Holt & Co.
3-2 Athabaska Avenue T9G 1G2 Devon, AB, Canada

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2021 - It is a New Year full of Hope and Prosperity! Starting a business takes a lot of grit. Creating and maintaining profit is challenging enough, then you have the financial record keeping, government reporting responsibilities, debt commitments, budgets etc. Holt & Co. is proud to be included in this virtual financial series hosted by the Devon & District Chamber of Commerce. If you have questions, need some guidance and are looking for ways to increase and retain those profits in your business, this series is for you! Hope to see you there!

From all of us at Holt & Co. () our warmest thoughts to you while you celebrate the Magic of Christmas. All of the very best wishes for a fruitful and prosperous New Year! Joy to the World!

I'm a little sad to be taking down the Christmas Village today, as I was outbid in the 12 Days of Christmas Online Auction in the final 30 seconds. What makes the moment bright is seeing the beautiful message from Howard as I'm packing it up. #whoshoward #LoveLocalDevon #finditindevon #DevonOpenForBusiness

The $20,000 top up to the CEBA loan is now available through your banking institution! $10,000 of the top-up is forgivable if repaid by Dec 31, 2022. Application deadline is March 31, 2021.

The Devon Chamber 12 Days of Christmas Auction starts today! THANK YOU to all of the businesses that have contributed! Almost all of the items are now up for your viewing pleasure. You’ll see that some are on display in local businesses, please stop in to take a peek! There is a HUGE selection of vintage Christmas villages as well as an assortment of items ranging from gift baskets, golf passes, art, gingerbread house, Christmas décor and more!... Description: Live items will be available to bid online on the day they are set to go live. There is no in person live auction. Please invite your friends https://app.bidbeacon.com/invite/#NKWR3P All items are As-Is. Item(s) must be picked up by December 15th. Watch for new items to be available for bidding each day. When: Tuesday, 01 December 2020 9:00 AM - Saturday, 12 December 2020 7:00 PM Access Code: NKWR3P Link For More Info: devonchamber.ca To access the auction, download and install the Bid Beacon App from the app store using the appropriate button, or use the web version on any device that can view websites with a modern browser (Chrome, Safari, Firefox, Edge). The URL for web version is https://app.bidbeacon.com in case you need to paste it into a browser. Once you have registered with the app, click join auction and enter NKWR3P to access the auction. Good Luck and Happy Bidding!

Holt & Co. is looking for a local business to assist with website development and incorporating a secure client portal. My research started with connecting to our local Chamber of Commerce, but unfortunately there is no website developer as a current Chamber member. If you know of a good local developer, please pass this request onto them.

Yesterday, Bill C-9 was introduced with proposed changes to the CEWS and details were introduced for the Canada Emergency Rent Subsidy (CERS)- Hopefully the Bill will soon be passed: As indicated in the October 9, 2020 release, the first applicable period is Period 8 (Sept 27 Oct 24). In addition to rent paid by tenants, mortgage interest, insurance and property taxes paid by commercial property owners will be subsidized. The subsidy percentage is computed in the same mann...er as CEWS (using the same revenue reduction percentages), with the same 65% maximum for all periods ending on or before December 19, 2020. An additional rent top-up percentage will provide a further subsidy of 25% for the portion of the period throughout which the property is subject to a public health restriction. Applications are due by the later of January 31, 2021, and 180 days after the end of the qualifying period.

This has been a long time coming. Also, *coming soon* CEBA to be expanded from $40k to $60k. https://www.canada.ca//canada-emergency-business-account-n

Yesterday, the Canada Emergency Wage Subsidy (CEWS) received Royal Assent. This subsidy will enable employers to re-hire workers previously laid off and to keep those who are already on payroll. The online application process starts on April 27, 2020, with funds on approved applications starting to be released on May 5, 2020. You must have your wage subsidy calculation prepared before the application process, as well be setup with My Business Account or Represent a Client... with CRA to apply as soon as the application process is open, or if you can’t get a My Business Account setup, you will need an online access code and use an alternative application process (web-portal). Here is a short-list of specifics that I found very important. I encourage you to go to the resources tab on my website Holtco.ca or visit Canada.gc.ca for more details and links to calculators and online resources: Application opens April 27, 2020; You must be an eligible employer revenues have dropped by at least 15% in March and 30% in April and May; Employers are only eligible if they had a payroll program account with CRA on March 18, 2020; The subsidy is worth 75% of the amount of eligible remuneration actually paid, up to a maximum benefit of $847 per employee, per week; You must rehire and pay such employees before you include them in your calculation for the subsidy; Any benefit you (as an employer) have received from the 10% payroll subsidy program paid will reduce the amount available to be claimed under the 75% CEWS for that same period; All wage subsidies are considered government assistance and will be included in the employer’s income; Keep your records! Stay Healthy and Safe

Celebrate Small Business! Small business is the cornerstone of a community. We are the entrepreneurs with a passion, starting off at the kitchen table, opening a small space in our homes to create and operate. We are the lessees of local commercial space, driving the retail/service/industrial economies. We are business members helping others, embracing life's interruptions and transitions. We are humble, kind and open-minded and we balance it all with our significant other...s and family. There are approx 1.2M employers in Canada and 97.9% of them are small business!! Congratulations to you all!! This year has been incredible challenging. How did you adjust? At our office, we quickly changed gears on March 18th, Michelle and Kristen shared their homes and personal lives with computers and files. Candice and I worked from the office, while staying sanitized and physically distant from clients and each other. I missed the tax season chats with my clients. Kristen became our inhouse Guru on all Covid-19 programs available, daily updates from Ottawa were consumed and deadlines were met. The tax season felt like it would never end as it stretched into the summer. Once we caught our breath, it was time to renovate the back office space to allow for more personal space, while keeping the open concept in the equation. Here are some pics of the reno and the amazing team (my family) behind the design and build. I love you to the moon and back and I wouldn’t be here without you.

My heart goes out to the many small businesses that have been forced to lock their doors and wait out the storm, not knowing how long the storm will last. There have been daily updates from the Federal and Provincial governments, resulting in many changes to Canadians’ individual and business taxes and available subsidies to businesses. Updates for Business: GST: ... The CRA will allow all businesses to defer, until the end of June 2020, any GST/HST payments or remittances that become owing on or after March 27, 2020, and before June 2020. This means that no interest will apply if your payments or remittances are made by the end of June 2020. Payroll: The 10% subsidy on gross wages is still available - Temporary wage subsidy for employers. Eligible employers (individuals (excluding trusts), certain partnerships, non-profit organization, registered charity, or Canadian-controlled private corporation eligible for the small business deduction) who pay salary, wages, or taxable benefits to employees, between March 18, 2020 and June 19, 2020, can reduce payroll remittances of income tax by the amount of the subsidy. This measure is only applicable to remittances made to the CRA. Corporate Income tax: More time to pay income taxes Businesses can defer, until August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. CEWS Canada Emergency Wage Subsidy measure to help avoid laying off your employees- covers 75% of salaries for qualifying business, for up to 3 months (retroactive to March 15) if your business has declined in gross sales of 30% compared to the comparative month in the previous year. You will need to establish your eligibility each month you claim the subsidy. If you don’t qualify for this subsidy, you can take advantage of the 10% subsidiary previously mentioned. From what I hear as of now, this 75% subsidy will be available in 6 weeks, but don’t hold me to the fire on that statement. Access to credit: BCAP Business Credit Availability Program Canadian Emergency Business Account provides interest-free loans of up to $40,000 to small business and NFP’s to help cover operating costs. To qualify, your business must have paid between $50,000 - $1,000,000 in payroll in 2019. Small business loans the BDC is working with lenders to co-lend term loans to small/medium sized businesses for their operation cash flow requirements. Business owners and others: CERB Canada Emergency Response Benefit if you don’t qualify for EI, starting April 6, you can apply for this benefit which will pay you up to $2,000 a month for up to 4 months. Stay Healthy and Safe

Great news from the Feds for Small Business!

Today the Fed's announced changes to the previously announced subsidy program which includes an increase in wage subsidies from the 10% to 75% for small to medium sized businesses. This will help SME's keep their employees and keep paying salaries. In addition, the Canadian Business Emergency Account, which will allow banks to offer $40,000 loans backed by the Feds to qualifying businesses. More details will follow on Monday, March 30th.

On March 25th, the Federal Department of Finance released the Canada Emergency Response Benefit. This is welcome news to "eligible workers" including Company shareholders or persons related to the shareholder(s) and those self-employed, who are temporarily out of work and who otherwise might not have access to Employment Insurance benefits. The program will provide a taxable benefit of up to $2,000 a month for up to 4 months to: ... **eligible worker - (basically) at least 15 yrs old, has earned at least $5,000 from their employment, EI, or other in the past 12 months. **the worker, whether employed or self-employed, must cease to work for at least 14 consecutive days within the four-week period in respect of which they apply for the payment. workers who must stop working due to COVID19 and do not have access to paid leave or other income support. workers who are sick, quarantined, or taking care of someone who is sick with COVID-19. working parents who must stay home without pay to care for children that are sick or need additional care because of school and daycare closures. workers who still have their employment but are not being paid because there is currently not sufficient work and their employer has asked them not to come to work. wage earners and self-employed individuals, including contract workers, who would not otherwise be eligible for Employment Insurance. And Many other Benefits!! Stay Healthy & Strong Canada!! Check it out at: https://www.canada.ca//departm/economic-response-plan.html

Small Business Owner Payroll Relief Program: ***UPDATE 03/27/20 - Subsidies will increase up to 75% - more details will be released on 03/30/20** Three month Relief Program March 18/20 to June 20/20... Small businesses (CCPC’s), not-for-profits and charities - A Three Month Relief Program on Wage expense. In a nutshell how the new program works: 10% of payroll can be subsidized by the government by reducing remittance of source deductions: The math: You have 5 employees and each earns a gross wage of $4,000 per month. 5 x $4,000 = $20,000 x 10% = $2,000 subsidy Reduce the next payroll remittance, which is likely April 15th The rules: -The next remittance is to include the payroll including March 18th; -The wording is payroll paid during the period, vs. earned. Therefore, it would be 10% of the wages paid after March 18th through to June 20th. -The subsidy only applies to the income tax deductions from your employees. Not the CPP or EI deductions; -The subsidy CAPS at $1,375 per employee and $25,000 per employer for the program; and -The subsidy is taxable to the employer. Therefore, when recording your entry into your records, you move the income tax liability into an other income account. See @holtco.ca for a newsletter recap of the Government of Canada Relief programs.

An Update for Taxpayers In Summary: - Personal Tax Filing deadline is extended to June 1, 2020 - Personal and Corporate Balances owing - payment deadline ... deferred to August 31, 2020 (no interest or penalties will occur on balances owed after today or before September 2020) - Electronic signatures are allowed on signing documents Please Note: **IT IS BEST TO HAVE YOUR RETURN FILED BY APRIL 30TH TO AVOID ANY DELAYS IN CHILD TAX BENEFITS OR GST BENEFITS** Special Rules are in place for EI and EI waiting periods. Please check the CRA website. From the CRA Website https://www.canada.ca//departm/economic-response-plan.html In order to provide greater flexibility to Canadians who may be experiencing hardships during the COVID-19 outbreak, the Canada Revenue Agency will defer the filing due date for the 2019 tax returns of individuals, including certain trusts. For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020. However, the Agency encourages individuals who expect to receive benefits under the GSTC or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined. For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020. The Canada Revenue Agency will allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period. In order to reduce the necessity for taxpayers and tax preparers to meet in person during this difficult time, and to reduce administrative burden, effective immediately the Canada Revenue Agency will recognize electronic signatures as having met the signature requirements of the Income Tax Act, as a temporary administrative measure. This provision applies to authorization forms T183 or T183CORP, which are forms that are signed in person by millions of Canadians every year to authorize tax preparers to file taxes.

We are watching the current situation very carefully. As the COVID-19 situation unfolds we will do our best to keep you updated. We have published an update to our clients on our blog. Please give it a read. We will do our best to remotely help you from our office to your home or office, without the need to visit our office. Please refrain from visiting our office in person. We would like to ensure we keep a safe space for our clients, staff, and families. Please call us to ...make arrangements. If you have any questions or concerns please reach out to us by phone at (780) 987-4658 or email us at [email protected] or [email protected] https://www.holtco.ca/post/covid-19-and-holt-co

Winter Walk Day -Feb 5th The team hit the snowy trails today to celebrate and participate in the Town's Winter Walk Day. The perfect follow up... a hot bowl of soup from Frickin' Delights Donuts.

Our Sunday was family time. Spent it skating at our local outdoor rink with our neighbours and their kidlets Let us know some of your favourite family activities:) #worklifebalance

Does your Company have the necessary segregation of duties and/or the controls in place for proper oversight of the functions of your bookkeeper or accounting staff? It's very sad to see another small business manipulated by their trust in their employee. If you need assistance setting up some simple checks and balances of your accounting please call me and let's discuss.

Celebrating 5 years!! Michelle Jackson started with Holt & Co. in January 2015 as the office administrator and catapulted into the position of Accounting Technician. Hard work, part-time studies and determination has moved her forward within the firm and in her professional skills. Thank you Michelle for being you, giving your best to our clients and ultimately our success!!

Are you a Devon entrepreneur, looking to make connections, resource share, expand your business? If so, here's an opportunity to meet other local entrepreneurs reaching out to do the same. Reserve your attendance on January 9th at Eventbrite - Devon B2B Networking

Wishing everyone all the best in 2020!

New Kid on the Block Candice has lived in Devon since she was three years old and chose to call Devon home for her three kids, as well. Her secondary college education and former work experience is in the field of Legal Assistant. She has vast experience in other office settings which has helped her grow her knowledge in some areas of accounting. Candice recently joined our team in November 2019 and we are all looking forward to learning and growing with her. Candice enjoys being out at a lake, pool or just hanging outside with the family in the summer and snowboarding in the winter.