Hamel Professional CPA’s

Are you planning to apply for the CERB (Canada Emergency Response Benefit), starting April 6? Mark your calendar- applications will be open based on your birthdate, as per Canada Revenue Agency. For more information on the CERB, visit: https://www.canada.ca//benefi/apply-for-cerb-with-cra.html

Good morning everyone! Today, I wanted to share some free resources which may help you out, as you try and figure out how the next few months will look. 1) Budget and Forecasting For the next 3 months, DryRun (a great start up out of Edmonton!) is offering their software for free. You can use their template & forecasting tools to forecast your costs over the next few months. You can find it here:... https://dryrun.com 2) Wage Subsidy Calculation For those of you with employees,Tax Templates has released a free excel worksheet, to help you calculate the 10% wage subsidy. I expect that as more information is released, they will update this information to allow you to calculate the 75% wage subsidy. You can find the download it here: https://www.taxtemplates.ca/wage-subsidy

Good afternoon everyone, I hope that you are all staying healthy! In our office, we often rely on the expertise of the Video Tax news team for information on key changes to our tax system, while we wait for official legislation.... Although the information they prepare is geared towards tax professionals, if there is a specific provision or change that you are looking for more information on, they have compiled a wealth of information and community resources which can be found here: https://www.videotax.com/covid19

Are you considering taking advantage of the 10% wage subsidy offered by the CRA over the next 3 months? Late last night, the CRA published this FAQ, offering up a little more guidance for employers on how this will work, and which employers may be eligible. https://www.canada.ca//frequently-asked-questions-wage-sub

Good Afternoon! As you have heard, the Federal Government released the first phase of their Economic Stimulus package this morning. We have detailed some of the bigger changes for you, below. Information on this package is limited at this time, and it is important to note that the measures announced will still need to receive Royal Assent through Parliament before being enacted into law. We hope to have more information to share as the finalized legislation become availabl...e. Proposed Changes Released by the Federal Government, March 18: 1. Personal Tax Filing Deadline has been extended to June 1, 2020. 2. Trust Return Filing Deadline has been extended to May 1, 2020. 3. An extension to August 1, 2020 has been granted for some income tax liabilities. Please contact your advisor before delaying payment to confirm that the payment you anticipate delaying is eligible. 4. Extended benefits have been released for individuals and business owners who do not qualify for EI, under the Emergency Care Benefit and the Emergency Support Benefit. They expect these benefits to be available in early April, and initial communication has indicated that you will be applying for this benefit through your My CRA or the My Service Canada account. If you have not yet opened your My CRA account, we urge all individuals to start this process today, as it can take upwards of 2 weeks for your account to be fully active. 5. For those that qualify, the Government is planning to increase the amounts paid out as part of the GST rebate and the Canada Child Benefit (CCB) in the coming months. a. For those that qualify for the full CCB, they can expect to see a $300 increase, per Child, in their May payment. 6. Additional supports have been announced for individuals to help minimize the economic effects of the downturn in the economy, including options for deferring mortgage payments and the ability to work with your bank to create flexible payment arrangements. Information on support for individuals is available on the Canada Revenue Agency (CRA) website, below 7. The Government is also in discussions to provide eligible small employers a subsidy of up to 10% of payroll (to a maximum of $25,000) to allow them to keep their employees on the payroll as opposed to laying them off. At this time, we do not know who qualifies as an eligible small employer. 8. The Government is also working to inject funds into the market by increasing the funds available to the Business Development Bank of Canada (BDC) to loan so small and medium sized businesses. Further, credit available through Farm Credit Canada (FCC) has also been increased for farmers and those in agri-foods. As we wait for legislation supporting these, any other newly announced, changes to come in to effect, please refer to the following website from the Canada Revenue Agency for guidance: https://www.canada.ca//canadas-covid-19-economic-response-