In late July, the federal government extended several initiatives aimed at helping those individuals and businesses affected by the COVID-19 pandemic. The following are some of the key changes our clients are asking us about:
- Canada Revenue Agency (CRA) has further extended the tax payment deadlines for individual, corporate, and trust income tax returns, including installment payments until September 30, 2020. The CRA will not impose late-filing penalties provided the return is filed by this date. Contact Canwest Accounting to help prepare your tax filings if you’ve fallen behind.
- On July 27, the government also approved changes to the Canada Emergency Wage Subsidy (CEWS) program. The program has been extended until December 19, 2020, but with some changes to the structure. Rate structures will be calculated differently for active versus inactive employees on leave. Canwest has staff members dedicated to doing all of these filings since we have a large volume of clients benefiting from CEWS. These changes should help make the subsidy more accessible to a broader ranger of employers by including those who have experienced a revenue decline of less than 30%. For additional information about the specific changes to CEWS, click here.
- The Canada Emergency Commercial Rent Assistance (CECRA) program was extended by one month to provide eligible small businesses with assistance paying their rent in August. The CECRA for small businesses offers a forgivable loan worth 50% of the value of the business’ rent each month. For more details, click here.
- Any eligible employers receiving the 10% Temporary Wage Subsidy will need to complete a self-identification form for each of their payroll program accounts. Form PD27 is available here.
“Our team at Canwest Accounting is staying apprised of all the new requirements associated with these subsidy programs and changed taxes deadlines to help our clients through this difficult time,” said Sharlane Bailey, Owner, Canwest Accounting.
To have the exceptional team at Canwest Accounting save you time and money by answering your questions, doing your bookkeeping, completing and filing forms for subsidy programs, or preparing your tax return, call or email us. Our offices in Victoria and Langford are still closed to the public while we put in place protocols to allow for social distancing, but we have a pickup and drop off service that is very convenient.
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 presented.