Shoebox Accounting Services
1089 Broadway W # 171 V6H 1E5 Vancouver, BC, Canada

If you have received CERB please remember that it's taxable income! Some good information in this article. https://www.huffingtonpost.ca//cerb-taxes_ca_5f2364e8c5b65

Minimum wage increase takes effect To support B.C.’s lowest paid workers, the general hourly minimum wage is increasing to $14.60, and the minimum wage rates for liquor servers, resident caretakers and live-in camp leaders are also increasing, effective Monday, June 1, 2020. In 2018, to help make life more affordable for people, government committed to raising the minimum wage following a path of annual increases that are regular, measured and predictable.

For anyone in Canada who hasn't filed their taxes yet the info below might reduce your anxiety about filing late. Filing deadline is June 1 for those with T4s, etc. June 15 is the filing deadline for self-employed. From the CRA website: You will not be charged late-filing penalties or interest if your 2019 individual (T1) income tax returns are filed and payments are made prior to September 1, 2020. ... However, we are preserving the June 1 filing deadline for T1 individuals, and the June 15 filing deadline for T1 self-employed individuals (sole-proprietors), in order to encourage filing returns in time to accurately calculate benefits, which rely on 2019 tax returns for entitlement calculation. If the 2019 tax return is not assessed in time, benefits and/or credits for the July to September 2020 payments will be based on information from 2018 tax returns. Once the 2019 return is filed, it is possible that the CRA will make adjustments based on the updated income information.

Benefits payments for eligible Canadians to continue until Fall 2020 As announced by the Honourable Diane Lebouthillier, Minister of National Revenue, on May 15, 2020, the CRA has extended benefit payments until the end of September for those who are unable to file their 2019 tax return on time. For individuals who already receive the Canada child benefit, the GST/HST credit, or both, their estimated payments will be based on the information from their 2018 tax return. In ad...dition, as noted in the Prime Minister’s News Release on May 12, 2020, this also applies to temporarily extending GIS and Allowance payments if seniors’ 2019 income information has not been assessed. This will ensure that the most vulnerable population continues to receive their benefits when they need them the most. If you are unable to file your clients’ 2019 return in time for it to be assessed by early September 2020, the estimated benefits and/or credits will stop in October 2020. Your client will then be advised to repay the estimated amounts that were issued to them starting in July 2020. The CRA encourages Canadians to file their tax returns by June 1, 2020 or as soon as possible in order to receive the right amount of benefits based on their 2019 tax return, and in order to ensure continuity of benefits beyond September 2020. Information about extended filing deadlines for benefit and credit recipients is available here: Covid-19 campaign page https://www.canada.ca//covid-19-benefits-credits-support-p Filing and payment dates https://www.canada.ca///covid-19-filing-payment-dates.html Child and Family Benefit web page https://www.canada.ca//taxes/child-and-family-benefits.html Canada Child Benefit https://www.canada.ca///canada-child-benefit-overview.html GST/HST credit page https://www.canada.ca//goods-services-tax-harmonized-sales

CEBA is an interest-free loan the Federal government has created to assist small business. Up until today you had to have payroll expenses to apply, they have now opened it for those: (i) who are sole owner-operators; (ii) who depend on hiring contractors; and (iii who are family businesses that pay employees by dividends rather than payroll.... It's still early stages for this but it looks like it will cover just about everyone who was missed previously. That includes a lot of musicians who are sole proprietors. As well, CEBA will be modified to become available to new businesses (those which have never filed a tax return) and businesses which do not have business accounts at the bank, but operate through personal accounts. https://pm.gc.ca//prime-minister-announces-expansion-suppo