Partners Matt Peterson, CPA and Curtis Gabinet, CPA of True North Accounting, break down the various programs announced by the Canadian government to offer relief to Small Businesses impacted by the COVID-19 crisis. Topics of this webinar included: CERB (Canada Emergency Relief Benefit) and CEBA (Canada Emergency Business Account).

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