Here are five costly mistakes to avoid when putting together your return this year:
Millions of Canadians across the nation are reeling at the effects that the COVID-19 pandemic has had, not just on their social life, but on their pocketbook, too. While thousands of people who have been infected are dealing with terrifying health issues, millions of others are placed under incredible financial stress thanks to the loss… Continue reading What is the Canada Emergency Business Account (CEBA)?
Temporary Wage Subsidy Summary The subsidy was effective March 18, 2020 and is equal to 10% of the employee wages to a maximum of $1,375 per employee and $25,000 per employer.This benefit will reduce an employer’s remittance of payroll withholdings to CRA.Eligible employers include corporations eligible for the small business deduction, non-profit organizations, charities, partnerships… Continue reading COVID-19 – Canada’s Temporary Wage Subsidy (CTW)– FAQ
We caution readers that due to the fluidity of the situation that the information may change on a daily basis. We will continue to update the examples as new information is provided. This post was revised on April 5th, 2020. On April 1, 2020, the Federal Government provided details on two subsidy programs connected to COVID-19, the Canada… Continue reading COVID-19 – Canada’s Emergency Wage Subsidy (CEWS) – FAQ
The Federal and provincial governments have announced extensions to the various tax filing and payment deadlines to help taxpayers affected by the economic disruption from COVID-19. This is a summary of the changes announced to March 30, 2020. Federal tax filing updates The tax filing deadline for individuals will now be June 1, extended from… Continue reading GOVERNMENTS EXTEND TAX FILING AND PAYMENT DEADLINES
Following advice from Ontario’s Chief Medical Officer of Health, on April 3, 2020, Ontario updated the list of essential businesses that can remain open. The restrictions are aimed at further reducing contact between people and stopping the spread of COVID-19. By 11:59 p.m. Saturday, April 4, 2020, businesses that are not identified on this list… Continue reading By 11:59 p.m. Saturday, April 4, 2020, businesses that are not identified on this list must close their physical locations.
Canadian Emergency Response Benefit (CERB)Fact Sheet Who can apply for the CERB ?• Any resident of Canada who is 15 years old or older, and who, for 2019 or in the 12-month period preceding the day on which they make an application has a total income of at least $5,000 from:o employment; oro self-employment; or… Continue reading Canadian Emergency Response Benefit (CERB) Fact Sheet
The Ontario government is coming down hard on price gougers. If you see anyone taking advantage by jacking up prices on essential items, they want to hear about it.https://www.ontario.ca/…/report-price-gouging-related-covid… or 1-800-889-9768 (Monday to Friday) How we are helping... MOMs is helping during this COVID-19 Pandemic. We are offering 30% off ALL types of tax Returns! If… Continue reading Report Price Gouging
SUMMARY OF GOVERNMENT PROGRAMS FOR COVID-19 As of March 27, 2020 Small Business Owners and Entrepreneurs – 75% SubsidyEarlier today Prime Minister Justin Trudeau announced an increase in the previously announced wage subsidy for eligible employers from 10% to 75% of wages paid during the qualifying period. This is a retroactive announcement that takes effect… Continue reading SUMMARY OF GOVERNMENT PROGRAMS FOR COVID-19
1. What is the Temporary Wage Subsidy for Employers? The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA). 2. Which employers are eligible? You are an eligible employer if you: are a… Continue reading Temporary Wage Subsidy for Employers
One of the areas of uncertainty for people is when they are incorporated. Is being a shareholder defined as "self employed"? The answer is No...not usually. Now it is is possible the government will change this definition, however, I am very doubtful and skeptical of it. However, there is a bit of relief. Many business… Continue reading Shareholder vs Self Employed during COVID19