Earlier this year the Federal Government announced they will be extending the repayment deadline for Canada Emergency Business Account (CEBA) loans from December 31, 2022, to December 31, 2023.

If payment is made before December 31, 2023, all eligible borrowers in good standing will receive a loan forgiveness for 1/3 value of the loans (up to $20,000). Any outstanding loan starting January 1, 2024, will be converted into a two-year term loan that has an interest of 5% per annum.

To find out more about this deadline extension you may click here.

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For more information, contact one of our tax experts at SJ Chartered Accountants serving Mississauga, Etobicoke, Toronto & other surrounding areas in the GTA.