To all of our friends and clients. Our office is still open and working on tax returns but we are taking things day by day on the advice of the government and world health professionals. We are limiting client contact so please only come in if absolutely necessary but we encourage you to call, email or fax your documents and any questions. We are also enforcing a 14 day rule if you have travelled off of Vancouver Island, been in contact with anyone else who has or are experiencing any symptoms of a cough or fever. We all must do our part and stand together as a community.
The word document is the latest key points on the help for Canadians during the Covid crisis. Download the document.
Information on the 75% wage subsidy program:
- Government has reduced it’s threshold of a decrease in revenue for March to 15% to qualify for the 75% wage subsidy (April and May remain at 30%).
- Businesses will also be able to compare their sales to the same month as last year or to January and February of 2020 for qualifying.
For more information on the 75% wage subsidy please see: https://www.canada.ca/en/department-finance/news/2020/04/the-canada-emergency-wage-subsidy.html These revisions are not law yet, but it is anticipated that they will be passed relatively quickly.
Dividend Income Can Help Qualify you for the Canadian Emergency Response Benefit ($2,000 per month benefit):
The government has also confirmed that dividends were acceptable income towards the $5,000 of income earned in 2019 to qualify for the Canadian Emergency Response Benefit (CERB). The dividends need to be non-eligible and from a Canadian Controlled Private Corporation (CCPC). This is good news and we have been waiting for this clarification.
For more information please see: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/covid-19-benefits-credits-support-payments.html
$40k Small Business Loan Applications:
Finally, applications started today for the $40k interest free (until Dec 31, 2021) small business loan. In order to qualify, you need to have payroll from $50k to $1M. You can contract your business bank for the application process.
Take care, and stay safe!