CEBA

[foragefarmer]

Heads up!

The dated has been extended to December 31/2023 for paying back of the loan portion.

My thought is this will give CRA auditors plenty of time to review and educate themselves on tax returns of those who received CEBA.

Yikes, more accounting bills!

[jazz]

More likely a way to put it off before another election is called.

[bucket]

This is going to be written off eventually.

Now, given the fact they gave them another year to repay, where are our farm groups ?

They should be asking for extensions and better interest free terms on our loans or advances.

But back to putting their heads in the sand.

[Richard5]

Heads up!

The dated has been extended to December 31/2023 for paying back of the loan portion.

My thought is this will give CRA auditors plenty of time to review and educate themselves on tax returns of those who received CEBA.

Yikes, more accounting bills!

No worries for me. Never took any of the covid programs.

Banker friend told me he has seen a few of reviews finally for small business and farms. Repayment letters demanding ceba repaid in full as not eligible. Whatever the rent one is also not eligible for farms as the land is not considered commercial property like a fixed building.

There will be some nice surprises someday, if you took the money keep it handy.

Maybe I should have taken the CEBA and threw it into oil stocks, and maybe that's what others did. Hindsight a huge pay back

[jazz]

There is a reason CRA has more staff than Canadas armed forces.

They will get it back and then some with the audits. But only after Trudeau has a majority.

[Partners]

Program ended in June.
Many small businesses could use it now with 80% loss in revenue..

[wrongway]

Heads up!

The dated has been extended to December 31/2023 for paying back of the loan portion.

My thought is this will give CRA auditors plenty of time to review and educate themselves on tax returns of those who received CEBA.

Yikes, more accounting bills!

I tried to pay back the loan portion. CU didn't know how. Eventually they ended up taking the whole $60k. I mentioned that I had already paid tax on the first $10k forgivable part. So then all $60k was reinstated. Finally the Correct amount of $40k was paid off. Crazy.

It would be just my luck though if everything is forgiven, lol. I just didn;t trust myself not to spend the money on crap I didn't really need.

[Old Cowzilla]

At RBC you can pay it off just like your credit card some every month if you want easy peasy.

[foragefarmer]

My accountant said if your giving CRA an excuse to audit your farming operation take the CEBA loan.

[SASKFARMER]

Then your accountant isn’t to right.
Right now Trudeaus collection dept at CRA ask people who owe money do you have hardship did Covid hurt you what can you pay back, how does a 100 a month ok but you still owe 2 mill.

[Old Cowzilla]

My accountant said if your giving CRA an excuse to audit your farming operation take the CEBA loan.

The CRA doesn't need any excuse to audit you it's just like calling Bingo numbers.