Padgett Business Services
1511 10 Street SW T2R 1E8 Calgary, AB, Canada

Learn about the Canada Recovery Sickness Benefit https://padgettcalgary.com/canada-recovery-sickness-benefit/

The Canada Recovery Benefit (CRB) gives income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period. If your situation continues past 2 weeks, you will need to apply again. You may apply up to a total of 13 eligibility periods (26 weeks) between September 27, 2020 and September 25..., 2021. The basic criteria to qualify are as follows: - reside in Canada ie live and have a home in Canada. - minimum eligible age is 15 years - have a SIN - earned at least $5 000 in employment, self-employment, maternity or parental benefits, or ordinary/non-eligible dividends, in either 2019, 2020, or in the 12 months before the date of application - must not have voluntarily quit your job or reduced your hours on or after September 27, 2020 must be seeking work during the period You must also meet one of these criteria for each 2-week period you apply for: - you must not be employed or self-employed for reasons related to Covid-19 OR - you had a 50% reduction in your average weekly income compared to 2019 (or the previous 12 months) due to Covid-19. The 50% reduction is based on your average weekly income compared to the previous year due to Covid-19. You are not eligible to receive the CRB if you are receiving the Canada Recovery Sickness Benefit or the Canada Recovery Caregiving Benefit, short-term disability benefits, workers’ compensation benefits, EI benefits, or Quebec Parental Insurance Plan benefits. There will be a callback of 50% of the CRB if your net income is more than $38 000 in the calendar year. The $38 000 excludes any CRB payments received.

The Government of Canada launches applications for the Canada Recovery Benefit The Government of Canada has introduced three new benefits, delivered by the Canada Revenue Agency (CRA): the Canada Recovery Benefit (CRB), the Canada Recovery Sickness Benefit (CRSB), and the Canada Recovery Caregiving Benefit (CRCB). The CRB application process opened on October 12th , and CRSB and CRCB opened on October 5th . The CRB provides $500 per week for up to 26 weeks, to workers who h...ave stopped working or had their employment/self-employment income reduced by at least 50% due to COVID-19 and who are not eligible for EI. Learn more about eligibility requirements and the application process here: https://www.canada.ca///the-government-of-canada-launches- applications-for-the-canada-recovery-benefit.html See more

Gifting and leaving money to your grandchild There may be different tax implications depending on how you choose to bequeath gifts/monies to your grandchildren. Whether this is upon your passing or while you are still alive, it is important to consider the financial ramifications of these gifts to ensure it does not negatively impact your retirement. The Blunt Bean Counter outlines several common gifts such as gifting assets (a home for example), money, and contributions to an RESP or TFSA and their tax implications. http://www.thebluntbeancounter.com/

CERB ends after 28 weeks https://padgettcalgary.com/cerb-ends-after-28-weeks/

Is the financial world out of sync? While there are signs of economic distress, the stock and housing markets appear to be booming. This could be for a variety of reasons, such as the lack of activity in March and much of April led to a catch-up period in the housing market. The technology and healthcare sectors have also been flourishing over the past few months, which make up a significant portion of the US indexes that Canadians invest in. The Blunt Bean Counter explores other possible explanations for this unforeseen influx. http://www.thebluntbeancounter.com/

On August 26, the CRA announced it will be introducing additional T4 reporting requirements applicable to all employers and will involve reporting amounts paid for specific periods during 2020. The CRA states that the new reporting will be used to validate benefit payments under the Canada Emergency Wage Subsidy (CEWS), the Canada Emergency Response Benefit (CERB), and the Canada Emergency Student Benefit (CESB). Additional details on the new reporting requirements can be fou...nd on the CRAs COVID-19 update page. https://www.canada.ca//covid-19-update/support-employers-c

The Government of Canada will be transitioning from CERB (Canada Emergency Response Benefit) to a simplified EI (Employment Insurance) program starting September 27, 2020. While the government prepares for this transition, CERB benefits have been extended an additional four weeks, providing up to 28 weeks of benefits. The Government has made several revisions to the EI eligibility requirements to help Canadians receive assistance during this recovery period of the economy. https://www.canada.ca//supporting-canadians-through-the-ne

On August 15, 2020 the Canada Revenue Agency has temporarily shut down its online services after the agency confirmed it was recently hit by three cyberattacks that compromised thousands of accounts linked to its services. The federal government described the three separate hacks as a credential stuffing scheme a type of cyberattack that uses passwords and usernames from other websites to access accounts with the CRA. The Canada Revenue Agency expects online services to be fully restored by Wednesday after hackers used thousands of stolen usernames and passwords to fraudulently obtain government services. https://globalnews.ca///cra-hack-accounts-online-services/

On July 27, 2020, the Canada Revenue Agency announced new payment deadlines and interest/penalty policies designed to support Canadians through COVID 19. The payment due date for individuals, corporations and trusts has been extended to September 30, 2020. In addition, the CRA is also waiving interest on existing tax debts related to individual, corporate, and trust income tax returns from April 1, 2020, to September 30, 2020 and from April 1, 2020, to June 30, 2020, for goods and services tax/harmonized sales tax (GST/HST) returns. The CRA will also waive late filing fees provided the return is filed by September 30, 2020. https://www.canada.ca//the-canada-revenue-agency-announces

On August 11, 2020, the Canada Revenue Agency launched an updated Canada Emergency Wage Subsidy (CEWS) online calculator. This new calculator will help employers prepare for their application for the next period of the CEWS program, which opens for applications on August 17, 2020. Several other enhancements to the program are also being implemented during this new period which include expanding eligibility criteria, introducing a sliding revenue-decline test to determine the subsidy amount, and providing a top-up subsidy for the most impacted employers. https://www.canada.ca//government-of-canada-launches-updat

PM Justin Trudeau recently announced that the CERB would not be extended beyond the last claim period ending September 26th. Instead, individuals unable to find work would be transitioned onto the EI system. The EI system will also be modified to create a new track for contract workers. No further details have been provided.

https://padgettcalgary.com/bookkeeping-services-calgary/ Padgett Calgary is a full service tax, accounting, bookkeeping and payroll company dedicated to providing assistance to small business owners. Got questions? Email or call Phone: (403) 220-1570 [email protected]

CANADAS COVID-19 ECONOMIC RESPONSE PLAN KEY POINTS FOR BUSINESSES AND INDIVIDUALS #padgettcalgary #Accountingcalgary #accountingyyc #corporatetaxes Accounting Services Calgary @ Padgett Calgary. https://fb.me/padgettcalgary

#padgettcalgary #Accountingcalgary #accountingyyc #corporatetaxes Padgett Business Services Calgary 1511 10 Street SW Calgary, AB T2R 1E8 Phone: (403) 220-1570 E-mail: [email protected]

#padgettcalgary #Accountingcalgary #accountingyyc #corporatetaxes Accounting Services Calgary @ Padgett Calgary. https://fb.me/padgettcalgary https://padgettcalgary.com Phone: (403) 220-1570 E-mail: [email protected]