Schuler & Pearce Accounting, Inc.
120 361 Main Street S6H0W2 Moose Jaw, SK, Canada

We will be out of the office from Monday July 6 to Wednesday July 15th. Back in regular hours Thursday July 16th.

We will be closed on Friday June 5. We hope everyone has a great weekend!

We are having problems with incoming calls. If you are trying to call us, please be patient. Hopefully it will be working soon.

We just wanted to let everyone know our office will be closed tomorrow - Friday, May 8. Have a great weekend and don't forget the tax deadline is June 1! Less then a month to get your taxes done.

Just a reminder that the filing deadline for all income tax returns is June 1st! You still have time to get it done, however we are open if you want to get yours done. :)

BUSINESS UPDATE REGARDING THE RENTAL SUBSIDY: Prime Minister Justin Trudeau has announced significant rent relief for businesses that can’t afford to pay their landlords at a time when their operations are shut down due to the COVID-19 pandemic. The federal help, expected to lower rent by 75 per cent for affected small businesses, will be provided in partnership with the provinces and territories, which have jurisdiction over rents.... The Canada Emergency Commercial Rent Assistance for small businesses will provide forgivable loans to qualifying commercial property owners to cover 50 per cent of three monthly rent payments payable by eligible small business tenants experiencing financial hardship during April, May and June. The loans will be forgiven if the mortgaged property owner agrees to reduce the eligible small business tenants’ rent by at least 75 per cent for the three corresponding months under a rent forgiveness agreement, which will include a pledge not to evict the tenant while the agreement is in place. The small business tenant would cover the remainder, up to 25 per cent of the rent. Affected small business tenants are those paying less than $50,000 per month in rent and who have temporarily ceased operations, or have experienced at least a 70-per-cent drop in pre-COVID-19 revenues. The federal Canada Mortgage and Housing Corp. will administer and deliver the program.

Updated the info. Just some friendly advice.

UPDATE FOR BUSINESSES AND THE CEBA: They have lowered the initial requirements from $50,000 to $20,000. This will open up the options for many smaller businesses. To qualify, these organizations will need to demonstrate they paid between $20,000 to $1.5 million in total payroll in 2019.... Business owners can apply for support from the Canada Emergency Business Account through their banks and credit unions. Contact your bank to apply for this benefit.

New CERB announcements this morning Prime Minister Justin Trudeau has announced more flexible rules for claiming the Canada emergency response benefit (CERB) in response to critics who pointed out the initial rules excluded too many people, including those working reduced hours. The CERB is now also available to people: 1- who are earning less than $1000 a month... 2- those who have run out of EI Benefits since Jan 1 3 - Seasonal Workers You can apply by calling their automated number 18009592019 or 18009592041 or online via your CRA Account https://www.canada.ca//s/benefits/ei/cerb-application.html

We are all in this together. The government of Canada has announced the rules around the wage subsidy (CEWB). See details at https://www.canada.ca//economic-response/wage-subsidy.html. If you have questions, contact us and we can help you work through the details.

These are some crazy times but this information is great for those who are working from home.

We also would like to mention that even though the tax deadline has been extended, the Gov't of Canada states that it is still important to get your 2019 Income taxes in as soon as possible as it may delay any payments that reset for GST and Child Tax Benefits in July. We are open and are filing returns and can do them via email/electronically if you are not wanting to go out. Just contact us and we will go from there. Hope everyone is staying safe and healthy.

An update for businesses as we know it so far: Providing small business with wage subsidies We announced an up to 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. This will help businesses to keep and return workers to the payroll....Continue reading

We have been getting quite a few questions with all the changes coming regarding tax payments, deadlines, layoffs etc. If you do receive the CERB payments, be aware that you will be taxed on this amount at the end of the year so planning ahead is beneficial if possible. Below is a breakdown of what we know so far: Individuals/Families For those that receive the quarterly GST benefit, you will get the usual payment on April 3rd and then a top up payment on April 9th.... Child Tax Benefits - Your May payment will have an additional top up of $300 per child. Support for people facing unemployment The new Canada Emergency Response Benefit (CERB) We (Govt of Canada) will provide a taxable benefit of $2,000 a month for up to 4 months to: -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. The Canada Emergency Response Benefit will be accessible through a secure web portal starting in early April. Applicants will also be able to apply via an automated telephone line or via a toll-free number. Extra time to file income tax returns We are deferring the filing due date for the 2019 tax returns of individuals. For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020. We will also allow any new income tax balances due, or installments, to be deferred until after August 31, 2020 without incurring interest or penalties.