Government of Canada has in a number of programs to assist individuals and businesses during the times of this pandemic. We apologies for not allowing you to come to our office for personal and corporation taxes, but we want to ensure the correct social distancing measures are in place to prevent the spread of the virus.
During this difficult times, you and for your children and families are in our thoughts and prayers. May God keep us safe in this epidemic.
We wanted to provide you a summary of some of the funding resourses made available to you. We are available by phone and email to answer any questions.
Up to $40,000 Interest Free Loan – Terms to know for the CEBA (Canada Emergency Business Account)
You are qualified to apply for up to a $40,000 interest free Loan out of which $10,000 will be forgiven as long as you pay it back before Dec 31st, 2022, subject to availability of government funding. If your T4 summary for 2019 is $20,000 or over, you need two pieces of information from your accountant to apply for this loan
a. Your corporation payroll number
b. Box 14 of the Borrower’s 2019 T4SUM
You can apply in RBC in BMO and TD. The process takes less than 3 minutes if you have this information ready.
$2000 Grant – Who qualifies and how to apply
If you reported $5000 or more income in 2019 taxes OR if you earned $5000 in the immediate 12 month before today’s date (including Jan feb and Mar 2020) you are qualified for the $2000 grant. Just call 1 800 959 2019 every month and apply for this grant. Make sure you do not earn more than $999 every month from April to June to ensure you remained qualified, otherwise do not apply. There is 25% penalty and interest if you apply and you do not deserve it.
What is the 75% wage subsidy and how to apply
If your sales drop 15% in March, 2020 as compared to your arithmetic average of sales for the month of Jan, 2020 and Feb, 2020 AND if your sale drop 30% in April as compared to the arithmetic average sales of Jan, 2020 and Feb, 2020, you do qualify for the 75% wage subsidy. Whatever your company is paying to employees, including you and your family members who are working or who are not working due to Covid-19, government will deposit 75% of their wages in to our business bank account. The only condition is none of those workers are applying for the $2000 grant, and none of those workers apply for Employment Insurance (EI).
You can Register yourself on the CRA website as your business account you have to log in into that account and apply for the 75% wage subsidy
10% of income tax relief for employers – How to apply
If your sale drop 15% in Mar and 30% in April you qualify to withhold 10% of the income tax you deducted from your employees and do not deposit that amount to the CRA on 15th date of next month.
Disclaimer: Please note that we do not take any legal liability you have to act on these advices at your own risk and ensure the information you enter to apply is accurate