To our valued clients,
Here is a summary of the recent updated economic announcements by the federal government in response to COVID-19:
Canada Emergency Wage Subsidy (CEWS). The program was extended to August 29, 2020 with amendments to the qualification rules for the 75% subsidy along with the promise of further changes
to come. For further details on the program click here.
As the rules are now quite complex, here
is an on-line calculator than can assist you in determining your eligibility for the 75% subsidy. Employers who are not eligible for the 75% subsidy may still be eligible for the previously announced 10% wage subsidy.
For further details on the 10% subsidy click here.
Canada Emergency Response Benefit (CERB). The program was extended to October 3, 2020. For further details, click here.
Canada Emergency Business Account (CEBA). The program now provides 2 streams under which businesses may qualify for the $40k loan. 1. Payroll Stream: total employment income paid in 2019 is
between $20k and $1.5M. 2. Non-deferrable expenses stream: 2020 eligible non-deferrable expenses (wages, rent, lease payments, insurance, property taxes, utilities, regularly scheduled debt service, payments to
independent contractors and licenses) are between $40k and $1.5M. Stream 2 requires a 2-step application process including providing documentary evidence of the eligible expenses. The deadline to file
applications for the CEBA is August 31, 2020. For further information click here.
Canada Emergency Commercial Rent Assistance (CECRA). The deadline to file applications for the CECRA is August 31, 2020. For further information click here.
Canada Emergency Student Benefit (CESB). The program will end on August 31, 2020 and the deadline to file applications is September 30, 2020. For further information click here.
Tax Return filing and payment deadline – Personal. Penalties including late-filing penalties and interest will not be applied if tax returns are filed and payments made by September 30, 2020.
Tax Return filing and payment deadline – Corporate. For balances and installments due between March 18, 2020 and September 30, 2020, late-filing penalties and interest will not be applied if
tax returns are filed and payments made by September 30, 2020.
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Our office continues to follow the social distancing guidelines issued by the provincial government and by-laws issued by Halton Region and are now able to resume in-person client meetings at our office on the
condition that masks or face coverings are worn by all attendees. Your co-operation in adhering to these rules is greatly appreciated.
Stay safe everyone !
Best regards,
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