Please find following a summary of the legislation, courtesy of an anonymous friend. Will post details of how to apply as soon as it is available. In the meantime, please ensure your business is able to apply by starting a ‘My Account’ and a ‘My Business Account’ with CRA. I hope you and your family…
News
Further information on wage subsidy
Today, April 1, 2020, the Canadian government has released further information on the 75% wage subsidy: The subsidy is concurrent with the 10% subsidy, ie. if you do not qualify for the 75% subsidy, you can still continue to take the 10% subsidy.To be eligible, you must have a reduction of 30% of your gross…
Here's what small businesses need to know about the government's COVID-19 hardship measures
Jamie Golombek: Here’s how the program works, how to get the subsidy and more Here’s what small businesses need to know about the government’s COVID-19 hardship measures Jamie Golombek March 27, 20209:23 AM EDT Last UpdatedMarch 27, 20205:05 PM EDTFiled under Many small businesses, along with non-profits and charities, in Canada may be particularly hard-hit…
Moratorium on Alberta WCB premiums
The Government of Alberta has recently announced new premium relief measures for private sector employers. Invoices for 2020 premiums have been stopped for the remainder of the year. Payments already made towards 2020 premiums will be automatically refunded to employers. You do not need to call in to request reimbursement. For more information, see our employer…
Tax filing and payment deadlines
As of the writing of this post, these are the current tax filing and payment deadlines: T1 personal tax returns – to be filed by June 1, 2020 except for the self employed, who have until June 15, 2020. Taxes to be paid by September 1, 2020. T2 corporate tax returns – those due after…
Trudeau announces increased wage subsidy, GST payment deferral, interest free loans for small busines.
Details on these programs are still developing, but this is the announcement this morning. Will keep you posted as I find out more: COVID-19: Trudeau announces increased wage subsidy for businesses
Government help to help businesses and their workers - in response to question by a client - what does it all mean?
Helping Businesses Keep their Workers To support businesses that are facing revenue losses and to help prevent lay-offs, the government is proposing to provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy…
I am moving and joining Holtzman Hunter-Moffatt LLP, Chartered Professional Accountants
I am pleased to announce that I will be joining the firm of Holtzman Hunter-Moffatt LLP, Chartered Professional Accountants, effective February 1, 2020, at Suite 102, 150 Chippewa Road. https://www.holtzmanllp.com/contact_us.html Most importantly, I want to assure you that you will continue to receive reliable and timely accounting services in the years ahead. I am not…
Update on 75% wage subsidy
As per article in Financial Post – https://business.financialpost.com/news/economy/canadian-press-newsalert-large-business-non-profits-charities-all-eligible-for-wage-subsidy-trudeau-says OTTAWA — A promised federal wage subsidy to cover three-quarters of salaries will go to any company — large, medium or small — charity or non-profit that can show it has seen revenues drop sharply due to COVID-19. The 75-per-cent subsidy on wages meant to cushion the…
IRS releases guidance on tax deadline postponement
By Michael CohnMarch 25, 2020, 10:52 a.m. EDT The Internal Revenue Service posted a frequently asked questions page about the recently announced delay in tax filing and payments until July 15 because of the novel coronavirus pandemic. The Treasury Department announced the postponement of the tax deadline last Friday in response to growing calls to delay the April…
Temporary Wage Subsidy for Employers - New information from CRA
On this page What is the Temporary Wage Subsidy for Employers?Which employers are eligible?How much is the subsidy?How do I calculate the subsidy?How will I receive the subsidy?When can I start reducing remittances?What if subsidies exceed the remittances?Will the subsidy affect deductions from my employees?What if I don’t reduce remittances during the year?What books and…
Alberta provincial Measures to protect employers and employees from the economic disruption of COVID-19 and position Alberta for recovery.
Overview The Alberta government will provide immediate funding and supportive measures to support local businesses, employers and employees. Support for employers Corporate income tax changes Corporate income tax balances and instalment payments will be deferred from March 19 until August 31, 2020 to increase employers’ access to cash so they can pay employees, address debts…