We are carefully monitoring the rapidly evolving health risk of the Coronavirus and taking proactive measures to ensure a safe environment for our employees and clients.
To our valued clients,
We here on Vancouver Island are truly fortunate to see all our efforts to prevent the spread of Covid-19 apparently succeeding. In anticipation of some restrictions being lifted, our building is planning to unlock the main door, and we are delighted to be unlocking our office door as well, beginning Tuesday May 19th. Sanitizing and physical distancing protocols will still be maintained, and we ask that you do your part to practice safety measures when coming to the office. If you see that there is someone in the reception area, please either keep a safe distance from them or wait in the hall until they leave. We have added a plexiglass partition to the reception counter for our staff and your safety.
If you would prefer our “car service” where we come down to you, please just call from your cell phone, or buzz up from the front door when you arrive. We are happy to come down to you.
We remind those that haven’t yet brought in their tax information that the 2019 personal tax returns are due June 1st – (self-employed individuals are still due June 15th). We would appreciate receiving your information as soon as possible, either via drop off or email. Payment of any taxes owing are due September 1, 2020.
We are excited to welcome you back into the office and look forward to serving you (from a distance, of course).
The Government’s Economic Response Plan offers a broad range of financial measures to assist Canadians through these unprecedented times.
We recommend:
- If you haven’t already done so, setup access online with Canada Revenue Agency (CRA) for “My Account”. There is one for individuals and one for businesses. Various options will be available via secure web portals and automated telephone lines, but we believe the most effective way to apply and ensure delivery of these government benefits will be online.
- File your 2019 Personal Tax Return to ensure benefits and credits are not interrupted. Although CRA has extended the filing deadline for individual tax returns from April 30th to June 1st (June 15th for self-employed individuals), many social benefits, such as Canada Child Benefits and quarterly GST/HST payments and the OAS clawback, are calculated based on your 2019 Personal Tax Return. Personal and corporate taxes owing are not due until September 1, 2020.
A brief summary of some of the programs being offered are as follows:
- Canada Emergency Business Account – up to $40,000 for operating costs, interest free for 1 year
- Wage subsidy for employers – reduces required payroll remittance amount
- EI and ROEs – changes to qualifying criteria, waiting period; apply online
- Canada Emergency Response Benefit – $2,000 / mos for 4 mos – for those with no other income (not EI eligible)
- Deferrals for payments – Personal Income Tax and Quarterly Instalments (Sep 1st), GST (Jun 30th), PST (Sep 30th) and the Employers Health Tax (Sep 30th)
- Canada Child Benefit – one time $300 per child (automatic payment beginning of May)
- Canada Student Loans and Canada Apprentice Loans – no payments until Sep 30th
- RRIFs – minimum required withdrawal amount reduced by 25% (in light of market conditions but also a consideration for those regarding OAS clawback)
- Business Credit Availability Program, Loan Guarantees and Co-Lending Program – supported by the Government but administered through your financial institution (contact your bank directly)
