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.
Another personal tax season is done. It certainly was an interesting and a long one from our standpoint, anyways. Please remember that if you have a balance owing to the CRA, you need to make the payment before September 1, 2020 to avoid interest and penalties. We are happy to announce we will be donating $4,500 to our local Food Banks. If you need assistance with the government programs or other financial matters, please feel free to give us a call.
The Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19. The goal of this subsidy is to provide unsecured, forgivable loans to eligible commercial property owners in order to reduce the rent owed by their impacted small business tenants and to meet operating expenses on commercial properties.
We hope that everyone is doing well and staying safe. This is a reminder that the portal opened as of April 27, 2020, to receive applications for the CEWS. The Canadian Emergency Wage Subsidy is for Canadian employers whose business has been affected by COVID-19. As an employer, you may be eligible for a subsidy of up to 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020.
We hope everyone is staying safe and making the most of their time during these questionable circumstances. This is a reminder that all personal tax information should be sent to us soon as possible so that we, at Lott & Company, can complete your returns by the June 1st deadline.
Glenn and Joanne Lott will be presenting at the Richmond Hill Board of Trade on Thursday, April 9, 2020, at 10:00 AM. They will be providing financial advice for navigating COVID-19. To register for this online event click here.
These are very uncertain times. The other day we were speaking with a client and he asked us: “Have you all put down your pencils?” We laughed and confirmed that no, we have not put down “our pencils”. We are hard at work.
Help is on its way for individuals and businesses that are facing difficult financial times due to the COVID-19 virus. The Prime Minister has made a number of announcements this morning. Let’s walk through some of the announcements: Flexibility for Taxpayers The deadline for filing your 2019 personal income taxes has been deferred from April 30, 2020 to June 1, ...
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.
We are excited to introduce a new service offering to our clients – the Audit Shield Fee Waiver Service. Simply put, clients that participate in this service will have our fees waived for responding to audits, enquiries, investigations, or reviews instigated by the Canada Revenue Agency (CRA) or other revenue agencies.
