Targeted Interest Relief
The government has announced targeted interest relief to Canadians who received COVID-related income support benefits.⠀⠀⠀⠀⠀⠀⠀⠀⠀
This means that you will not be required to pay interest on any outstanding income tax debt for the 2020 tax year until April 30, 2022. ⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀You must file your 2020 tax return ON TIME. Do not wait until the last minute to try and reach your accountant. Give yourself ample time to get your return filed by April 30, 2021 (June 15, 2021 for sole proprietors)⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀To qualify for interest relief, individuals must have a total taxable income of $75,000 OR LESS in 2020 and have received one or more of the following measures:⠀⠀⠀⠀⠀⠀⠀⠀⠀🔹Canada Emergency Response Benefit (CERB); ⠀⠀⠀⠀⠀⠀🔹Canada Emergency Student Benefit (CESB); ⠀⠀⠀⠀⠀⠀⠀🔹Canada Recovery Benefit (CRB); ⠀⠀⠀⠀⠀⠀⠀⠀⠀🔹Canada Recovery Caregiving Benefit (CRCB); ⠀⠀⠀⠀⠀⠀🔹Canada Recovery Sickness Benefit (CRSB); ⠀⠀⠀⠀⠀⠀🔹Employment Insurance benefits; or ⠀⠀⠀⠀⠀⠀⠀⠀⠀🔹similar provincial emergency benefits.
There are many businesses who operate as sole proprietorships, and some who incorporate - if you’re not sure whether operating as a sole proprietor or incorporating your business is best for your particular situation, a CPA accountant can help you weigh the pros and cons and determine the best solution for you! If you are a small business owner or are thinking about becoming one, let us guide you in the right direction!
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Meals on Wheels
Our meals on wheels team!! Three of our CPA’s take turns once a week to deliver meals to those in need of a warm meal delivery. We love helping our community!
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Important Due Dates
Important deadlines to remember!
CRA has not yet announced any extensions to the filing deadlines this year due to the pandemic, so make sure to get your returns filed on time to ensure there is no delay in benefits you will be entitled to receive, and to avoid penalties and interest!
*CRA has recently announced that they will provide targeted interest relief to individuals who have had total taxable income of $75,000 or less, and have received income support in 2020 though one or more of the various COVID-19 measures (ie: CERB, EI, etc), which would provide interest relief until April 30, 2022.
Give us a call (306-445-0488) if you require assistance in filing your income tax returns!
Canada Emergency Business Account (CEBA) Loan
The Canada Emergency Business Account (CEBA) is an interest-free loan, of up to $60,000, available to small businesses and not-for-profits, with repayment by December 31, 2022 resulting in loan forgiveness of 33% (up to $20,000).
Originally, this program provided financing of up to $40,000, with repayment on or before December 31, 2022 resulting in loan forgiveness of 25%. A further $20,000 of financing has been added to this program, with 50% of that being forgiven if repayment is on or before December 31, 2022.
- Are you a small business (whether incorporated or not) or a not-for-profit organization?
- Do you have an active CRA business number since at least March 1, 2020?
- Do you have at least $40,000 in non-deferrable expenses OR have paid salaries in the 2019 calendar year of at least $20,000?
If you answered yes to all of these questions - you could be eligible for the CEBA loan. The application can be done through your financial institution.
If you have already applied for the original $40,000, you may now apply for the additional $20,000.
The deadline to apply has been extended to March 31, 2021.
If you have further questions about this loan, including eligibility, give us a call and we would be happy to assist you!
Saskatchewan Small Business Emergency Payment Program
The Government of Saskatchewan has renewed this program for the month of December!This program, originally offered in the spring, is to provide support for small businesses that have closed or significantly curtailed operations due to the public health orders in place.The payment is 15% of monthly sales revenue, to a maximum of $5,000, based on the greater of November 2019, December 2019, or February 2020 sales revenue. For seasonal businesses, the benchmark will be the average monthly sales revenue for full months that the business operated in 2019.Applications are now open and the deadline to apply is January 31, 2021. The application can be done online at Saskatchewan.caIf you have any further questions on this program. or require assistance when applying, feel free to give us a call!
Canada Emergency Rent Subsidy
CRA has opened applications for the Canada Emergency Rent Subsidy (CERS). CERS helps business owners affected by COVID-19 to cover rent and any other eligible rent expenses (ie: property taxes). For those who own the property, CERS can help cover part of the mortgage interest, property taxes, and property insurance costs. Don’t know if you qualify for this program? Give us a call today for more information on eligibility and how to apply!
BUH Donation - Festival of Trees
We are proud to be sponsors again in the Battlefords Union Hospital Foundation Festival of Trees!! This year we are silver sponsors for their 25th anniversary, and they are holding the event virtually this year to adhere to all of the health guidelines and restrictions. Various businesses in the Battlefords are showcasing the beautifully decorated items that you can place bids on, and all of these items can be seen online through BUHfoundation.com. Bids can be made on any of the items by calling or texting 306-441-4381. This is the beautiful piece we sponsored this year, with the bid starting at $250. Call/text today to place your bids!!
Government of Canada Interactive Tool for COVID Subsidies
The Government of Canada has come out with an interactive tool to help business owners determine which pandemic assistance they could be eligible for!
Click https://innovation.ised-isde.canada.ca/s/?language=en_CA and follow the steps prompted, which will bring you to a page that shows all the programs that you could be eligible for, along with detailed information on the programs that you have matched with.Give us a call if you require further assistance on accessing these programs and follow us on Instagram https://www.instagram.com/swansongrybacpa/!
Tax Tips & Traps No. 129
TAX TICKLERS... some quick points to consider...
- The bamount of income an individual can earn without paying tax (basic personal amount) will begin increasing in 2020. In the first year, it will rise to $13,229 (from $12,609 in 2019), and will reach $15,000 in 2023. The benefit will being to be phased out when an individual has earnings of appoximatley $150,000.
Business Matters Volume 34 Issue 1
Cyber Security: Mitigating the Risks to Cyber Attacks
Cyber attacks come in a variety of forms and with a variety of intentions. whether for money or pure disruption, organizations are at risk of both the intrusion and the potential breach of regulatory obligations.
Congratulations Samantha on successfully passing the CFE and earning her CPA designation!
If you see her around, make sure you tell her congrats on this major accomplishment!
New Location - 1292 - 100th Street
Its's official - we moved!
Our new office is located in the former Logan's Audio Video building at 1292 - 100th Street in North Battleford, just north of the main Post Office. Our new location is easier to find, and offers a completely renovated building, with safer access and better parking.
There will be an open house in the new year - stay tuned for details in the coming weeks. We hope to see you soon in our new location!
1292 100th StreetNorth Battleford, SK S9A 0V7
Monday - Friday8:30 am – 12:00 pm1:00 pm – 5:00 pm
We offer the Audit Shield Fee Waiver Service. Click here for more.
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