PDC Accounting
1593 Ellis Street V1Y 2A7 Kelowna, BC, Canada

New Blog post... This is a big one people! courtesy of our partner Sukhraj Gill (Follow Your Evolved Accountant to get more of his original content). CERB officially ended last month so there's a lot of new programs going forward that you should see how and what financial aid you may qualify for. #CERB https://pdco.ca/cerb-ended-now-what/

From all the families at the office we wish everyone a very happy and safe All Hallows’ eve!!

For anyone who has already decided they’re vote, today is the last day of advanced polling for the election. Check out the link below to see how the pandemic has changed the way our voices will be heard. https://www.kelownacapnews.com//heres-how-voting-amid-a-p/

Today we celebrate our friend and PDCO family member who's been with us since 2015! Although life circumstances have moved you to the coast, you are, and always will be an invaluable part of our accounting team but most of all, irreplaceable within the PDCO firm. From all of us at the office, we thank you from the bottom of our hearts for your dedication, time, and excellence.... Today I have been with PDC Business & Tax for 5 years. I am impressed and flattered by this achievement. Through the highs and lows I have been supported by this firm. When I had major surgery, I was offered the choice of a housekeeper or prepared meals through recovery. (I picked meals-thank you so much Milene) Now, through Covid-19 they have supported my desire to be near family., enabling me to work remotely near her. Thank you so much again, thank you for your value’s, thanks for your support - Elyse Hope the flowers serve to brighten up your home office on this anniversary.

New Instgram page launched today!! https://www.instagram.com/pdco.accounting.evolved/ Keep in mind, its hot off the presses so there will be more on there in the following weeks but we'd love any support and follows from this crew.... Thanks!

Gratitude is a powerful catalyst for happiness. It’s the spark that lights a fire of joy in your soul. Amy Collette. From the families at PDCO, we want to send out so much gratitude to all our past, present, and future clients.

A reminder to anyone with an amount owing on their taxes that filed after the June 1, 2020 deadline. There’s no penalty as long as it’s paid in full by Sept 30th!

PDC Accounting. Evolved is excited to announce that Sukhraj Gill, CPA, CA has joined the partnership. He has over 10 years of experience providing accounting, taxation and advisory services and looks forward to working with you!

Once you determine you are eligible for the Canada Emergency Wage Subsidy (CEWS), you will need to prepare a few calculations required for the application. Here is a link to CRA's CEWS calculator which you can use to assist in determining some of the figures you will need for the application, as well as estimating your expected subsidy. https://www.canada.ca///cews-calculate-subsidy-amount.html

April 8th, 2020 the Government of Canada has shared new information regarding the 75% Canada Emergency Wage Subsidy; with some changes to the previous announcement. Disclosed below are the changes from our last post. (a) Revenue test the government has loosened the declining revenue criteria in the month of March by changing it from 30% to 15%. The 30% revenue test remains intact for the months of April through to June. The other notable change, in addition to the year-ov...er-year revenue calculation, is an alternative benchmark in calculating the change in revenues. We now have two methods of determine your change in revenue. Under this approach, employers would be able to compare their revenue using an average of their revenue earned in January and February 2020. For example, assume your revenues in January and February were $100,000 and $140,000 for a monthly average of $120,000. If your March 2020 revenues dropped to $90,000, your business would suffer a 25% drop in revenues which is greater than the 15% threshold. If revenues for any of the months April, May, or June drop to $84,000 or lower, your business would suffer a 30% drop in revenues and eligible for the wage subsidy. One caveat is that you are required to select only one approach, and apply it throughout the program period. That means you can’t alternate between the two methods. (b) Accrual or cash method the government has also allowed business owners to calculate the revenue noted above using the accrual or cash method. I find this one interesting and could benefit those where cash collection of sales/accounts receivable have significantly dropped in 2020 compared to 2019. I recommend you start reviewing the historical revenues and cash collected from 2019. Then comparing that to your actual March 2020 figures and forecasted estimates for April and subsequent months. Again, similar to the revenue test, once you have chosen the accounting method you will be required to use that method throughout the program period. (c) CPP and EI Refund the government is also proposing to expand the CEWS through a refund of CPP and EI taxes paid by the employer. This is a 100% refund for each week throughout which those employee are on leave with pay and for which the employer is eligible to claim for the CEWS for those employees. In general, an employee will be considered to be on leave with pay throughout a week if that employee is remunerated by the employer for that week but does not perform any work for the employer in that week. More information about this new CEWS can be found here: https://www.canada.ca//economic-response/wage-subsidy.html

As promised the Government of Canada announced details with respect to the Canada Emergency Wage Subsidy (CEWS) today. A summary follows with details from the Government of Canada Website further down. The Federal Government will cover up to 75% of each employee’s salary on the first $58,700 that they earn this year, or up to $847 per week. The program is effective for a 12-week period, from March 15 to June 6, 2020. To be eligible, a business’ revenue has to have dec...reased by at least 30%. Eligible employers include employers of all sizes and across all sectors of the economy, with the exception of public sector entities. For non-profit organizations and registered charities similarly affected by a loss of revenue, the Federal Government will continue to work with the sector to ensure the definition of revenue is appropriate to their circumstances. The Federal Government is also considering additional support for non-profits and charities, particularly those involved in the front line response to COVID-19. Further details will be announced in the near term. An eligible employer’s entitlement to the CEWS will be based entirely on the salary or wages actually paid to employees, and employers will be expected to at least make best efforts to top up salaries to 100% of the maximum wages covered. Applications for the subsidy will begin in about 6 weeks and via the My Business Account with CRA. Employers not eligible for the 75% wage subsidy may still be eligible for the 10% wage subsidy previously announced. Details on that program can be found by clicking the link below https://www.canada.ca//frequently-asked-questions-wage-sub Details about CEWS can be found here: https://www.canada.ca//economic-response/wage-subsidy.html

Up-date regarding the 75% Wage Subsidy announced on March 27th. We are patiently waiting for details with respect to this program. On Friday the Prime Minister indicated that employers would be eligible for this subsidy if the business experiences a 30% decrease in revenue. The details of how this will be calculated, how to apply, and whether this will be a tiered program were expected yesterday but have been delayed until today.... When they are announced today we will make a new post here on this page and provide a brief explanation of the program details.

Applying for the Canada Emergency Response Benefit: 1. Create My Account with CRA Register and create CRA user ID and log-in or; Choose sign-in Partner (ie: online banking) 2. Information you need available in order to sign in:... SIN Date of birth Current postal code Your last income tax return 3. Takes up to 2 weeks to receive access code by mail 4. With access code you can access "My Account" See this video for instructions https://www.youtube.com/watch?v=xW_1xRux6bw

On March 27, the federal government announced additional economic measures to support small business and entrepreneurs. These measures include an increase in wage subsidies to 75 percent, backdated to March 15, so that employers can keep workers on the payroll details on any caps, length of time it will apply, and which employers will be eligible are expected to be announced Monday. Also a new Canada Emergency Bank Account - $40,000 interest-free loans for 1 year with the ...potential for $10,000 to be forgiven in qualifying circumstances (apply through financial institutions, but the loans are backstopped by the federal government) GST (& HST) payments deferral until June have also been announced and In addition, the government has confirmed that the new $2000-a-month Canada Emergency Response Benefit will be taxable. More to come in the following days.

We have up-dated our posted Canada's Covid-19 Economic Response Plan, it now includes more information regarding on calculating and administering the wage subsidy. Recall the PDF document is refreshed and uploaded under the Menu Tab (next to home on the mobile FB App and in the About section on desktop version of FB)

Canada's Covid-19 Economic Response Plan ("Menu" button). We are making available a summary of the Government of Canada's stated relief for both individuals and businesses as we learn and work with them. A PDF document has been uploaded under the "Menu" button (next to Home button on Facebook Mobile App. In About section on the right on Desktop version) We will up-date the PDF as new information is available. Please feel free to share this with anyone whom you think might ben...efit. We advise you not download and share the PDF (as this document will be up-dated) but rather share this page information so the most recent document can be visited in the future. See more