It has now snowed so officially golf season for Calgary is over.
Here we go again. Acronyms abound.
October 9, 2020 Announcement on CEWS extension, CEBA Expansion and Help for Commercial Tenants
As we continue on in this new COVID 19 world, our federal government continues to expand and initiate new programs in order to help us survive, at least into the near future.
Multiple plans have been setup for individuals including the initial Canada Emergency Response Benefit [CERB], and now the Canada Recovery Benefit [CRB]; Canada Recovery Sickness Benefit [CRSB]; Canada Recovery Caregiving Benefit [CRCB] and revisions to the Employment Insurance [EI] program. Additional support is available for persons with disabilities, Post-secondary students, Seniors, and Indigenous peoples.
Full details of these many programs are available here:
Programs continue to be expanded and modified for businesses too and it’s becoming almost a full-time job trying to keep up and understand the myriad of choices available.
The Canada Emergency Wage Subsidy [CEWS] has now been extended to the summer of 2021 with more revisions to the various periods. (with more details to come). The Work-Sharing program as been extended as well as opportunities for youth.
The Canada Emergency Business Account [CEBA] interest free loan program is going to be expanded with an additional $20,000 available subject to certain conditions. The existing Canada Emergency Commercial Rent Assistance [CECRA] program is being supplemented with a new Canada Emergency Rent Subsidy [CERS] (more details to come). Programs for Black-led business organizations and entrepreneurs through the National Ecosystem Fund and Black Entrepreneurship Loan Fund. And targeted support for Young and Women entrepreneurs.
In addition sector support is being provided to Agriculture and agri-food; Culture, Heritage and Sport; Tourism; Energy; and many others.
The same link will take you further more complete information on these and other programs:
The question we can’t answer at this point in time is how we’re going to pay for all of these necessary programs. All we can hope for is a balanced response once the economy starts to return to a new normal.
If you need assistance with any of these programs, I will do my best to work through them with you. I’m no expert but maybe together we can sort out the issues to help you qualify.
R Brenton Driscoll, CPA, CA
We have stopped sending sensitive information out through email for security reasons. Too many cases of privacy breaches have been reported. This includes anything with names, addresses, SINs, financial information, etc. The Office of the Privacy Commissioner of Canada has new mandatory reporting requirement where ANY breaches of security safeguards have occurred, even for small businesses.
In response, we have initiated a secure Canadian based portal which can be used by both of us to transmit any such information. On our first occurrence, we will be sending you an email asking you to setup your own personal password for a portal that will be accessible only by you and our firm. Once established there is a link at the bottom of my home page to access your portal. There you can send us your information or download what we have provided for you. If you need a portal before we get to you please send me a request and we’ll start the process.
2020 3rd Quarter Tax Tips & Traps
If the attached document raises any flags or questions, please call or come in and see me so we can review your particular situation.
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403-938-2666 or Brent@rbdriscoll.ca
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