Tax Deadline June 1, 2020 Quickly Approaching

Date: May 4, 2020 The deadline for filing your 2019 income tax return is extended to June 1st, 2020 and the deadline to pay is now extended to September 1st, 2020. There will be no penalties and interest if the amount is paid by September 1st, 2020 and the return is filed by June 1st, Read more…

Canada Emergency Commercial Rent Assistance – CECRA

Date: April 25, 2020 The Canadian government reached an agreement to implement the Canada Emergency Commercial Rent Assistance (CERCA) with the provinces. This program will lower rent by 75% for small business that have been affected by COVID-19. The Ontario government program is referred to as Ontario-Canada Emergency Commercial Rent Assistance program (OCECRA). Not-for-profit and Read more…

Canada Emergency Wage Subsidy (CEWS)

Update: April 21, 2020 The government has been changing the rules constantly in respect to the wage subsidy. In my example below, total wages are $41,170.33 and the government will provide a subsidy of $30,692.31. Therefore, the total net wages for the month is $10,478.02. And so, the company will be out of pocket on Read more…

COVID-19 PROGRAMS

The PDF file lists the different programs available under the COVID-19 Economic Response Plan

Canada Emergency Wage Subsidy

Please review the following financial measures provided by the Government of Canada in dealing with COVID19. The Canada Emergency Wage Subsidy The federal government has announced a wage subsidy to cover 75% of salaries for businesses that qualify for up to 3 months.  The subsidy is retroactive to March 15, 2020.  The purpose of the wage Read more…