Business
Alex Bainov

Canada Emergency Business Account (CEBA) due to COVID-19

Canada Emergency Business Accounts On March 27, 2020 the Government announced (along with other announcements) that the business will have access to the Canada Emergency Business Account (CEBA) through the financial institutions.  Basics of CEBA $40,000 government guaranteed loan to help eligible businesses pay for operating expenses, payroll and other expenses CEBA will be funded a revolving line of credit for $40,000 until December 31, 2020 After December 31, 2020, any outstanding balance will be converted into a non-revolving 5 year term loan WITHOUT INTEREST until January 1, 2023 (see notes on interest below) The term loan will mature on

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Business
Alex Bainov

U.S. Transition Tax

NEW BURDEN FOR CANADIANS WITH U.S. CITIZENSHIP There are many reasons as to why a person may want to maintain dual citizenship with another country. It may be to allow for easier travel, or ability to work without acquiring a special visa, or ability to stay in the country for an extended duration for family reasons. Whatever the reason, the latest tax changes in the U.S. may once again force some to reconsider maintaining the U.S. citizenship. Taxation based on citizenship   U.S. is one of the countries that bases its taxation on citizenship instead of residency. Consequently, a person

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