
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.
Related Content
-
ConfidenceMay 09, 2022
Why grooming your successors is critical to the family business
A formal grooming plan helps ensure your successors have the requisite skills to effectively manage and lead the family business.
-
ConfidenceMay 03, 2022
Succeeding at Family Business Succession Planning
Communication, governance, grooming and fair vs. equal are important principals to keep in mind when developing a succession plan.
-
ConfidenceMay 02, 2022
Family focus: The non-technical or family component of succession
The best succession plans focus on the non-technical component such as family communication, family values, family dynamics and family expectations.
Insights
-
Agility
May 19, 2022
Crypto asset mining – A review of recent proposals
Proposed amendments to tax rules around crypto assets could impact business engaged in crypto mining activities. We explore how new definitions shift GST / HST costs under the proposed changes.
-
Agility
May 17, 2022
The power of putting people first
For your organization to thrive in a modern and competitive workforce, you may need to shift your mindset and your approach towards employee satisfaction.
-
Agility
May 13, 2022
[Listen] Digital transformation and the path to stronger, safer, and more efficient cities
Digital Services partner Wendy Gnenz visited Municipal World’s MW Presents Podcast to discuss how technology is shaping the present and future of Canadian municipalities.