Penny Farthing Bookkeeping Services
360 George Street North Suite 312 K9H 7E7 Peterborough, ON, Canada

QUESTIONS Do I have to apply for the next period or is it automatic? When can I reapply for the next period? ANSWER Eligibility periods are fixed in 4-wee...k periods. If your situation continues, you can re-apply for CERB for an additional 4-week period, to a maximum of 16 weeks (4 periods). See specific dates here: http://ow.ly/93ed50zcXGt We hope this helps! Stay tuned for more information and updates.

We have had lots of inquiries regarding the 75% Wage Subsidy the CRA is offering businesses. It has not yet been enacted into law so details are still being worked out but in general you will need to still be paying your employees and will be seeing at least a 30% reduction in income to the same period in the previous year. (March 2020 to March 2019, April 2020 to April 2019, and May 2020 to May 2019 are currently listed as the eligible periods). If your employees are laid off and receiving the Canada Emergency Relief Benefit during a period, you can not claim the wage subsidy during that period. We will be sure to provide more information when it becomes available. https://www.canada.ca//the-canada-emergency-wage-subsidy.h

If you receive the GST/HST credit and have your CRA My Account set up you can log on now and see the amount you’ll be receiving as part of the COVID-19 relief package. Your usual quarterly payment will come on the 3rd of April with the extra payment on April 9th. Currently the additional Canada Child Benefit funds have not yet been added to CRA My Account. If you don’t have CRA My Account set up, now would be a good time to do it. Many of the COVID-19 relief benefits that need you to apply will be done through the CRA My Account in early April.

Attention business owners! To provide support for you, we’re deferring GST/HST remittances to June 30, 2020. For more info http://ow.ly/eLJV50yYfUL

The deadline to file your income tax and benefit return has been extended from April 30th to June 1st, 2020. The deadline to pay any 2019 balance has been ex...tended to August 31st, 2020. This means all 2019 balances paid before September 2020 will not incur any penalties and interest. We encourage you to file your income tax and benefit return electronically and as soon as possible to make sure your benefit and credit payments are not interrupted or delayed. For self-employed individuals and their spouse/common-law partner, 2019 balances paid before September 2020 will not incur any penalties and interest. Your income tax and benefit returns must still be filed by June 15, 2020. Businesses will be allowed 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. We will not contact any small or medium businesses to initiate any post assessment GST/HST or Income Tax audits for the next 4 weeks. The due date for trusts with a tax year ending December 31, 2019 will be extended to May 1, 2020. Trust payments due before August 31, 2020 are also all extended to August 31, 2020. Anything not covered by this measure will be considered on a case-by-case basis. More information on the financial measures introduced by the Government of Canada in response to COVID-19 here: http://ow.ly/WdC550yPiEf