Tax Update: Federal Government extends loan forgiveness repayment deadline for Canada Emergency Business Account
Tax Update: Federal Government extends loan forgiveness repayment deadline for Canada Emergency Business Account
The Federal Government announced the repayment deadline for Canada Emergency Business Account (CEBA) loans to qualify for partial debt forgiveness is being extended from December 31, 2022 to December 31, 2023.
January 12, 2022
The Federal Government announced the repayment deadline for Canada Emergency Business Account (CEBA) loans to qualify for partial debt forgiveness is being extended from December 31, 2022 to December 31, 2023 to help support short-term economic recovery and to offer greater repayment flexibility to small business and not-for-profit organizations.
Repayment on or before the new December 31, 2023 deadline will result in loan forgiveness of up to a third of the loan value (up to $20,000). Outstanding loans would then convert to two-year term loans starting January 1, 2024 and due on December 31, 2025, with interest of five percent per annum.
The Government also announced the repayment deadline to qualify for partial forgiveness for CEBA-equivalent lending through the Regional Relief and Recovery Fund is extended to December 31, 2023.
As stated on the CEBA resource page, if you qualify for the new extended term, your financial institution will contact you and provide details regarding the new payment date.
Insights
-
December 06, 2023
Planning for long-term success in your craft brewery
Whether you’re hoping to grow your brewery or position the business for sale down the road, setting yourself up for success means looking ahead.
-
Canada Dental Benefit: What employers need to know about changes to T4/T4A reporting
Employers will face new T4/T4A reporting requirements to help confirm employees’ eligibility for the Canada Dental Benefit. Find out what that means for you.
-
Performance
December 05, 2023
Highlights from the Federal Fall Economic Statement
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance delivered the federal government’s 2023 Fall Economic Statement (FES) on November 21, 2023.
