Uncertain Times

These are uncertain times, that is for sure!

During our many discussions with our clients over the past couple of weeks, our clients have raised many valid questions and issues.

  • What federal government relief that has been announced makes sense for me and my business?
  • What, if any, provincial relief measures are there and do they apply to me and my business?
  • What programs are there for my employees?
  • What exactly are the deadlines now?
  • How do I preserve cashflow?
  • What should I do about my investments?
  • When will I see Lysol disinfectant wipes in the stores again? (Sorry, that was my wife’s question)

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.

Here is what you can be sure of:

  1. Our office is open and is receiving deliveries. We have been deemed an essential service.
  2. We are all available by phone (just call our office) and/or by email.
  3. Our incredibly dedicated staff are safe and working remotely.
  4. For the management team that is in the office, we are social distancing and disinfecting regularly to keep everyone safe.
  5. We are in contact with our staff regularly to ensure you receive the service you have come to expect from our firm.
  6. We are all working on your corporate financial statements and tax returns, personal tax returns and, most importantly, we are continuing to work on your tax planning
  7. We decipher government announcements and keep you up to date via our email communications. Our website is updated for all our email communications.  Please check it regularly.
  8. We continue to advocate with government officials on behalf of our clients.
  9. We are working towards the normal deadlines for all our corporate, trust and personal tax files to cause as little disruption as possible to our regular corporate work during April and May. If you are expecting a personal tax refund, it is best to file sooner rather than later.  If you expect to receive benefits under the Goods and Services Tax/Harmonized Sales Tax credit or the Canada Child Benefit you should not delay the filing of your personal tax returns to ensure your entitlements for the 2020-21 benefit year are properly determined.

We ask that you support us and send your personal tax information to us as soon as possible so that we can prepare your returns.  You can send your documents to us through our client portal.  It is quick, painless and secure.  If you don’t have a client portal set up yet, please call or email our office and one will be set up for you very quickly.   Alternatively, you can email your documents to us or send them through Canada Post.  If sending through Canada Post, ensure that you use a delivery method that provides a tracking number, like Xpresspost.

Continue to provide us with your corporate tax and bookkeeping information so that we can continue to provide service and suggestions regarding the government assistance programs being announced.

These are quite challenging times and we are all being bombarded with so much information.  We, at Lott & Company, are monitoring the government announcements and relief measures that are being announced and are here to discuss them with you.  We are a phone call/email away and are here to help.

Look for our next update as we are expecting details of the federal government’s latest announcement very shortly.

Stay Safe!