GBA LLP Blog

Canadian Chamber of Commerce to award 62 $10K Grants to Small Business

Posted by Trevor Buttle on Jun 3, 2020 2:16:33 PM

The Canadian Chamber of Commerce will distribute 62 grants of $10,000 to small Canadian Businesses.  The funds are being donated by Salesforce (NYSE:CRM).

Application deadline is June 12th at 8 pm ET.  Funds will be distributed shortly after successful applicants have been announced in late June.

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Topics: General

Commercial Rent Assistance

Posted by Trevor Buttle on Apr 27, 2020 4:27:07 PM

The Canadian Government reached an agreement in principle with all provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program will lower rent by 75 per cent for small businesses that have been affected by COVID-19.

The program will provide forgivable loans to qualifying commercial property owners to cover 50% of three monthly rent payments that are payable by eligible small business tenants who are experiencing financial hardship during April, May, and June.

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Topics: General, COVID

Prepare to Apply for the 75% Wage Subsidy

Posted by Trevor Buttle on Apr 27, 2020 4:08:43 PM

Ready, Set, Go!

Today, April 27th, 2020, certain employers will be able to apply to receive the 75% Canada Emergency Wage Subsidy (CEWS). 

This temporary subsidy, which is available to qualifying employers who have lost revenue during the COVID-19 crisis, provides an amount to employers equal to 75% of employees' remuneration paid, up to a maximum of $847 per week per employee from March 15, 2020 to June 6, 2020.

CRA notes that employees who have been laid off or furloughed, must be rehired and paid before they can be included in the subsidy calculation.

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Topics: General, COVID

75% Wage Subsidy Updates

Posted by Trevor Buttle on Apr 19, 2020 1:16:51 PM

75% Wage Subsidy (CEWS)

Updated April 19, 2020

The Canada Emergency Wage Subsidy (CEWS - the 75% Wage Subsidy) was passed into law on April 11, 2020.  This law amends the Income Tax Act to introduce an emergency wage subsidy as part of the COVID-19 response, specifically it details the 75% wage subsidy and how it can help businesses during this unprecedented time.

It is a complex law.  Bill C-14 encompasses about 11 pages, and about 5 of them are definitions of terms that have not been used in the Income Tax Act before, or they are very specific to this provision.  You should consult your tax professional if your situation is not straight forward.

Previously, it was indicated that the government wanted to provide an enhanced Wage Subsidy (75%) to help employers keep workers on the payroll.  Here are some of the details that were initially released with the recent changes.

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Topics: General, Tax, COVID

April 16th Changes to CEBA and Commercial Rent Relief (CECRA)

Posted by Trevor Buttle on Apr 18, 2020 2:20:20 PM

Canada Emergency Business Account

On April 16th, the Prime Minister, Justin Trudeau, announced an expansion to the Canada Emergency Bank Account (CEBA).

Now businesses that had payroll in 2019, as evidenced by their T4 Summary remittance, of between $20,000 and $1,500,000, are eligible for the $40,000 loan program at 0% interest.  This new range replaces the prior range of $50,000 to $1,000,000.

Since the launch of CEBA, more than 195,000 loans have been approved by financial institutions, which represents approximately $7.5 billion in credit made available to small and medium sized businesses.

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Topics: General, COVID

CERB and 75% Wage Subsidy Updates

Posted by Trevor Buttle on Apr 9, 2020 5:26:20 PM

In this blog we wanted to talk about the latest changes in Canada's incentive programs.

Over the past couple of days, there have been a number of announcements with clarifications or minor modifications made to some programs.

CERB ($500/week) for Workers

The CERB opened for applications on Monday April 6th, 2020. The application process turned out to be surprisingly efficient and easy. Applicants must attest but they've been out of work at least 14 straight days, and that their unemployment was caused COVID 19. Even applications done over the phone are quick and easy, and take about four minutes to complete.

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Topics: General

April 1st 75% Wage Subsidy Update

Posted by Trevor Buttle on Apr 1, 2020 5:15:14 PM

Earlier today Finance Minister Bill Morneau announced further details about the 75% wage subsidy.

The following is a summary of what was disclosed today and last week:

  • The wage subsidy will reimburse employers 75% of an employee's salary, to a maximum of $847 per week, per employee,
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Topics: General, Tax

The 75% wage subsidy and other updates

Posted by Trevor Buttle on Mar 30, 2020 4:11:01 PM

75% Wage Subsidy 

Last Friday, the government announced the 75% wage subsidy.  Today, details were announced that eligible businesses would have had to experience a 30% drop in revenue.  The definition of drop in revenue has not yet been defined - is it Revenue to Budget?  Revenue to Prior Year?  Revenue to Prior Month? What about Revenue that has been booked but the customer can no longer pay?  Still many questions to answer - hopefully the next couple of days will shed some light on these and other questions.

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Topics: General Tax Information, General

CRA deadlines for COVID-19 and Your Business

Posted by Trevor Buttle on Mar 24, 2020 5:52:13 PM

 

COVID-19 and Your Business

Today we wanted to update you on the CRA deadlines, extensions and other important information that has been implemented during the Corona Virus outbreak.  Today's compilation is in part from the CRA website and CPA Canada, our regulatory body.

 

Filing Deadlines

Personal tax returns originally due by April 30th have been extended to June 1st.  Amounts originally due on April 30th, have also been been extended to September 1st.  This means that you will not incur interest or penalties if you pay the amount on your personal taxes owing by September 1st.

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Topics: General Tax Information, General

Federal Government Wage Subsidies for COVID-19 Your Business

Posted by Trevor Buttle on Mar 24, 2020 3:26:33 PM

 

COVID-19 and Your Business

Today we wanted to take a moment to talk about the 10% wage subsidy that the federal government has implemented. We have been receiving many calls from our customers looking for some direction of how to take advantage of this subsidy.  

 

Who is Eligible

You are an eligible employer if you:

  • are a non-profit organization, registered charity, or a Canadian-controlled private corporation (CCPC);
  • have an existing business number and payroll program account with the CRA on March 18, 2020; and
  • pay salary, wages, bonuses, or other remuneration to an employee.

Note, CCPCs are only eligible if their taxable capital for all associated companies is less than $15 million.

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Topics: General Tax Information, General

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