Mergaert, Barford, Williams, Joly & Starkevich CPA
5999-3 Avenue T7E1R8 Edson, AB, Canada
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General Information
Locality: Edson, Alberta
Phone: +1 780-723-4428
Address: 5999-3 Avenue T7E1R8 Edson, AB, Canada
Website: www.mrbca.com
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Updates to the CRA subsidy programs: CEWS 75% Wage Subsidy The CRA has extended the program to November 21st (with the potential for further extension to December 19th) with updated rules and calculations. For July to November, there is no longer a requirement to show a 30% revenue decrease in order to qualify for the subsidy, they've switched the program to be more of a "sliding scale", with the amount of subsidy directly linked to the revenue decrease. Applications for CE...WS must be made by January 31, 2021. CEBA $40,000 loan The application deadline for this program is set for August 31st, so if you haven't applied for this yet and believe that you are eligible, be sure to contact your financial institution to get your application in before the deadline. This program provides eligible businesses with a $40,000 interest free loan to pay for non-deferrable operating expenses, with 25% of the loan (up to $10,000) being eligible for loan forgiveness. Canada Emergency Commercial Rent Assistance (CECRA) The 50% assistance being offered to commercial rental landlords of impacted tenants, which was originally for the months of April, May and June, has been extended to July and August. The initial application deadline is August 31, 2020. The application for the July and August extensions will need to be made by September 14, 2020. Contact us if you would like to discuss your eligibility for any of the above programs - we're here to help!
We're happy to announce that we've reopened our doors for clients to come in for signing and to pick up or drop off paperwork. We have implemented some additional safety measures as we continue to navigate the provincial guidelines. At this time, we are not yet scheduling in-office client meetings, but hope to be ready for that later this month. We're looking forward to seeing all of our wonderful clients again!
Just a friendly reminder that the deadline to file your personal taxes is Monday, June 1st this year for regular tax returns. The filing deadline for self employed individuals has remained unchanged at June 15th. If there is a balance owing to the CRA they have extended the payment due date to September 1st, but the filing deadline is still June 1st.
75% Wage Subsidy Update! The CRA released additional details about the Canada Emergency Wage Subsidy (CEWS) today. This subsidy is geared towards employers who have suffered a significant decrease in revenues in March, April and May 2020. While the detailed calculation on the subsidy amount can be quite complex, it is sure to be a useful tool to lessen the impact to employees by keeping them on payroll and allow employers to be in a better position to resume normal operatio...ns following the crisis. Until today, no details had been provided on the mechanics of actually making the application for this subsidy, but the Canada.ca website has been updated to include a calculator to help employers determine how much they could receive (link in comments). Applications can be made starting on April 27th and can be made through the CRA "My Business Account", through a web portal or by your tax advisor through "Represent A Client". They have noted that they anticipate to have 90% of the applications that are submitted on the 27th processed by May 4th and expect payments to start flowing that week as well. If you think your business might be eligible for this subsidy, we recommend that you have your accounting information up to date to allow for timely calculation and application. Contact your accountant or tax advisor if you need assistance. We're here to help!
The Federal Government released changes to the 75% Canada Emergency Wage Subsidy today. While many aspects of the program remain the similar to those previously announced, there were some significant changes. - Employers are now required to show a 15% reduction in revenues (previously 30%) for March 2020 as compared to March 2019 to qualify. The 30% reduction in revenue requirement remains for April and May monthly revenues. - They are proposing to expand the wage subsidy... to include a 100% refund for certain employer paid contributions to EI and CPP for employees who are on leave with pay. - They have also announced that alternative benchmarks used for calculating the change in revenues would be available to all employers, which will provide more flexibility. We still don't have details on the application process, which is said to be made available shortly and will be posted as soon as we know more. Link to the CRA information page on the Canada Emergency Wage Subsidy in the comments!
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