Latest Updates & News Stories
10/27/2022
Canada Emergency Business Account (CEBA loan) - IMPORTANT INFORMATION
IMPORTANT UPDATE - The Government of Canada has granted extensions on the December 31, 2022 repayment deadline, to eligible borrowers, to December 31, 2023. In order to be eligible for this extension, you must have met CEBA eligibility criteria and your loan must be in good standing, as determined by your financial institution. If you have not heard from them regarding this, you should contact them immediately to confirm your repayment deadline. A reminder that you must pay the outstanding balance of your CEBA loan by your repayment deadline in order to receive the eligible portion of loan forgiveness.
Attached is a link for more information: https://ceba-cuec.ca/
09/14/2022
Saskatchewan Affordability Tax Credit (SATC)
❗️Important News for Saskatchewan Residents❗️
The Saskatchewan Government recently announced that they will be issuing a one-time Saskatchewan Affordability Tax Credit (SATC) payment via cheque to eligible Saskatchewan residents, regardless of their level of income or whether they receive social assistant benefits from the Government of Saskatchewan.
In order to be eligible, you must have filed an income tax return for the 2021 year as a Saskatchewan resident BY OCTOBER 31, 2022 and are 18 years of age or older as of December 31, 2022.
The exact date that these cheques will roll out is still to be announced, but they have said they will begin this Fall.
If you have not yet filed a 2021 tax return, and you need help with that, give us a call.
08/30/2022
QuickBooks Certified
We have a QuickBooks Online ProAdvisor and a QuickBooks Desktop ProAdvisor in our office!
We offer bookkeeping support, assistance, cleanup, as well as set-up, or providing guidance with getting your business set up, on QuickBooks.
06/09/2022
Our Team!
Our team of accounting professionals!
Are you thinking about starting a business?
Are you wondering if you should incorporate your business?
Let our expertise guide you in making the right decisions for yourself, your family, and your business.
Give us a call today! Contact information in bio.
03/21/2021
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. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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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)⠀⠀⠀⠀⠀⠀⠀⠀⠀
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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.
02/22/2021
Sole Proprietor
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!
Follow us on Instagram - https://www.instagram.com/swansongrybacpa/
02/18/2021
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!
Follow us on Instagram - https://www.instagram.com/swansongrybacpa/
02/11/2021
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!
12/14/2020
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!
12/09/2020
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.ca
If you have any further questions on this program. or require assistance when applying, feel free to give us a call!
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