Plan B Accounting & Tax

Was your business eligible for the Temporary Wage Subsidy? Make sure to fill out our NEW self-identification form. It will notify us that you’ve reduced yo...ur payroll remittances by the eligible amount, and will help prevent errors when filing your T4 slips: http://ow.ly/iy0n50ATvBw #CdnBusiness #COVID19

I’m taking some vacation time! Back to the office Aug 12 but will still be checking email.I’m taking some vacation time! Back to the office Aug 12 but will still be checking email.

Starting today, July 17th, anyone entering the office will be required to wear a mask or face covering.

I have the best clients. Treats for the final tax filing weekend. Thanks Marian.

Two important items here. Your employer needs to issue the T2200 and keep your bills, either paper or in PDF files that are easily accessible at tax time.

A DAY IN THE LIFE OF AN ENTREPRENEUR

https://www.canada.ca//frequently-asked-questions-wage-sub This is a great link that outlines the Temporary Wage Subsidy program.

I've posted several items on government subsidies, if you have ANY questions about ANY of the programs, please let me know and we can see which one you and your business qualify.

The Canada Emergency Wage Subsidy We have proposed the new Canada Emergency Wage Subsidy that would cover 75 per cent of salaries for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. Employers of all sizes and across all sectors of the economy would be eligible with the exception of public sector entities. This program is designed to help employers hardest hit by the COVID-19 pandemic to keep and retain workers.... Organizations that do not qualify for the Canada Emergency Wage Subsidy may qualify for the previously announced wage subsidy of 10 per cent of remuneration paid from March 18 to before June 20, 2020. Eligible employers would be able to access the Canada Emergency Wage Subsidy by applying through a Canada Revenue Agency online portal. More details on how to apply will follow soon.

Establishing a Business Credit Availability Program We established a Business Credit Availability Program (BCAP) to provide $65 billion of additional support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). BDC and EDC are working with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation, exportation and tourism.... This program includes: Canada Emergency Business Account The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced. To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019. Loan Guarantee for Small and Medium-Sized Enterprises EDC is working with financial institutions to issue new operating credit and cash flow term loans of up to $6.25 million to SMEs. Co-Lending Program for Small and Medium-Sized Enterprises BDC is working with financial institutions to co-lend term loans to SMEs for their operational cash flow requirements. Eligible businesses may obtain incremental credit amounts of up to $6.25 million through the program. These programs will roll out in the three weeks after March 27, and interested businesses should work with their current financial institutions.