COVID-19 Business Planning

Canwest Accounting has been steadily working on and filing clients’ tax returns while maintaining social distancing measures since mid-March. Like most businesses, COVID-19 business planning is underway at Canwest Accounting around what the “new normal” will be once more restrictions are lifted. We know from Provincial Health Officer Dr. Bonnie Henry that we won’t be returning to the normal we experienced in 2019. So, what does that mean during an era of trying to maintain 2 metres space between individuals?

“At Canwest Accounting, our staff were able to work seamlessly from home during this time period,” said Sharlane Bailey, Owner of Canwest Accounting. “We are looking at bringing staff back into the office so long as we can maintain safe social distancing, and we’re planning how that will work. I’m really proud of our team that we are able to serve all of our valued clients in a timely manner during tax season.”

In speaking with many business owners lately, Sharlane says there’s a lot of introspection happening as businesses react to changes in the marketplace in reaction to COVID-19 business planning. She says many are asking themselves the following questions:

  1. What will our new normal look like?
  2. What is really important to us?
  3. How can we take our business back to our roots and focus on that?

In the meantime, there are still several programs available to help individuals and businesses get through this period, as well as some bonuses aimed at helping families.

B.C. Emergency Benefit for Workers

Anyone who was a resident of British Columbia on March 15, 2020, and meets the criteria to receive the Canada Emergency Response Benefit (CERB) and is 15 years or older can apply for a one-time $1,000 payment to help them through this difficult time. More information about who’s eligible and how to apply is available here.

Canada Child Benefit Bonus

Families entitled to the Canada Child Benefit will receive an extra $300 per eligible child as part of their regular May 2020 payment due to COVID-19. Details are online.

Income Tax Reminder

The federal government has extended the deadline for personal tax returns to June 1, while those who are self-employed still need to file by June 15. Any tax owed doesn’t need to be paid until Sept. 1, which includes the June 15 installment payment for those who have to pay by installments. See Revenue Canada’s updated list of tax deadlines.
 

For more programs, see our article: Government Aid During the COVID-19 Crisis

To have the exceptional team at Canwest Accounting save you time and money by answering your questions or preparing your tax return, call or email us. We are set up to do most things electronically and can facilitate non-contact drop-off and pick up of documents.

DISCLAIMER

The suggestions and advice provided by Canwest Accounting should not be relied upon in place of professional advice. You are responsible for checking the accuracy of relevant facts and opinions provided.

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