Simplify Bookkeeping and Consulting Services
Patterson T3H 3E2 Calgary, AB, Canada

FYI Per RBC: CEBA loan forgiveness details Important Information: Your Canada Emergency Business Account (CEBA) provides your organization with access to a $40,000 loan. Loan forgiveness of 25% will apply when you repay 75% of your maximum loan balance by December 31, 2022. The CEBA loan forgiveness amount is based on the maximum balance on your RBC CreditLine for Small Business at any time between the date of account open and December 31, 2020.... To qualify for the maximum forgiveness of $10,000, your maximum balance on the RBC CreditLine for Small Business must have been $40,000 at any time between date of account open and December 31, 2020. December 31, 2020, is the last day you can withdraw money from your CEBA loan on the RBC CreditLine for Small Business.F See more

Tax deadline is Sept 30 (I do not think I will ever say that again) Do you have your taxes filed? https://www.newswire.ca//tax-tip-extension-to-the-payment-

There is a lot of conversation about CRA cracking down on Mileage claims. If you are claiming mileage we need to know 100% of your vehicle costs, how many kilometers you drive in a year, and how many kilometers you drive for business. For those business kilometers, you will need a logbook or some way to track it. Are you using an app to track it? If you are QBO's online client they track it within the app. There are many other app's for this such as: MileQ and Everlance. If you use a different one - please share you experience with it! https://www.youtube.com/watch?v=230aQPAtsc8

Working on a long weekend is made better with kittie cuddles...

Great article in CEBA https://www.advotaxlaw.ca//how-and-when-to-spend-your-40-0

The staff are taking an electronic holiday and will be away from email until Aug 25. Got to soak up a few of those summer days!

Did you know QuickBooks Online now allows you to take a picture with the app and it will upload? I still suggest that you keep a copy for your records and hold it for 6 years ;-) https://www.youtube.com/watch?v=AuihXbjqmFg

Alberta Re-launch Grant You must apply by August 31st or 4 weeks after the launch of Phase 3. Eligibility... Businesses, cooperatives and non-profit organizations that were ordered to close or curtail operations as a result of public health orders issued by Alberta’s Chief Medical Officer of Health may be eligible. Applicants will be required to demonstrate a revenue reduction of at least 50% in April and/or May 2020 as a result of public health orders. Eligible organizations To be eligible, an Alberta business, cooperative or non-profit organization must meet all of the following criteria. Please take a moment to read through to see if you qualify. https://www.alberta.ca/sme-relaunch-grant.aspx

PSA: Just a reminder that all of those Deferred GST/HST Payments re: COVID are now due tomorrow - June 30th! There's been no additional extension, so please double check all of your clients that deferred to make sure that the payments are done wherever possible to avoid penalties/interest.

Laurel Williamson 2 mins FYI - As I sit here on a Sunday night doing my own bookkeeping - I found that I was paying my annual Subscription for Amazon $82.95 but I was also being charged $12.99 USD for 6 months for Amazon Prime US. They handled it amazingly and have refunded the amounts - it might be a good idea to check your statements too! A few months ago, I was magically being charged for Amazon music and I again did not knowingly sign up for that.... Keep an eye on those credit card statements - those small amounts do add up!

Curious about when you will get your refund or Notice of Assessment? Check out this took on CRA's processing time. https://www.canada.ca//con/check-cra-processing-times.html

I have been asked 3 times yesterday - what am I allowed to spend the CEBA on ($40,000 interest free loan) on. Here is the answer from CRA - FAQ Are there any restrictions on how I can use CEBA funds? The funds from this loan shall only be used by the Borrower to pay non-deferrable operating expenses of the Borrower including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service, and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends, distributions and increases in management compensation.

All of us at Simplify Bookkeeping wish you all the best today.

As people start to think about going back to work, please take a moment to think about what stimulus packages you have received. If you been getting the CERB you may want to consider asking your employer to take off extra tax on each paycheque to reduce the amount of tax you will need to pay next tax year. One example Received $6000 on CERB 30% tax rate $1800... If you have your employer take off $75 per paycheck there would be no tax we'd on this amount next April. Even having an extra $25 per paycheque will take the pressure off of next tax season. Ask your employer to update your TD1 and on age 2 you fill in one box! Easy peasy

A webinar about taxes and the free clinics that are found around the city.

More details just announced on the COMMERCIAL RENT assistance, the #CECRA program. - eligible tenants must show at least 70% drop in revenues compared to April, May and June 2019 or average revenues in January-February 2020; - eligible tenants must pay not more than $50,000 in gross monthly rent per location (I.e. per lease agreement); - eligible tenants generate no more than $20 million in gross annual revenues, calculated on a consolidated basis (at the ultimate parent lev...el); - eligible landlords may or may not have mortgages (rules for landlords without mortgages will be announced later); - eligible landlords will receive forgivable loan equal to 50% of the original rent if they agree in writing to reduce rent by 75% for the months of April, May and June. This means that tenant must cover 25% of rent and landlord must absorb the remaining 25%. Landlords’ participation in the program is voluntary. As such, landlords may choose to participate in the program if they are dealing with a tenant who has very little assets (75% rent is better than 0%). At the same time, landlords may forgo the program and demand 100% rent when dealing with tenants who invested in lease improvements (and, therefore, do not want move) or who have other assets and can be successfully sued. The program leaves small businesses at the mercy of the landlords. https://www.cmhc-schl.gc.ca//finance-and-investing/covid19

FYI small business owners Trudeau just announced commercial rent to be lowered by 75%. 50% will be covered by the government and landlords are will be required to reduce by 25%. I have no idea how to access this yet oh, but it is amazing news. Rebate is for April, May and June! More info to come in the next few hours.

PLEASE READ and Share - People are getting large deposits from CREB, these seem to be coming if someone applied for EI and CREB and in some cases, it is just an overpayment IF YOU ARE OVERPAID YOU WILL HAVE TO PAY THIS BACK. AS well, I keep saying this is a taxable benefit. ... What this means is - they are giving you $2000/month but they are NOT taking tax off. Next year when you go to do your taxes this will count as income. EXAMPLE $2000 received in April. $2000 Received in May $2000 Received in June If you are in a 30% tax bracket in April 2021 you will owe $1800 in taxes. Please be aware that all of these deferrals and packages may have consequences later on. Be smart and stay healthy! Simplify Bookkeeping and Consulting Services

The Canadian Emergency Response Benifit (CERB) has updated the portal and announced how applications should be applied to! Here is a quick summary. Those born:... January to March: Apply April 6th April to June: Apply April 7th July to September: Apply April 8th October to December: Apply April 9th Any month: Friday, Saturday, Sunday It's important that we follow these guidelines to ensure our applications get through properly and get the benefit into our hands as soon as possible.

A summary from today. Not my summary but I do have permission to share it. The big take away - as much as possible be patient - the amount of things that have to be decided on from the Government level is overwhelming and (insert most overused word of the week) unprecedented - as soon as they figure out how this works - I promise to pass the info on! Temporary Wage Subsidy...Continue reading

Great resource!