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Record of Employments (“ROE’s”) Need to prepare ROE’s for your employees?. You'll likely have to process ROE's online (Go here).
- For those who are self-employed or normally exempt from contributing to EI and who are sick, self-isolating or caring for some else who is sick, you’ll be eligible for the Canada Emergency Response Benefit (“CERB”) program. You’ll have to enroll online through your CRA My Account. Funds are expected to be paid within about a week, depending on whether you are registered for direct deposit or not. We encourage you to check out the CERB link to determine your eligibility and how to apply. You will require information from your last filed personal tax return and your access will be delayed about a week until you obtain a verification code by mail. Please contact us should you require any information to assist you with this.
- The Canada Emergency Wage Subsidy (“CEWS”) is available to most employers as a subsidy to help cover up to 75% of the gross pay of your employees, currently for 9 4-week periods March 15 to November 21, 2020, up to $847 per week per employee. For the first four periods, eligible employers must demonstrate a year over year decline in revenues of 15% for March and a 30% reduction for April, May or June 2020. Revenue comparisons can also be compared with the average of January and February 2020. Non-arms' length employees are eligible, but must have been hired before March 15, 2020. Application will be made via CRA's My Business Account portal or a web-based application, which are both in progress of being set up. The application can be for any qualifying period before October 2020. For periods starting after July 5th, the subsidy rates are adjusted depending on your drop in revenues. Please contact us for further details as to how to implement CRA's adjusted subsidy claims for these periods
- The 10% Temporary Wage Subsidy is still available as a reduction of source deduction remittances, but only for payrolls paid from March 18th to June 19th. Any CEWS claims for these periods will be reduced by this subsidy.
- There are several deferrals in place, mainly for filing and paying personal tax returns and paying corporate income tax balances and instalments. Most federal tax filing and payment deadlines have now been extended to September 30th GST/HST remittances may also be deferred to September, however these returns still need to be filed on time.
- The Canada Emergency Business Account (“CEBA”) is an interest free loan of up to $40,000 to small businesses and not-for-profits, to help cover operating costs during a period where their revenues have been temporarily reduced. There is a possible forgivable portion of $10,000. Applications are processed through your existing bank. Applicants will require a business account and an annual payroll from $20,000 and up to $1.5 Million, or if under $20,000 of payroll, have between $40,000 and $1.5 Million of eligible non-deferrable expenses..
- The Business Credit Availability Program (“BCAP”) has been established to provide small and medium-sized businesses (“SME’s”) additional credit support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC), involving loan guarantees for new operating credit and cash flow term loans of up to $6.25 million to SME’s.
- The Canada Emergency Commercial Rent Assistance ("CECRA") provides government funding of up to 50% of gross commercial rent, with tenants responsible for no more than 25%. Applications are currently being processed through the CMHC. Non-arms-length commerical rentals with formal leases at market rates may apply as well.
- WSIB – all Ontario businesses covered by workplace insurance can now defer reporting and payments until August 31,2020.
We continue to monitor events evolving across Canada as the country continues its efforts to fight the health and economic effects of the Covid-19 virus pandemic.
Here are some of the essential updated government programs that we continue to be asked about:
Owe personal or corporate tax? Many balances have been further extended by CRA to September 30th. Check with us for details.
If you're still looking to file your Personal Tax Return, you are welcome to upload your personal tax information to your secure Citrix ShareFile folder with the firm. If you do not have one or need to reinitialize your access, please let us know.