GEIB & COMPANY Chartered Professional Accountants, CPA
1020, 10201 Southport Rd SW T2W 4X9 Calgary, AB, Canada

We invite you to listen to the updated CSRS 4200 Compilation Standards, outlined by members of Nexia Canada, including our very own John Geib!

QuickBooks Online makes it easy to create and send smart invoices from anywhere, anytime. #getpaidfaster

We are pleased to announce that we successfully assisted our client in tax court. The result of our actions lead to an outcome which saw a complete vindication of our client's interests.

For more information on updates regarding the Canada Emergency Wage Subsidy, refer to our LinkedIn page or visit our website.

Please follow this link to access our LinkedIn page for information on COVID-19: Government Benefits, Subsidy and Loan Programs.

We invite you to have a read through the April Issue of our monthly tax newsletter via LinkedIn. To be added to our email list, please contact our office via email using [email protected].

Dear Valued Client, The recent government announcements that were made on Friday, March 27th and Monday, March 30th, including a proposed 75% wage subsidy and $40,000 interest free bank loan were supposed to be followed up by a detailed announcement today. This particular announcement has been postponed until tomorrow afternoon. Our office is closely monitoring the government announcements and we will provide a communication as soon as the details of these programs become known to us. Thank you for your patience in these unprecedented times.

As a result of the COVID-19 pandemic, many businesses have been forced to provide layoffs to their employees. As the situation is changing rapidly it is imperative to be aware of the COVID-19 related government programs, Employment Insurance (EI) benefits, and work-sharing programs. Emergency Support Benefit For Canadians who lose their jobs or face reduced hours as a result of COVID’s impact, the Government is introducing an Emergency Support Benefit delivered through the C...Continue reading

Alberta Response to COVID-19 We trust that you continue to be well during this unprecedented and challenging time. Alberta’s provincial government has recently announced several support measures to mitigate some of the damaging effects being felt locally as a result of the global COVID-19 pandemic. Recognizing the extreme strain that businesses are under, and the uncertainty being faced by the local economy, the provincial government has deferred several payments as a way of ...Continue reading

COVID-19 Business Update via LinkedIn.

In response to the COVID-19 pandemic, a Temporary Wage Subsidy program will allow eligible employers to reduce the amount of payroll deductions required to remit to the CRA. QuickBooks Online (QBO) Advanced Payroll has rolled out the functionality to support the automated calculation of this subsidy. To check your eligibility, we encourage you to consult the government's FAQ or contact the CRA directly.... QBO added a new Eligible for the Temporary Wage Subsidy toggle to the Advanced Payroll Settings>Company information tab. 1) The default setting for this toggle is No - this means that we won't reduce your payroll deductions. Our system will continue to calculate and collect the full source deduction amount. 2) If you're eligible, change the toggle setting to Yes - this means that we'll apply the 10% subsidy to the total gross payroll and reduce the federal/provincial income tax payable to the CRA by that amount. This reduced source deduction amount will be reflected in your Invoice report. Note: Once our system has determined that an employee has reached their maximum allowance ($1,375), their calculations will be paused. Also, once the maximum allowance per employer ($25,000) has been reached, the toggle will be disabled. Questions? Please contact QBO at 1-855-253-1536.

In light of all the chaos happening around the world, we are proud to announce that our very own Kathleen Geib Dengler has been awarded with the honour of receiving the Early Achievement Award from CPA Alberta. Congratulations Kathleen, on your well-deserved success! The Early Achievement Award recognizes CPAs who have had their accounting designation for 10 years or less and have rendered exceptional service to the profession or whose achievements in their careers or in the community have earned them distinction and brought honour to the profession.

Many employers are considering ways to support employees who may experience a loss of earnings as a result of a layoff or closure situation.

Changes to Alberta's Employment Standards Code:

Rules around temporary layoffs in Alberta.

Financial Support for Entrepreneurs Impacted by the Coronavirus from the Government of Canada (via the BDC).

Extensions on filing deadlines have been approved.