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Canada COVID Relief Programs Part 1
- 1. COVID-19 Government Benefits for Small Businesses
- 2. Agenda 4:00 - 4:30 p.m. We will discuss each of the following government relief programs: • New tax deadlines • 75% Canada Emergency Wage Subsidy • Canada Emergency Response Benefit (CERB) $2,000/month • Alberta Emergency Isolation Support Payment $1,146 • Canada Emergency Business Loan of $40,000 • Other cash-saving (and generating) alternatives available • Any attendee can submit questions, which everyone can see. • Attendees can then up-vote the questions they would like answered. 4:30 – 5:00 p.m. We will answer questions from attendees:
- 3. Who is True North Accounting? COVID-19 Government Benefits for Small Businesses
- 4. MATT Peterson CPA • PARTNER TRUE NORTH ACCOUNTING
- 5. CURTIS Gabinet CPA • PARTNER TRUE NORTH ACCOUNTING
- 6. Government relief programs COVID-19 Government Benefits for Small Businesses
- 7. New Tax Deadlines • Personal Tax Filing Deadline: June 1, 2020 • Personal Tax Payment Deadline: August 31, 2020 • Corporate Tax Filing Deadline: If the deadline falls b/w Mar 18 and Jun 1, then June 1 is the filing deadline • Corporate Tax Payment Deadline: August 31, 2020 • GST Return Filing Deadline: If the deadline falls b/w Mar 18 and Jun 1, then June 1 is the filing deadline • GST Payment Deadline: June 30, 2020 COVID-19 Government Benefits for Small Businesses
- 8. 75% Emergency Wage Subsidy • For up to 12 weeks (March 15 to June 6, 2020) • Your business revenue has dropped by at least 30% because of COVID-19 • Receive 75% of an employee’s salary, up to $58,700 ($847 per week) • Must apply separately for each 4 week period • No maximum number of employees or cap per business • Register through the Canada Revenue Agency online portal (CRA MyBusiness) • More details to come... COVID-19 Government Benefits for Small Businesses
- 9. CERB: $2,000/mo • Canada Emergency Response Benefit • Stopped working because of COVID-19 or eligible for EI • Includes employees, consultants, tradespeople and freelancers • $500/week for up to 16 weeks (max $8,000) • Effective March 15, 2020 to October 3, 2020 • Application should be available April 6 • Apply through CRA MyAccount COVID-19 Government Benefits for Small Businesses
- 10. Alberta Isolation Support: $1,146 • One-time payment to provide financial relief to families who were asked to self- isolate • Eligible if you have experienced loss of income from having to self-isolate • Eligible if you are the sole caregiver of a dependent who is self-isolating • You are NOT currently collecting EI or other workplace sick leave benefits • Apply through My Alberta Digital ID with your driver’s license COVID-19 Government Benefits for Small Businesses
- 11. Canada Emergency Business Loan • Interest-free loan for small businesses of up to $40,000 • Helps small businesses cover operating costs due to declined revenue because of COVID-19 • Need to repay the loan by December 31, 2022 • To qualify, you must show total payroll of $50,000 to $1 million in 2019. • Program will be rolled out in late April • Loan will be administered through your bank and guaranteed by the government • Possibility for up to 25% of the loan to be forgiven COVID-19 Government Benefits for Small Businesses
- 12. Other Ways to Save Cash • WCB premiums • GST credit enhancement (average $400 for individuals and $600 for couples) • Canada Child Benefit enhancement (average $550 increase for families) • Farmers loans • Mortgages • Small business loans • City utilities, power and gas • Student loan payments COVID-19 Government Benefits for Small Businesses
- 13. Q&A Any questions? COVID-19 Government Benefits for Small Businesses
- 14. THANK YOU for joining us CONTACT US P: (403) 938-4064 E: info@truenorthaccounting.com www.truenorthaccounting.com