
Source:
Recorded November 3, 2021
This video is for general information purposes only and deals with dynamic, time-sensitive and complex matters that may not apply to particular facts and circumstances. The information provided should not be relied upon as a substitute for specialized professional advice in connection with any particular matter. For more information visit videotax.com/disclaimer. ©Video Tax News Inc. 2022, All Rights Reserved.