Heartland CPAs
Suite 620 - 1445 Portage Ave R3G 3P4 Winnipeg, MB, Canada

Have you made your RRSP contribution for the 2020 tax year? It’s not too late! The deadline to contribute to your RRSP account for the 2020 tax year is March 1, 2021. Before making your contribution, be sure to confirm your 2020 contribution limit as noted on your 2019 Notice of Assessment and take into consideration any contributions you have made since March 3, 2020. It is important to not over contribute to your RRSP account as the penalty is 1% per month on excess contributions that exceed your RRSP deduction limit by more than $2,000.

Details have been announced about the Highly Affected Sectors Credit Availability Program (HASCAP). Through the HASCAP, the Business Development Bank of Canada (BDC) will be working with participating Canadian financial institutions to offer government-guaranteed, low-interest loans of up to $1 million. The HASCAP is available to businesses in all sectors that have been hit hard by the pandemic.... Visit us at https://www.heartlandcpa.com/hascap for details.

Why Hire a CPA? As Chartered Professional Accountants (CPAs), we are required to meet professional development requirements set out and overseen by CPA Manitoba. We are required to complete 120 hours over a three-year rolling period and within each year, we must report a minimum of 20 hours. Of those 120 hours, a minimum of four hours needs to be on professional ethics. Our professional development helps ensure we stay knowledgeable and up-to-date in constantly changing areas like tax, auditing and accounting, so we can provide you with the best advice and information possible. Look for a CPA when choosing an accountant!

Are you starting a new business venture and wondering what next steps to take? Here are some important items to look after: 1) Get legal and accounting advice. Your lawyer can assist you with incorporating or registering your business and business name with the Manitoba Companies Office. 2) Choose the type of business ownership: corporation, sole proprietorship, or partnership. Your accountant can advise you on the right structure.... 3) Open a business bank account. It’s important to keep your personal bank account separate from your business bank account. 4) Register for a CRA business number and open the applicable program accounts through CRA and the Province of Manitoba (e.g. GST, payroll, PST, etc.) 5) Set up an accounting system to provide you with timely and reliable financial information. Visit us at https://bit.ly/3qARuIA for more information and helpful links.

Happy New Year from Heartland CPAs! Wishing you all the best in 2021!

Thank you to Assiniboia Chamber of Commerce for nominating Adam for his appointment to the Winnipeg Airports Authority Board of Directors.

Merry Christmas from our team at Heartland CPAs! We hope you have a safe and healthy Christmas and wish you all the best for the coming year. Our office will be closed from December 25 until January 3. We will reopen on January 4 at 8:30 with our regular business hours.

If you worked from home more than 50% of the time for a period of at least four consecutive weeks in 2020 due to COVID-19, you can claim $2 for each day you worked at home during that period, plus any additional days you worked at home (due to COVID-19), up to a maximum of $400 for the year. This is a deduction to your income that will help reduce your tax liability. Visit our website for details at https://www.heartlandcpa.com/use-of-home-office.

CEBA Loan Expansion As we posted about previously, the Canada Emergency Business Account (CEBA) loans for eligible businesses and not-for-profits has increased from $40,000 to $60,000. Since then, the government has provided additional information, and an attestation has been added to the agreement requiring the applicant to confirm it meets various criteria to qualify for the loan. This criteria is more restrictive than the initial CEBA loan (for $40,000) offered in the s...pring. There are also significant penalties if it is determined that the applicant was not eligible for the loan. If you apply for this loan, these new rules will also apply to the original $40,000 loan, which may have been subject to less restrictive rules when the loan was initially offered. This is because the additional $20,000 loan will cause an amendment to the original loan agreement. Visit us at https://bit.ly/37uw6xO for more information.

Canada United is accepting applications for relief grants for small businesses in Manitoba. Learn more at https://bit.ly/3hEltv4.

The Canada Emergency Wage Subsidy (CEWS) has been extended to August 29: https://bit.ly/2BDMSNo

CRA My Account & My Business Account Whether you are a business owner or an individual, CRA has a secure portal that allows you to view your income tax information and manage your tax affairs online, including tax payments. Due to COVID-19, many CRA employees are working from home and the processing of paper-filed documents will likely be delayed. Take this opportunity to be able to submit documents electronically, view mail and potentially get the answers you need at your fingertips. This could save you time from being on hold with CRA and may expedite the process of certain matters. Visit heartlandcpa.com/resources/cra-videos to learn how to register for these CRA accounts.

You will be able to apply to receive up to 24 weeks if you’re still unemployed and cannot find employment as a result of COVID-19. If you have already applied f...or the CERB with CRA, click here to apply http://ow.ly/yu3N50AahrO If you have not previously applied for the CERB, click here to determine whether to apply with Service Canada or the CRA http://ow.ly/1CMs50AahrN

We've collaborated with @StatCan_eng to better understand the impact of the #COVID19 pandemic on businesses and our #Cdnecon. If you're a #CdnBiz owner, please take a few minutes to complete this survey: http://www.statcan.gc.ca/CSBC