To our valued clients,
In this time of uncertainty, the safety and well-being of all our clients, staff, and community is our top priority. In response to the most recent updates on the Covid-19 pandemic, we have implemented several measures to ensure everyone’s health and safety, while maintaining the highest possible level of service.
As a result, our office will be closed to the public effective 5pm on Thursday, March 19, 2020 but we will continue to operate and remain dedicated to meeting all your corporate and personal tax and accounting needs.
The government has provided an extension to the personal tax filing deadline to June 1, 2020 as well as an extension to pay if you have a balance owing until August 31, 2020. Businesses will also be exempt from any interest or penalties from CRA on late payments effective March 18, 2020 until August 31, 2020.
You can continue to send your personal tax and corporate year end documents to us via the following methods:
We have also instituted online invoice payments for your convenience and protection.
Please refer to our website and our Facebook page for updates on the current situation and timely tax and accounting advice. Thank you for your patience and understanding during this time.
The Government of Canada has just released the new Canada Emergency Response Benefit (CERB) for all Canadians unable to work as a result of Covid-19.
This replaces the previously discussed Emergency Care Benefit and the Emergency Support Benefit.
Find more information on the financial measures introduced by the Government of Canada in response to COVID-19 on the Government of Canada website.
CRA is providing additional financial support to those affected by COVID-19 in addition to the measures previously discussed. Some of our measures include:
For more information, visit the Canada Revenue Agency’s Update on the COVID-19 Pandemic.
CRA will be suspending collection activities on new debts until further notice and will be addressing pre-existing situations on a case-by-case basis.
For more information, visit the Canada Revenue Agency’s COVID-19 Collections, Audits & Appeals site.
CRA has introduced a temporary wage subsidy that will allow eligible employers to reduce the amount of payroll deductions they are required to remit to the Canada Revenue Agency (CRA).
Increase to the Wage Subsidy
It was announced that the wage subsidy for small and medium-sized business has been increased to 75%, up from 10% previously promised. There has been no announcement if the individual amount per employee has been increased from $1,375 or if the maximum amount per employer has been increased from $25,000. The measure has been backdated to March 15. More information on the changes is expected over the weekend.
For more information, visit the Fulcrum Group Blog Article.
This information was updated on March 27, 2020.
The Government of Alberta has announced measures to provide immediate financial support to small and medium-sized businesses during the COVID-19 outbreak:
For more information please view the WCB Relief Information PDF.
On March 27, 2020 the Government of Canada announced additional support for Canadian business from the economic impact of COVID-19.
A special emergency business account has been launched for small businesses that will see banks offer $40,000 of government-guaranteed loans to qualifying companies and not-for-profits. To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019. The loans will be interest-free during the first year, and repaying the balance of the loan on or before December 31, 2022, will result in loan forgiveness of 25 percent (up to $10,000). Small businesses and not-for-profits should contact their financial institution to apply for these loans.
Payments for GST/HST remittances have been deferred. The Minister of National Revenue will extend until June 30, 2020, the time that:
Businesses in need of information about their particular obligations may contact the Canada Revenue Agency or refer to its website.