Fulcrum Group Chartered Professional Accountants
#102 9919 99 Ave T8V 0R6 Grande Prairie, AB, Canada

Beginning today, additional funding is available for Alberta businesses affected by recent health orders. See below for more details.

Don’t forget...April 30, 2021 is the deadline to file most personal tax returns. If you have self-employment income on your tax return, such as farm or business income, the deadline is extended to June 15, 2021. All balances owing for all returns are due April 30, 2021. The only exception to this is if you received some form of COVID-19 benefits during 2020 and had total taxable income under $75,000 for the year. If this is the case, your taxes are still due by the above deadlines to avoid penalties but you will have until April 30, 2022 to pay any balances owing before any interest will be charged. For more information, please contact our office.

Did you receive a COVID-19 benefit payment in 2020? You may be eligible for interest relief on your 2020 taxes owing. Is your total 2020 taxable income $75,000 or less? Did you receive at least one COVID-19 benefit in 2020 from the following programs:... 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 (EI) benefits Provincial or territorial emergency benefits Did you file your 2020 income tax and benefit return? If you meet all the above, CRA will not charge interest on your 2020 taxes owing as long as you pay them before April 30, 2022. However, late-filing penalties still apply so it is important to file by April 30, 2021. Please contact our office if you have any questions at 780-532-4641 or visit https://bit.ly/3maDd4i for more information.

Fulcrum Group will be closed Friday, April 2, 2021 for Good Friday and will re-open Monday, April 5, 2021 at 8am. Wishing all our valued clients, friends and family a wonderful Easter weekend!

The final filing deadline for the Canada Emergency Wage Subsidy (CEWS) Period 8 which covers the period from September 27, 2020 to October 24, 2020 is April 22, 2021. See the chart on our website for a full listing of deadlines by period: https://bit.ly/3maDd4i

The CEBA was augmented as of December 4. The application deadline is March 31, 2021. See our latest blog post for everything you need to know before you apply. Link in our bio. #fulcrumgroupcharteredprofessionalaccountats #fulcrumgroup #fulcrumgroupcpa #cpa #charteredprofessionalaccountant #covid_19 #ceba #covidrelief

The CEBA was augmented as of December 4. The application deadline is March 31, 2021. Here's everything you need to know before you apply

Wishing everyone a very Merry Christmas! However Christmas looks this year, we are reminded of the things that matter most! We are so thankful for all of our amazing clients and staff that have supported us this year!

We've all been affected some differently than others by the new public health restrictions. It's possible that your business is now eligible for new program changes under the Alberta Relaunch Grant. Learn more on our website. Link in bio.

On this day, we honor the sacrifices and remember those that fought for our freedoms! Lest we forget......

While the new Canada Revenue Agency (CRA) benefits have been helpful in alleviating some of the financial burden associated with COVID 19, the CRA is cautioning Canadians to beware of fraudulent emails, texts or calls claiming to be from the CRA about repaying benefits. CRA will never use text messages or instant messaging to reach out to taxpayers. If you receive any such messages, they are NOT coming from CRA. For more information on how to protect yourself against fraud...ulent communication please visit the CRA link below. https://www.canada.ca//security/protect-yourself-against-f

Don’t forget to save those receipts.....even Santa doesn’t get a free pass! Wishing all our clients, family and friends a joyous Christmas Season, however that may look for you this year!

Thank you for your support and understanding.

CRA has now opened applications for the Canada Response Benefit (CRB) which provides eligible workers with $500 per week for up to 26 weeks if they are not employed or self-employed due to COVID-19, not eligible for EI, or had their income reduced by at least 50% due as a result of COVID-19. In addition to the CRB, CRA has also introduced two new benefits, Canada Recovery Caregiving Benefit (CRCB) and Canada Recovery Sickness Benefit (CRSB). The CRCB will provide $500 per w...eek for up to 26 weeks per household for workers unable to work for at least 50% of the week because of caring for children under 12 because of school, daycares, or care facility closures related to COVID-19. The CRSB will provide $500 per week up two weeks for workers unable to work for at least 50% of the week because they contracted Covid-19, are required to self-isolate for reasons related to COVID-19, or other related reasons that CRA has outlined. Please visit https://www.canada.ca//benefits/ei/cerb-ap/transition.html to see which benefit is right for you.

Please see our updated holiday hours.

Fulcrum Group is very proud to support The Spirit Tree again this year! The Spirit Tree supports families in need focusing on the Christmas holidays. The organization fundraises to provide gifts for the entire family and a turkey dinner when those families would otherwise go without. This year we anticipate the need to be greater than it has been in the past for local families and are excited to bring a little Christmas joy and lighten the load for those in need. For more information on how to donate or volunteer, visit the website http://www.thespirittree.ca, The Spirit Tree's Facebook page, or contact our office.

The Canada Recovery Benefit (CRB) is now open for applicants. The CRB application process is similar to the CERB process with a few important changes. Learn more on our website >> https://www.fulcrumgroup.ca//canada-recovery-benefit-crb-/

Did you have to work from home in 2020 due to Covid-19 restrictions? If so, you can deduct some of the additional costs you incurred. NEW TEMPORARY FLAT RATE METHOD... You worked more than 50% of the time from home for a period of at least 4 weeks in 2020 due to Covid-19 You can claim $2/day (to a maximum of $400) NEW OPTIONAL DETAILED METHOD You can claim a deduction for actual expenses incurred if: You worked from home or your employer required you to work from home in 2020 due to Covid-19 You worked more than 50% of the time for a period of 4 weeks You obtain a simplified T2200S or T777S form from your employer You were required to pay for expenses used directly in your work during the period (see eligible expense listing below). NEW ELIGIBLE EXPENSE LISTING CRA released a list of 59 items outlining what can and cannot be claimed including things like internet access, ink cartridges, printer paper, sticky notes, toner, and more. For the entire list visit https://www.canada.ca//work-space-home-/what-changes.html For more information visit fulcrumgroup.ca.

Was your company approved for the CEBA loan? Maybe you are considering applying for it, but have some questions. If so, you might want to take some time to check this out. For those businesses that have taken the loan, or are considering it, it will be important for you to be aware of the guidelines, important dates, and what you can do now to be prepared for a possible CRA review down the road. A few things to consider;... - Did you know that the CEBA loan is to be used for eligible non-deferrable business expenses? These include expenses such as rent, property taxes, utilities, insurance, and arm’s length wages. - Have you been keeping an accurate record of these expenses including receipts? Consider keeping these documents in a simple organized filing system so that should you be audited down the road, you are prepared and ready. If you haven’t done so yet, take the time now to start on this path, it will be worth your peace of mind. - Check out this Government of Canada link for extensive information and answers to many questions regarding the CEBA loan; https://ceba-cuec.ca/ Please note that CEBA was recently expanded. Stay tuned for an update on the program and what that could mean for you.

CRA has increased the flat rate for meals using the simplified method from $17 per meal up to $23 per meal or a maximum of $69 per day. This increase is retroactive to January 1, 2020. The last time the meal rate was changed by CRA was 2009, when it was bumped up from $15 per meal to the $17. This is great news for businesses that provide a meal or travel allowance to staff and individuals that moved during the year or required medical appointments not available locally.... Travel over 40km is required to deduct moving and medical travel. No release has been made on the flat rate for per km travel, 2019 was $0.485 / per km. Follow the link below for more information: https://www.canada.ca//canada-revenue-agency-increases-fla

A number of personal benefits are available for individuals and families in Alberta. If you have a sick family member, need to care for someone awaiting test results, or have to stay home to take care of kids due to school closures, here are some government programs that you may qualify for. Learn more on our website or by calling our team today. Link in bio. #fulcrumgroup #fulcrumgroupcharteredprofessionalaccountats #fulcrumgroupcpa #covidsupport #covid_19 #covidrelief #charteredprofessionalaccountants #cpa #businessadvisors #gpab #gpaccountants

EI rates to remain unchanged!! On August 20, 2020 Employment and Social Development Canada (ESDC) announced that the Government is committed to freezing the EI premium rate for two years. This means that no rate increases will occur in 2021 or 2022. The EI premium rate would normally be expected to increase as there are more unemployed workers using the program. ... This is good news for Canadian workers and businesses that they will not face immediate increases to costs and payroll deductions due to additional expenses resulting from the pandemic. The full announcement of the news release can be found here: https://www.canada.ca//government-of-canada-announces-plan

Curious about owning something in the U.S. and whether you'll be taxed on it? Here's everything snowbirds, investors, or frequent U.S. visitors need to know.

September 30 is an important deadline for farmers! AgriStability participants: Supplementary Forms for the 2019 program year are due (may be submitted up to December 31 with penalty) AgriInvest participants: Statement A for the 2019 program year must be filed (may be submitted up to December 31 with penalty)... If you’re not sure whether your farm program filings are up to date, please give our office a call!

We are proud to support our community and #thenorthernspiritlightshow out at Evergreen! The displays are beautiful again this year and, while we miss the horses and wagons, we are grateful that they were able to operate this year and bring some joy to our community! If you haven’t checked it out yet, be sure to get out to Evergreen and take in the lights! #fulcrumgroupcharteredprofessionalaccountants #fulcrumgroup #cpa #supportlocal #supportlocalgp #gpab #grandeprairie #christmasspirit

Fulcrum Group is celebrating 3 years serving our clients and community! Thank you to all our clients and staff that have made this possible and allowed us achieve this milestone!

With CERB is winding down on October 3, 2020, many will be transitioning from CERB to EI. What does that mean for you?? If you are not working (or are making less than $1,000 per month on CERB) and applied for CERB through Service Canada, you will automatically be transferred to EI, and you will continue to complete your biweekly reports as you have done throughout CERB.... If you had applied for CERB through CRA and are still out of work, you will need to visit Service Canada’s website at www.canada.ca, click on 'Benefits', 'Apply for EI', and follow the prompts. You can login to Service Canada’s website using the same login information as CRA. If you have any further questions or require assistance, please contact our office.

Meals Allowance Increase!! For 2020 & future years, CRA has increased meals allowance to $23/meal (up from $17/meal) to a maximum of 3 meals per day. This meals allowance can be used when calculating medical and moving expenses using the simplified method on your personal tax return.... #fulcrumgroupcharteredprofessionalaccountats #fulcrumgroup #fulcrumgroupcpa #cpas #cpa #accountants #gpaccountant #gpab #mealsallowance #allowance #tax #taxplanning

CEBA Extension! CEBA has been extended to October 31, 2020 allowing more time to apply if you haven't already. If you have applied and have questions, you can now contact the new CEBA Call Centre at 1-888-324-4201 between Monday and Friday 8am to 9pm EST.

On November 30, 2020, the Minister of Finance released the 2020 Fall economic statement. Here's everything you need to know about that update.

New 2020 T4 Reporting Requirements have been announced by the CRA: -For the 2020 tax year, the CRA will be introducing new reporting requirements for the T4 slip (Statement of Remuneration Paid). This change applies to all employers and will help the CRA validate payments under the various COVID-19 benefit programs (CEWS, CERB, & CESB). -In addition to reporting employment income in Box 14 or Code 71, new information codes are required when reporting employment income and ret...roactive payments in selected periods. -The reporting periods and corresponding codes are as follows: Code 57: Employment Income March 15 to May 9 Code 58: Employment Income May 10 to July 4 Code 59: Employment Income July 5 to August 29 Code 60: Employment Income August 30 to September 26 These periods align with the COVID-19 benefit eligibility periods and relate to the day the employee was paid. For instance, if an employee earned employment income in the period of April 25 May 8 that was payable on May 14, then code 58 would apply. For more information please call our office at 780-532-4641 or visit: https://www.canada.ca//covid-19-update/support-employers-c

It will soon be time to start preparing 2020 T4 slips! There are new reporting requirements for T4’s for 2020!! In addition to reporting employment income on Box 14, you are now also required to provide a breakdown of employment income for the 4 periods that CERB was in place from March 15, 2020 to September 26, 2020. To determine the employment income for each of these periods your T4 preparer will require daily time records. ... Please speak to your T4 preparer soon to make arrangements for having your slips prepared and the best way to compile your records to make the process as efficient as possible for your business. Following is the link to the CRA information for the new reporting requirements: https://www.canada.ca//covid-19-update/support-employers-c

Owners of corporations make a lot of choices as they operate their businesses. One of the biggest ones is how they choose to pay themselves: with wages, dividends, or a combination of both. It's hard to know what the right choice is for you, your company, and your life. Here's our list of top things to consider when making this choice

Fulcrum Group is proud to support our community! We had the privilege of putting together 18 backpacks including all school supplies which we delivered to Harry Balfour School on Wednesday for children that might otherwise go without supplies this year.

The Canada Emergency Wage Subsidy (CEWS) was introduced by the Government of Canada in March. Since then, we've received a lot of questions about this subsidy. We break down the CEWS in our latest blog post. Make sure to contact our offices if you have any questions. Learn more right here >> https://flnt.it/CEWS-break-down

Please see our updated office policy to comply with new Alberta Health standards. If you have any questions, please contact our office at 780-532-4641. Thank you for your understanding and cooperation. #fulcrumgroupcharteredprofessionalaccountats #fulcrumgroupcpa #fulcrumgroup #charteredprofessionalaccountants #cpa #localbusiness #gpab #yquaccountant #yqu #communityminded #healthandsafety #thankyou

The new Canada Emergency Rent Subsidy (CERS) provides direct relief to businesses, non-profit entities, and charities still being impacted by COVID-19. Learn more about this program and how to know if your business qualifies right here >> https://flnt.it/39dV71x

Paying off all your debts and selling off all your property are two legal requirements to remember when shutting down your corporation in Alberta. For all the other legal requirements you need to meet, continue reading on our website >> https://flnt.it/33aO7yT

Was your company approved for the CEBA loan? Maybe you are considering applying for it, but have some questions. If so, you might want to take some time to check this out. For those businesses that have taken the loan, or are considering it, it will be important for you to be aware of the guidelines, important dates, and what you can do now to be prepared for a possible CRA review down the road. A few things to consider;... - Did you know that the CEBA loan is to be used for eligible non-deferrable business expenses? These include expenses such as rent, property taxes, utilities, insurance, and arm’s length wages. - Have you been keeping an accurate record of these expenses including receipts? Consider keeping these documents in a simple organized filing system so that should you be audited down the road, you are prepared and ready. If you haven’t done so yet, take the time now to start on this path, it will be worth your peace of mind. - Check out this Government of Canada link for extensive information and answers to many questions regarding the CEBA loan; https://ceba-cuec.ca/ Please note that CEBA was recently expanded. Stay tuned for an update on the program and what that could mean for you.

Curious about owning something in the U.S. and whether you'll be taxed on it? Here's everything snowbirds, investors, or frequent U.S. visitors need to know.

Fulcrum Group is celebrating 3 years serving our clients and community! Thank you to all our clients and staff that have made this possible and allowed us achieve this milestone!

Fulcrum Group is proud to support our community! We had the privilege of putting together 18 backpacks including all school supplies which we delivered to Harry Balfour School on Wednesday for children that might otherwise go without supplies this year.

If you haven’t applied for CEWS yet because you’re unsure if it will be worth your while, here’s a tool that can help you estimate the amount of subsidy you may be eligible to receive. https://www.wagesubsidycalculator.ca/ Keep in mind, you do not have to prove that your revenue decline is strictly tied to COVID-19; any decline from July to November 2020 is eligible. ... March to June periods are also still open for application and require only a 15% decrease in March and a 30% decline in each of April, May or June. For more information or for assistance applying, contact our office at 780-532-4641 or [email protected].

CEBA DEADLINE The deadline for completing the CEBA (Canadian Emergency Business Account) application is August 31, 2020. After completing the application with your financial institution, you must upload supporting documentation by September 3, 2020, at the latest.... CRA recommends that you provide your supporting documents through the application-demande.ceba-cuec.ca site.

Proposed CERB and EI Updates!! Today the government announced proposed changed to extend the maximum CERB payment periods from 6 to 7 periods. This effectively extends the program an additional 4 weeks to ensure that no one will be cut off before the program ends on September 27, 2020 They also announced a reduction in the required insurable hours for individuals to ensure that those out of work for the last few months are still eligible for EI. It will also ensure the elig...ible recipients are entitled to at least $400 per week for a minimum of 26 weeks. One of the biggest announcements today was the introduction of THREE new benefits. There will now be a sick leave benefit, a caregivers benefit, and a benefit for those that are self-employed or otherwise ineligible for EI. For more information, visit Video Tax News at https://www.videotax.com/web-/cerb-transition-to-ei-details

Fulcrum Group is proud to be apart of the Downtown Association of Grande Prairie. This is a great resource for current and upcoming events happening in our city centre. Check out the website:... https://www.gpdowntown.com/business/fulcrum-group/ See more

Alberta Small & Medium Enterprise Relaunch Grant offers eligible small and medium-sized businesses, co-ops, and non-profits to apply for a one-time payment of $5,000. Certain criteria must be met in order to be eligible. These details and others are available on our website

One-time payment support for Canadians living with disabilities! The Government of Canada has announced a one-time payment of $600 to help persons living with disabilities. Individuals who are determined to be eligible for the disability tax credit (DTC) or certain other disability-related benefit programs, may be entitled to receive the payment. ... The application deadline is September 25, 2020. For more information on how to apply for the DTC, please visit: http://www.canada.ca/disability-tax-credit. Recipients of the payment are encouraged to make sure their address and banking information is up to date in order to receive prompt payment. For callers who need help with changing their address, updating direct deposit, accessing My Account, or questions related to the DTC or their application, they can call CRA’s Individual Enquiries Line at 1-800-959-8281 (English) and 1-800-959-7383 (French) between 9:00 a.m. to 5:00 p.m. (local time) Monday to Friday. If you want to know more about the One-time payment support for Canadians living with disabilities, please visit: https://www.canada.ca//one-time-payment-persons-disabiliti

DEADLINES EXTENDED AGAIN! Payment Deadline Extension The CRA announced that it is extending the payment due date for current year individual, corporate, and trust income tax returns from September 1, 2020, to September 30, 2020. This also includes instalment payments. ... Penalties and interest will not be charged if payments are made by the extended deadline of September 30, 2020. This includes the late-filing penalty as long as the return is filed by September 30, 2020. Interest on Existing Tax Debt The CRA is also waiving interest on existing tax debts related to individual, corporate, and trust income tax returns from April 1, 2020, to September 30, 2020. They will also waive interest on existing debts for GST returns from April 1, 2020, to June 30, 2020. If you have existing interest and penalties that were already assessed prior to this period, this does NOT cancel those penalties or interest. However, that debt will not continue to grow interest charges during this time. Filing returns The previously extended filing due dates for individual, corporate, and trust income tax returns remain unchanged. However, the CRA will not impose late-filing penalties where a current year individual, corporation, or trust return is filed late provided that it is filed by September 30, 2020. We still encourage everyone to file their individual, corporate, and trust returns as soon as possible, even though payment deadlines have been extended. This is particularly important for individuals receiving credits and benefits, such as the Canada Child Benefit. For more information, please visit our website (fulcrumgroup.ca) or contact our office.

Fulcrum Group is hiring!! We are looking for an organized, energetic, team-oriented person to join our admin team! For more information, please see the link below.

The Government of Canada announced an extension of the Canada Emergency Wage Subsidy (CEWS). The proposed changes would extend the CEWS until December 19, 2020, including redesigned program details until November 21, 2020. Learn more on our website

The Alberta Small And Medium Enterprise Relaunch Grant offers assistance to Alberta businesses, cooperatives, and non-profit organizations that were ordered to close or curtail operations due to COVID-19. Eligible organizations can apply for a one-time payment of 15% of their pre-COVID-19 revenue, up to a maximum of $5,000. It is available to businesses, cooperatives, and non-profit organizations that meet the eligibility criteria. More information on the eligibility criteria is available below.

Alberta Small and Medium Enterprise Relaunch Grant Eligible organizations can apply for a one-time payment of 15% of their pre-COVID-19 revenue, up to a maximum of $5,000. It is available to businesses, cooperatives, and non-profit organizations that meet the eligibility criteria. To be eligible, companies must meet the following criteria:... Be a corporation, partnership, sole proprietor, non-profit registered in Alberta Maintain a permanent establishment in Alberta Be carrying on business or eligible to carry on business in Alberta on February 29, 2020 Have experienced a 50% revenue reduction in April or May 2020 due to the COVID-19 pandemic. Revenues can be compared to April 2019, May 2019, or February 2020 revenues. Seasonal businesses can compare to average monthly sales volume from 2019 when they were in operation Have less than 500 employees Were ordered to temporarily close or curtail operations through a COVID-19 public health order Are open or plan to relaunch as public health orders are lifted throughout Alberta Have not received any payments, grants, or amounts directly from federal or provincial government sources, or insurance to replace or compensate for the loss of revenue, except from nine approved programs Organizations can apply at any time up to the deadline of August 31, or for 4 weeks following the start of Phase 3 of Alberta’s Relaunch Strategy (date to be determined), whichever is later. Applications must be made online through the Government of Alberta’s online application portal at https://edtgrants.edt.gov.ab.ca/. A My Alberta Digital ID (MADI) is required to apply for the grant. Full information can be found at the link https://www.alberta.ca/sme-relaunch-grant.aspx More information on revenue calculations can be found here https://open.alberta.ca/publi/sme-relaunch-grant-guidelines

It can be overwhelming trying to determine what you need to do to re-open your business after Covid-19. To make things easier, the federal government has one central location for the most pressing information. This site also has links to provincial recommendations specific to the province you operate in. A great place to start for business-related Covid-19 questions! ... https://www.canada.ca//busi/maintaining-your-business.html

Expanded CEBA program is now open!! (June 26, 2020). This is for owner-operated small businesses that do not have a payroll, sole proprietors receiving business income directly, and family-owned corporations remunerating in the form of dividends rather than payroll are now eligible.... You will have had to have filed tax returns previously and have eligible non-deferrable expenses to qualify. More information can be found at: https://ceba-cuec.ca/

This morning Prime Minister Justin Trudeau announced that the student summer volunteer grant program was launched today. Studenta can earn up to $5,000 this summer for colunteer services! Students must apply through the "I want to help" portal. A grant of $1,000 will be received for every 100 hours volunteered, up to $5,000. Organizations needing volunteers can also register positions so that students that are looking can readily find them. ... Students can sign up here: Jobbank.gc.ca/volunteer

CRA made an announcement on June 23rd regarding the resumption of their activities. Among them was a discussion on the CEWS post-payment compliance pilot project which is set to launch July-August. Additional CEWS projects, as well as post-payment validation on CERB and CESB, is scheduled to begin in September. Follow the link below for information on other planned activities. https://www.videotax.com//cra-resumption-of-activities-plan

Our office is now open! We have some new policies in place for those visiting our office in person. We appreciate your understanding and thank you for following these new protocols. #OfficeUpdate

CEBA EXPANDED! Great news for sole proprietors, corporations that pay dividends rather than salaries and businesses that engage independent contractors!! Prime Minister Trudeau announced this morning that the eligibility for these businesses has been expanded allowing them access to the $40,000 interest-free loan (with up to $10,000 being forgivable).... For more information, visit https://pm.gc.ca//prime-minister-announces-expansion-suppo

Application opens today for the Canada Emergency Student Benefit. See below for more information on how to apply.

CEWS UPDATE!! Today, Prime Minister Justin Trudeau announced that the Canada Emergency Wage Subsidy (CEWS) program will be extended three months to August 29, 2020. The 30% required decrease in revenue is also being reviewed so as not to hamper growth as the economy reopens.

Corporate and Personal Tax Filing Deadlines are quickly approaching! The deadline to file your personal tax return is June 1st. In addition, any corporations with filing deadlines between March 18th and May 31st, must also file any outstanding returns by June 1st. For those clients who have already submitted all your information to us, we will ensure that we complete your return on time.... For those clients who have not yet submitted their information to us, if we have not received all the information required to complete your return by the end of business on May 20, 2020 we cannot guarantee we will be able to finalize your return prior to the June 1, 2020 filing deadline. This is due to the additional time required to process returns in a safe manner for our employees due to changes that we have had to implement due to Covid-19 and the high volume of returns still needing to be filed. Should you have any questions, please contact our office. We appreciate your continued support through this time.

We are proud to announce we're a part of Avail.GP a great initiative focused on helping local businesses in Grande Prairie and its surrounding areas navigate current economic challenges. AVAIL.GP is a collective of local companies positioned to deliver a range of advisory and consultative services, at no cost, to help businesses through these times. Learn more about this initiative, and the role we're playing, right here: https://bit.ly/3dC2ZsC

If you have been recalled to work and have to repay any of the Canada Emergency Response Benefit (CERB), you can now do so easily online. See the link below for more information.

We now have greater clarity on commercial rent relief for small businesses. Eligible commercial property owners can receive forgivable loans from the Canadian government that allows them to reduce rent owed by small business tenants by at least 75% for April, May, and June. For all the details, visit our website >> bit.ly/3fl07SA

All post-secondary students and recent graduates: you are now eligible for the Canada Emergency Student Benefit (CESB). This benefit program allows students to receive $1,250 and up to $1,750 for persons with disabilities or who are caring for others every month. This benefit program also lets students earn up to $1,000 each month while receiving financial support. Learn more >> bit.ly/2SzB6JI

Everything you need to know about navigating federal programs during COVID-19 from our very own Jesse Lofstrom. In this interview with Jennifer Metituk, Jesse explores a number of federal programs in detail. You can view the full video below. Still have questions about federal programs during COVID-19? Visit our blog for more details or contact our office today >> fulcrumgroup.ca/blog/

DEADLINE EXTENSION AFSC just announced late last week that the AgriStability enrollment deadline has been extended to July 3, 2020 from April 30, 2020 due to current market disruptions, increased expenses and production challenges facing many farms. If you are a farmer and need to enroll in AgriStability still, you now have until July 3, 2020.

Commercial Rent Relief was announced last week and was recently updated in Prime Minister Trudeau's press release this morning. It will allow for a 75% reduction in commercial rent for April, May, and June. 50% of this reduction will be covered by the federal ... government with the remaining 25% covered by the lessor To be eligible, small businesses must have ceased operations or have experienced a decrease in revenues of at least 70% and pay less than $50,000 per month Charities and NPOs will also be eligible.

The Government of Canada has released a support identifier tool for businesses. By making a few selections, the tool will identify all of the support available for that type of business. To access the identifier tool visit https://innovation.ised-isde.canada.ca/s/?language=en

Good news! Application for the Canada Emergency Wage Subsidy (CEWS) will open up on April 27th and processed in bulk on May 4th! Payments are set to begin for eligible employers on May 5th. In the meantime you can prepare for April 27th by using the calculator that CRA released yesterday (linked below). CRA has also indicated that 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 employe...rs. Most claims will be automatically processed. But it is anticipated that 100% of claims made by large employers are expected to be reviewed. Reviews are intended to be completed in 72 hours. To help facilitate application, CRA will be assigning 2,000 agents to answer questions on the program. For more information see the link below. If you have questions about application or the program itself, you can visit our website (www.fulcrumgroup.ca) or contact the office.

Attention Farmers April 30 is an important deadline for the AgriStability program. Existing participants Last day to pay AgriStability fees for the 2020 year without penalty... New participants Last day to enroll in the AgriStability program for the 2020 program year. Please contact our office if you have any questions about participating in this program.

The federal government has announced changes for the Canada Emergency Business Account (CEBA). Businesses that had a total payroll between $20,000 and $1.5 million in 2019 are now eligible for application. Learn more about the CEBA here >> bit.ly/3agVlSt

Over the weekend, the Canada Emergency Wage Subsidy (CEWS) was passed into law. These resulted in several significant changes to the CEWS. Some of the largest changes include: Changes to qualification: You need to have experienced a 15% decline in revenues in March and a 30% decline in April and May. Businesses can use the average of January and February 2020 as their benchmark OR the same month of the previous year. This method will need to be consistently applied t...hroughout the program. For example, March 2020 can be compared to March 2019. March 2020 can also be compared to the average of January and February of 2020. Either the accrual method or the cash method for revenue collection can be used. Whichever is chosen at the beginning will need to be applied consistently throughout the entire program. Application should be available within the next 3-5 weeks. This program must be applied for through My Business Account. If you're an employer and have yet to set that up, it's recommended you start now! A new 100% refund is now available for employer-paid EI and CPP for employees who are paid but not working for a period of time. The full updates for the CEWS are available on our blog below.