On January 12, 2022, the government of Canada announced that the repayment deadline for the Canada Emergency Business Account (CEBA) loans to qualify for partial loan forgiveness is being extended from December 31, 2022, to December 31, 2023, for all eligible borrowers in good standing.
Repayment on or before the new deadline of December 31, 2023, will result in loan forgiveness of up to a third of the value of the loans (meaning up to $20,000).
The repayment deadline to qualify for partial forgiveness for CEBA-equivalent lending through the Regional Relief and Recovery Fund is also extended to December 31, 2023.
To read the full news release please click here.
If you would like more information on this topic, please contact a member of the Empire CPA team by filling out the contact form below.
Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.
CEBA Loan Forgiveness Repayment Deadline Extended January 13, 2022 On January 12, 2022, the government of Canada announced that the repayment deadline for the Canada
Canada Recovery Hiring Program – Explained May 31, 2021 In an attempt to jump-start Canada’s jobs recovery, the Federal Government introduced The Canada Recovery Hiring
Top Tips for Protecting Yourself From COVID-19 Related Scams March 24, 2021 Fraudsters and cybercriminals are getting increasingly sophisticated in their attempts to get a
The BC Launch Online Grant Program – What You Need To Know March 9, 2021 What is the BC Launch Online Grant Program? The BC