The world has changed since COVID-19; maybe for good. People have changed the way they do things. Some people prefer to engage in contactless, over-the-web, services not just because of health concerns; some live in remote areas and may not be able to visit a service provider or business closeby. When it comes to accounting…
Apply now for the BC Recovery Benefit, a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals. You have until June 30, 2021 to apply. As of writing this post, the website was very slow. Stay calm, and keep trying. You’ll eventually get through…
The Canada Emergency Business Account (CEBA) was launched earlier in 2020 to help businesses get through COVID-19 tough times. Originally the program allowed business owners borrow $40,000.00 interest free if paid back by Dec 31, 2022. If you did, the government forgave you $10,000.00 of the loan! As of today, the CEBA program has been…
If you are like me, you’re probably pretty tired of listening to the media every day reporting depressing news about COVID-19. In all of the negative, there are a few positives to report. This is one of them… The Government of Canada announced a $40,000.00 loan to small business back in the Spring of 2020…
The CERB has been extended again through to the end of September 2020. Those of you who are eligible can collect for another 4 weeks totalling 28 weeks. The Canada Emergency Response Benefit (CERB) is a taxable payment for those employed and self-employed Canadians that are directly affected by COVID-19. You need to re-apply for…
Today Prime Minister Justin Trudeau’s government announced that the Canada Emergency Response Benefit will be extended to Canadians for an additional 8 weeks. This benefit was made available back in April 2020 for those who lost their jobs or had their hours drastically cut due to COVID-19 pandemic. Good news if you are still facing…
Have you been collecting CERB payments during COVID-19? If so, you should know that those payments (up to a maximum of $8,000.00) are taxable and will count as income during the 2020 tax year. This means the $2,000.00 you receive isn’t really $2,000.00 in your pocket. So if this is the case, how do you…
I’ve had a number of clients wondering about when they have to file their 2019 taxes and more importantly when they have to pay CRA. I want to make this post as simple as possible for those of you that are wondering. Before we get into it, please note that this post does not cover…