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Scarrow Yurman & Co is an innovative practice with the right mix of professional skills, industry experience, and forward-looking perspective. Exceptional service with a personal touch is the cornerstone of our business. Clients rely on us to keep pace with accounting and tax trends, listen to their needs, and remain innovative in our processes and use of technology—so you always get our best! We typically work with owner-managed businesses in York Region and the GTA whose annual revenues range from $1M to $100M. Some of the industries we serve include:

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October 5, 2023
October 26, 2023

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CEBA Repayment Deadline Extended: Some Issues

On September 14, 2023, the Department of Finance provided details on extending the deadline for Canada Emergency Business Account (CEBA) repayments, including the following key elements:

  • the deadline to qualify for partial loan forgiveness (by paying the non-forgivable portion) has been extended from December 31, 2023 to January 18, 2024;
  • if a refinancing application is made with the financial institution that provided the CEBA loan by January 18, 2024, the deadline to qualify for partial loan forgiveness will be extended to March 28, 2024;
  • as of January 19, 2024, outstanding loans will convert to three-year term loans subject to a 5% annual interest rate regardless of whether refinancing is sought; and
  • the previous final repayment deadline of December 31, 2025 has been extended to December 31, 2026.

Financial institutions will contact CEBA loan holders directly regarding their loans. The above changes also apply to CEBA-equivalent lending through the Regional Relief and Recovery Fund

ACTION: Ensure you fully understand the deadlines to avoid missing the partial loan forgiveness.

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