Gyroscope

For Personal Tax filing deadlines, the CRA has just clarified that: Penalties and interest will not be charged if payments are made by the extended deadlines of September 1, 2020. This includes the late-filing penalty as long as the return is filed by September 1, 2020. Also:... If you, your spouse, or your common-law partner are self-employed, you still have until June 15, 2020, to file your taxes. However, your payment deadline has also been extended to September 1, 2020. Source: https://www.canada.ca//filing-2019-taxes-covid19-crisis.ht

IMPORTANT Release from the CRA regarding COVID-19 benefits: " Benefits payments for eligible Canadians to continue until Fall 2020 As announced by the Honourable Diane Lebouthillier, Minister of National Revenue, on May 15, 2020, the CRA has extended benefit payments until the end of September for those who are unable to file their 2019 tax return on time. For individuals who already receive the Canada child benefit, the GST/HST credit, or both, their estimated payments will ...be based on the information from their 2018 tax return. In addition, as noted in the Prime Minister’s News Release on May 12, 2020, this also applies to temporarily extending GIS and Allowance payments if seniors’ 2019 income information has not been assessed. This will ensure that the most vulnerable population continues to receive their benefits when they need them the most. If you are unable to file your clients’ 2019 return in time for it to be assessed by early September 2020, the estimated benefits and/or credits will stop in October 2020. Your client will then be advised to repay the estimated amounts that were issued to them starting in July 2020. The CRA encourages Canadians to file their tax returns by June 1, 2020 or as soon as possible in order to receive the right amount of benefits based on their 2019 tax return, and in order to ensure continuity of benefits beyond September 2020." Information about extended filing deadlines for benefit and credit recipients is available here: Covid-19 campaign page - https://www.canada.ca//covid-19-benefits-credits-support-p Filing and payment dates - https://www.canada.ca///covid-19-filing-payment-dates.html Child and Family Benefit web page - https://www.canada.ca//taxes/child-and-family-benefits.html Canada Child Benefit - https://www.canada.ca///canada-child-benefit-overview.html GST/HST credit page - https://www.canada.ca//goods-services-tax-harmonized-sales

This update to the CERB FAQs clarifies whether self-employed individuals can claim the CERB, whether they earn business income as sole proprietors, from salary, or from dividends. The answer is YES, but it is important that there is a decrease in how much was taken from the business. https://gyroscope.ca/cerb-faqs-update/

For those Americans that might be living in Canada or anywhere else outside the US.

The 75% Canadian Emergency Wage Subsidy application process starts on April 27th, 2020. There is a calculator to help determine the subsidy amounts that are available for your employees. (See below) - Registration will commence on April 27, 2020 and be first processed on May 4 in bulk. ... - Payments are targeted to begin on May 5. - IMPORTANT - 3,000 auditors have been assigned to manually review certain claims. They will review based on the size of the claims, or the size of employers. For example, 100% of claims made by large employers are expected to be reviewed. Most will be automatically processed. Reviews are intended to be completed in 72 hours. - 2,000 agents will be assigned to answer questions on the program. - $350 Million committed to an emergency community support fund https://www.canada.ca///cews-calculate-subsidy-amount.html

We are now offering automated payment plans, so anyone can pay for their tax preparation over three months. Start your tax return completed entirely from your phone now. https://gyroscope.ca/personal-tax/

Here is the Prime Minister's update to the 75% Wage Subsidy. Official release and more details to come shortly. https://gyroscope.ca/update-to-75-wage-subsidy/

Have questions about the 75% wage subsidy? Here is the best breakdown I could find. The short video is worth the investment. https://www.videotax.com//watch-75-temporary-wage-subsidy-

The Canada Emergency Response Benefit is designed to help: - Reside in Canada, who are at least 15 years old; - who have stopped working because of COVID-19 or are eligible for Employment Insurance regular or sickness benefits; - who had income of at least $5,000 in 2019 or in the 12 months prior to the date of their application; and... - who are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period. Keep in mind: The income of at least $5,000 may be from any or a combination of the following sources: employment; self-employment; maternity and parental benefits under the Employment Insurance program and/or similar benefits paid in Quebec under the Quebec Parental Insurance Plan. KEY ITEMS for collecting the Canada Emergency Response Benefit: (1) Starts April 6th, 2020 - "The online portal to apply for benefits, which opens April 6, will work on a system ordered by birth date. People born in January through March can apply on April 6, those born in April through June on April 7, those born in July through September on April 8, and those born October through December on April 9." (2) The easiest way to apply is through the CRA My Account - If you haven't accessed your account, just the process now - https://www.canada.ca//e-services/account-individuals.html (3) You can also apply via phone with an automated phone service - This is not recommended given the number of people that will try applying right away. (4) Once you have access to your CRA My Account, update your direct deposit information so they don't send cheques; (5) The cash is supposed to be deposited within 3 business days of you applying, if you have signed up for direct deposit. (6) " If your situation continues, you can re-apply for a payment for multiple 4-week periods, to a maximum of 16 weeks (4 periods)." https://www.canada.ca//benefi/apply-for-cerb-with-cra.html

Here we have detailed the latest economic response from the Canadian Government. True North, Strong, and Free! https://gyroscope.ca/canadian-government-economic-response/

In Canada, the tax filing and tax payment deadlines have been pushed back. #personaltax #smallbusiness #shopsmall #handmade #shoplocal #entrepreneur #business #supportsmallbusiness #smallbusinessowner #supportlocal #localbusiness #marketing #love #etsy #fashion #businessowner #startup #christmas #etsyshop #entrepreneurship #womeninbusiness #girlboss #smallbiz #homedecor #etsyseller #digitalmarketing #entrepreneurlife #success #branding #motivation

There are new Employment Insurance resources for people impacted by the COVID-19 virus, with a dedicated phone line 1-833-381-2725. Take care! https://www.canada.ca///corporate/notices/coronavirus.html

Claim your climate action incentive payment. In Alberta, a family of four could receive $888.

I’m pretty sure your eyes glaze over when you hear the term income statement or balance sheet. They are painful to look at and are useless at times. If this is you, there is a better way... https://gyroscope.ca/getting-clarity-profit-equation/

No one can argue that making a lot of money is great. However, Knowing how that money was made, and being able to make it again is better. Your #ProfitEquation turns your financial information into instructions for growth. Knowing what dials to adjust to increase marketing traction or how to decrease direct costs is absolutely necessary for business success. Don't stop reading - we're getting to the numbers.... In the simple example above, this business generated $500 of revenue. To get that revenue, $75 of marketing and selling was needed. To deliver the service or product it took another $225. At this point, the business had $200 before administration costs. After administration costs of $125, the business made $75 or pre-tax net income. Now instead of looking at the actual numbers, look at the percentages. For Marketing and Selling, it's going to take 15% of the revenue to get your customers to buy - Or in other words, for every $1.00 you spend in marketing and selling, you should generate $6.67 in revenue. Do you know how much new revenue your business will earn if you spend $1.00 in marketing and selling? Knowing this number will change forever how you run your business. ____________________ For Direct Costs, it takes 45% of the revenue to deliver what your customer has bought - Or in other words, it will cost you $0.45 to earn that full $1.00 of revenue. Do you know how much it costs to deliver your product or service? Knowing this will help you price better and keep more money in your business. ____________________ For Admin Costs, at this level, it will cost you 25% of your revenue to keeping everything running smoothly. Keep in mind that admin costs are fixed, so as your revenue increase, this percentage goes down. You'll be able to earn more as you grow. Photo Cred: @minan1398 #entrepreneur #business #motivation #success #entrepreneurship #entrepreneurlife #marketing #smallbusiness #money #startup #love #businessowner #goals #hustle #inspiration #fashion #lifestyle #realestate #mindset #branding #digitalmarketing #businesswoman #girlboss #leadership #investment #bossbabe #bhfyp #womeninbusiness See more

How do I get paid faster? Here are 3 things you can start right away to help collect customer payments faster in your business. https://gyroscope.ca/improve-your-cash-flow/

When cashflow is tight, there are two ways to release the pressure: (1) Improve how the inflows cover the outflows, and (2) Increase the inflows. Each fix needs to be addressed differently. Improving cashflow starts in operations by speeding up your invoicing, better managing your inventory, and collecting deposits upfront. Increasing cashflow starts in sales and marketing by refining the sales process, closing larger clients, and increasing your market share. If you are incr...easing your cashflow but not improving it, you are leaving money on the table. Photo cred: @theburbgirl #business #businesswoman #businessowner #businessman #businesstrip #businesscoach #businesswomen #businesslife #businessowners #businesstips #businesscards #businessopportunity #businessminded #businessquotes #businesscasual #businesspassion #businessclass #businesscard #businessmen #businessgrowth #businessmindset #businesscoaching #businesses #businessdevelopment #businessgoals #businessadvice #businessplan #businessideas #businessstrategy #businesssuccess See more

More on #cashflow You need to have very clear payment terms on your invoice to ensure payment is a prompt as possible. Here are a few terms to keep in mind. https://www.paypal.com//brc/article/invoice-payment-terms/... #entrepreneurship #smallbusiness #getpaid

The time it takes to get your cash from Stripe has been a disadvantage in the long debate about which payment processor is better. This email arrived last night and it is welcomed news in protecting #cashflow. If you take payments online, Stripe is one of the best options available as it integrates with almost every platform, allows for recurring payments, and makes working with foreign currencies easy. Getting your cash earlier can relieve cashflow pressures and keep borrowing costs lower. #business #entrepreneur #entrepreneurship #entrepreneurs #entrepreneurlife #entrepreneurlifestyle #hustle #hustlehard #smallbiz #success #quotes #strategy #goodbusiness #ecommerce