GBA LLP Blog

75% Wage Subsidy Extended Until August

Posted by Trevor Buttle on May 15, 2020 12:44:33 PM

Today, Prime Minister Justin Trudeau said the 75 per cent federal wage subsidy program is being expanded by three months, to the end of August to assist employers as they look to reopen their businesses.

Companies that saw their revenues drop by 15 per cent in March or 30 per cent in April and May are eligible for the program — but Trudeau hinted changes could be coming to that threshold.


"As businesses start up again, this shouldn't become a barrier to growth."  He said this aspect of the program will be one explored during talks with business and labour stakeholders in the weeks ahead.

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Topics: General Tax Information, Tax, COVID

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

COVID-19 and Your Business

Posted by Trevor Buttle on Mar 17, 2020 3:12:41 PM

 

COVID-19 and Your Business

We have been receiving many calls from our business customers and what they should do with respect to COVID-19 or Corona Virus.   We wanted to take this time to give you some brief information about Employment Insurance.

The Federal Government has waived the one week waiting period for EI due to sickness benefits.  Meaning that the employee will receive payment as soon as they apply for EI.  Payments are made bi-weekly, and their first payment is likely to be 3 weeks out.

For Your Business

From an employers' perspective, you have 5 days to issue the Record of Employment (ROE).  The ROE is generally filed on line and the employee will receive a copy on-line as well. This link will take you to the Service Canada page for filing the ROE.

The following codes should be used when completing the ROE for your employee:

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Topics: General Tax Information, General

Is the Threat of a CRA Audit Keeping You Up At Night

Posted by Trevor Buttle on Oct 23, 2019 4:20:47 PM

 

CRA Audits Increasing Every Year

Do a Google search on CRA (Canada Revenue Agency) Audits and you will find hundreds of articles about how CRA is spending more money to hire more auditors and improve statistical analysis to improve targeted audits. A few years ago, CRA reported to Parliament that random audits detected significant non-compliance in 12.2% of cases.  However, targeted audits based upon certain risk assessments detected a whopping 46.7% of non-compliance. To this end, CRA has proposed to increase spending by $1.2 billion by 2024-25 to hire new auditors to improve tax compliance -- and they expect to recover and collect $5.8 billion more in taxes as a result.

We should first understand why taxpayers get audited, then we can talk about things you can do to alleviate the anxiety.  So what activities or characteristics will increase your risk of getting audited?

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Topics: General Tax Information, General

CRA Audit Alert - Vehicle Expenses Audit Project

Posted by Shawn Kelman on Oct 8, 2019 11:27:14 AM

 

CRA Audit Project - Reviewing Your Vehicle Expenses

The team at GBA have observed an increased number of CRA reviews and audits surrounding vehicle expenses.  We normally see a number of these each year, but this year, we feel like it has become a project for CRA to target these expenses, and we feel that it is important enough to not only tell our clients how they can ensure that they are protected, but to tell the general public as well by way of this blog.

These expenses can be found in several scenarios with individual and/or corporate taxpayers.  With individual taxpayers, if you are using your vehicle as part of your business as a sole proprietor, or as part of employment expenses, your risk of being audited has increased over the past year.  So, if one of the above situations applies to you, please continue to read the following as we explain how to audit proof your taxes.

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Topics: General Tax Information, General

It’s Tax Time, and the scammers know that too!

Posted by Trevor Buttle on Mar 11, 2019 5:56:48 PM

 

March and April is often a very stressful time for most Canadians. Generally, it is the time of year that we all dread – preparing our taxes. At GBA, we help thousands of people file their taxes every year, and every year, we get numerous call from our clients often in a panic, asking us questions about messages that they have already received from the Canada Revenue Agency (CRA). Therefore, we thought this would be a good time to address some of the usual questions about scams vs real CRA agents.
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Topics: Personal Taxes, General Tax Information

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