You’ve worked hard. Your company has grown. It’s profitable. Retained earnings are growing, which means the company has accumulated profits. Future growth is expected. The bank is happy with the company’s financial statements. Everything looks great. Congratulations, you’re all set! But… are you REALLY all set?
Understanding the new Canada Recovery Hiring Program (CRHP) and the extension of the Canada Emergency Business Account (CEBA) Does your company qualify and how can these programs assist you?
In this three-part series Lott and Company outlines the why, what, how and who around the essentials of creating an estate plan that effectively preserves, manages and distributes your personal and business assets after death. For small business owners, estate planning can be especially critical as the majority of their family assets and income sources may be tied up in the business.
In this three-part series, Lott and Company outlines the why, what, how and who around the essentials of creating an estate plan that effectively preserves, manages and distributes your personal and business assets after death. If you have not yet reviewed part one, we encourage you to visit www.lottaccounting.ca where we covered why an estate plan is essential and what strategies are available to meet your personal and business goals. In this second part we will cover how to lay the foundation to support an effective estate plan.
It is that time of year again when you start receiving slips from your employer, government, banks, investment advisors etc. Please visit our Resources Section for forms and tools that will help you organize all your documentation quickly and with ease.
From March 2020 forward there has been a previously unimaginable, monumental shift on how business is carried out. To have all, or a significant portion of a workforce move offsite and perform duties from home for extended periods of time was not in any business plan. And it certainly had staff members unexpectedly scrambling to set up makeshift home offices that enabled them to continue their work.
In this three-part series, Lott and Company outline the why, what, how and who around the essentials of creating an estate plan that effectively preserves, manages and distributes your personal and business assets after death. For small business owners, estate planning can be especially critical as the majority of their family assets and income sources may be tied up in the business.
Over the past number of months, there have been a number of government subsidy programs announced, changed and extended. There is a lot of information to digest for small business owners. The rules are complex and it can be difficult to determine which programs your business qualifies for. We hope the following summary of the government subsidy programs announced by the Federal Government helps with determining what your business is eligible to claim.
CEWS Eligibility has been expanded and there is a new form to file for the Temporary Wage Subsidy Temporary 10% Wage Subsidy – a new form to file If you claimed the 10% wage subsidy on the remuneration paid from March 18 to June 19, 2020, there is a requirement to complete and file a Self-Identification Form (form PD27) to the Canada Revenue Agency. This information will be used to reconcile the subsidy on the employer’s payroll account and should be submitted before the end of the calendar year to ensure you do not receive a discrepancy notice.
If your business has not already applied for the CEBA program, you can still do so. This is the program where your bank will lend up to $40,000 to be used to pay non-deferrable business expenses. If the loan is repaid before December 31, 2022, 25% of the loan amount will be forgiven.
