Canada economy update

To help support this transition to working from home, in the government permitted workers to use a temporary flat rate method to calculate their deduction for home office expenses. As workplaces around the country continue to grapple with the return to the office, many Canadians continue to work from home for all or part of their jobs. These rules will apply to the and tax years.

The government has introduced legislation to extend the caregiving and sickness benefit until May 7, , and increase the maximum duration of benefits by two weeks. This would extend the caregiving benefit from 42 weeks to 44 weeks and the sickness benefit from four weeks to six weeks. In order for our economy to recover and grow, we need to make sure to support the creation of good jobs in sectors across the economy.

On November 24, , the government introduced the necessary legislation to extend the Canada Recovery Hiring Program until May 7, , for eligible employers with current revenue losses above 10 per cent, and to increase the subsidy rate to 50 per cent. The Tourism and Hospitality Recovery Program would provide support through wage and rent subsidies to organizations in the tourism and hospitality sectors such as hotels, tour operators, travel agencies, restaurants and organizations that plan and host festivals or live performances, with a subsidy rate of up to 75 per cent.

The Hardest-Hit Business Recovery Program would provide support through wage and rent subsidies to organizations that have faced deep losses, with a subsidy rate of up to 50 per cent. The Local Lockdown Program would provide organizations that face new local COVIDrelated lockdowns with up to the maximum amount available through the wage and rent subsidy programs. Since the beginning of the pandemic, supply chain disruptions around the world have made it harder for Canadians and businesses to get the products and supplies they need, and in many cases are contributing to rising prices.

The recent devastating flooding in British Columbia has only exacerbated these pressures. The credit amount would be equal to the eligible farming expenses attributable to backstop jurisdictions in the calendar year when the fuel year starts, multiplied by a payment rate for the fuel charge year.

Businesses can claim these refundable tax credits through their tax returns that include the and calendar years. The partnership would calculate the total amount of eligible farming expenses and each partner would then calculate their credit entitlement based on their proportionate interest in the partnership.

To be eligible farming expenses, expenses must also be attributable to one or more backstop jurisdictions. For businesses operating in multiple jurisdictions, eligible farming expenses would be apportioned by jurisdiction. Canada is working with its international partners to bring a multilateral agreement into effect that includes a two-pillar plan for international tax reform.

In the meantime, the Government is proposing that the DST will be imposed as of January 1, , but only if the multinational agreement has not come into force by that time.

In that event, the DST would be payable as of in respect of revenues earned as of January 1, This article has been published for general information.

You should always contact your trusted advisor for specific guidance pertaining to your individual tax needs. This publication is not a substitute for obtaining personalized advice. Our tax professionals will help you maximize tax-planning opportunities and ensure the minimum amount required by law is paid.

Underused Housing Tax. Luxury Tax. Enhanced Support for Teachers. Home Office Expense Deduction. Digital Service Tax. But this is a group of folks, for whatever reason -- I'm not going to point fingers -- they're not vaccinated at a high rate," Costello said, citing "very independent-minded" drivers. Larger truck companies can likely absorb the Jan. But smaller firms may be hit harder. Labour shortages stemming from Omicron are indeed denting essential sectors, said Laurel Lennox, spokesperson for Transport Minister Omar Alghabra.

The Canada Border Services Agency said in an email it will have "mechanisms" in place to facilitate cross-border trucking, but that it "will not compromise the health and safety of Canadians for the sake of border wait times. Federal Conservative Leader Erin O'Toole warned last week that "we're going to see prices skyrocket for groceries, for everything," and that the Liberal government's vaccine mandate would spark "division and pink slips.

The job vacancy rate in transportation and warehousing hit 5. However, the Trucking HR Canada trade group says the number of vacancies among truck drivers in particular rose 20 per cent from the second quarter of to 22, jobs, for a vacancy rate of about eight per cent between July and September. The CME has sent a letter to PMJT asking him to postpone the trucker vaccine mandate that's set to come into effect on Saturday, over supply chain concerns. Vehicles sit idling on Thousand Island Parkway waiting to cross into the U.

Stay on top of what's happening on the Hill with Rachel Aiello's updates on the minority Parliament when it's in session. Reddit Share. The vaccine mandate has started to impact operations. Food and agricultural products could also feel the squeeze. Related Stories Canada resists pressure to drop vaccine mandate for cross-border truckers.

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