Joe Ruscio Professional Corporation
405 Queen St E, Suite 201 P6A 1Z5 Sault Sainte Marie, ON, Canada

JRPC has a big announcement coming next week, stay tuned! Here’s a little sneak peak...

Did you work from home in 2020 as a result of COVID? You may be able to claim $2/day for up to 200 working days on your personal tax return . Click the link below to find out more. https://www.canada.ca//work-space-home-e/what-changes.html

Happy International Women’s Day from Tricia, Lora, and Cori. Just a few of JRPC’s inspiring women

Thinking of incorporating your business? Click below to read from JRPC's Karli Chiarello, CPA, CA on some of the key benefits to consider.

Joe Ruscio and the "Ruscio Bean Counters" participated in the Coldest Night of the Year charity walk this past weekend. Joe raised over $45,000 to help St. Vincent Place, and finished as one of the top individual fundraisers in Canada. Way to go Joe! Thank you to everyone who donated.

Click below to read from JRPC's Kristy Aloe, CPA, CA. on why Millennials should be taking advantage of a TFSA.

CRA's EFILE for 2020 T1 personal tax returns opens February 22, 2021.

Working remotely from home can have its challenges....Our CPA student Jake Cruise has recruited the help of Copper and Millie, who are keeping a close eye on him. Jake has been with JRPC for 2 years and has just started Core 2 of the CPA Program. We wish him much success in his professional studies.

Joe speaks with CHAAT regarding issues facing the Sault's downtown community.

2020 Taxation of CERB and Recovery Benefits: Individuals can expect to be taxed on both CERB and Recovery Benefits when filing their 2020 taxes. Taxation is based on their total income including CERB and CRB amounts received. There is also a clawback on the Canada Recovery Benefit (CRB), which will require individuals filing their 2020 taxes to repay $0.50 of the Benefit for every dollar in net income earned above $38,000 (excluding the amount received for the CRB).... For more information: https://www.canada.ca//cerb-appl/transition/questions.html

COVID-19 SHUTDOWN UPDATE: Jan/14/21 to Feb/11/21 Our office reception will remain open to the public for essential business drop-offs only. This includes things like payroll processing, payments, and HST filings. Other staff will be working from home and will be assisting clients via email or phone. No in-person meetings at this time. If you're not sure who to contact, you can call our reception at 705-949-1221 ext. 0 or email [email protected] for assistance.... Thank you and Stay Safe!

Ontario Small Business Support Grant applications are expected to open later this month. Starting at $10k, up to a maximum of $20k for all eligible businesses to help cover decreased revenue as a result of the Provincewide Shutdown. For more information: https://www.ontario.ca//businesses-get-help-covid-19-costs

COVID-19 Lockdown Update: Our office has resumed it's regular office hours and is open to the public Monday to Friday from 8:30am to 4:30pm. In consideration of the lockdown in effect until January 9th, 2021, and for the safety of staff and clients, please do not attend our office if you have symptoms or have been out of Algoma District. ... Thank you and have a safe and Happy New Year!

The Government's CEBA loan has now increased from $40k to $60k. Eligible businesses will have until March 31, 2021 to apply. If you already received the original $40k, you can now apply for the $20k expansion. Visit CRA's website for more information: https://ceba-cuec.ca/

Please support the Ruscio Bean Counters who are once again participating in the Coldest Night of the Year fundraiser for St. Vincent Place being held February 20th, 2021. Proceeds are in support of poverty in Sault Ste. Marie and throughout Canada. To donate, click the link below! https://secure.e2rm.com/registrant/TeamFundraisingPage.aspx

CANADA EMERGENCY BUSINESS ACCOUNT (CEBA)- UPDATE Further to the $40k interest-free loan being offered to businesses by the Government of Canada, CEBA will soon be expanding its program with an additional $20k interest-free loan, of which half will be forgivable if balance paid by December 31, 2022. For more detail, visit CRA's website: https://www.canada.ca//canada-emergency-business-account-n

NEW 2020 T4 Reporting Requirements In order for CRA to reconcile COVID-19 financial support that individuals may have received during 2020, CRA will now require employment income (Box 14) on the T4s to be broken down into defined periods in line with CERB, CEWS, and CESB periods. Employers will be required to submit the additional reporting when filing their employee's 2020 T4s. For more information, visit CRA’s website; https://www.canada.ca//support-employers-cra-covid-19....html If you have any questions or need assistance when the time comes to file your company’s 2020 T4s. Give us a call at 705-949-1221 or email [email protected].

Government of Canada has launched applications for Recovery Sickness Benefit and Recovery Caregiving Benefit. To find out if you or someone you know might qualify, visit: https://www.canada.ca//the-government-of-canada-launches-a

NOHFC has launched the 'Northern Ontario Recovery Program' to help businesses adapt operations according to local public health guidelines, while protecting employees and customers. Further details on the program are available at https://nohfc.ca//progra/northern-ontario-recovery-program

Monday morning funny.....For all the students back to school, anyone thinking of becoming an Accountant?

Not sure what CRA COVID-19 financial support programs your business might qualify for? Our staff are keeping up to date on the latest CRA programs including CEWS (Canada Emergency Wage Subsidy) and CEBA (Canada Emergency Business Account). We would be happy to support you in determining your business’s eligibility, as well as in the application processes. For more information on CRA’s financial support programs, visit: https://www.canada.ca//busi/maintaining-your-business....html. If you or your business are looking for assistance with any of these programs, give us a call at 705-949-1221 or email us at [email protected]. (Note, our summer hours have ended and we’re now back to regular hours Monday to Friday from 8:30am to 4:30pm).