The Tax & Accounting Depot

The Government of Canada plans to increase the number of weeks of support available through recovery benefits & EI regular benefits until September 25, 2021. The proposed changes would: -increase the number of weeks available under the Canada Recovery Benefit (CRB) and the Canada Recovery Caregiving Benefit (CRCB) from 26 weeks to up to 38 weeks... -increase the number of weeks available under the Canada Recovery Sickness Benefit (CRSB) through regulation from the current 2 weeks to 4 weeks -increase the number of weeks of EI regular benefits available to a maximum of 50 weeks through legislation, for claims that are made between September 27, 2020 and September 25, 2021. https://www.canada.ca//emp/news/2021/02/crb-extension.html

The Tax & Accounting Depot chúc khách d thng 12 tháng phú quý, 365 ngày phát tài, 8760 gi sung túc, 525600 phút thành công, và 31536000 giây vn s nh ý

Self-employed individuals whose net self-employment income was less than $5,000 and who applied for the CERB will not be required to repay the CERB, as long as their gross self-employment income was at least $5,000 and they met all other eligibility criteria.

CRA UPDATE: The EFILE and ReFILE services are open for transmissions on Monday, February 22, 2021. Due to Stay at home order from the Ontario, we will continue to serve our clients remotely through email, phone, and drop off until further notice. If you have any questions, feel free to give us a call at 226-444-9485 or email [email protected]. Stay safe and healthy!

Applications are open for the new Ontario Small Business Support Grant, which helps small businesses that are required to close or significantly restrict services under the Provincewide Shutdown effective December 26, 2020.

Summary of Federal and Provincial (Ontario) Supports During COVID-19 (will be updated if necessary) Individuals: Support for Leaners Program - $200 for each child up to secondary school ages and $250 for each child or youth up to age 21 with special needs.... *Deadline is February 8, 2021. Support for families - $200 for each child up to age 12 and $250 for each child up to age 21 with special needs. *Deadline is expired* One time credit such as, GST, Senior, CCB. Deadline is expired. Self-Employed Individuals without EI: Canada Recovery Benefit (CRB) - $500/week for up to 26 weeks per household. Canada Recovery Caregiving Benefit (CRCB) - $500/week for up to 26 weeks per household. Canada Recovery Sickness Benefit (CRSB) - $500/week for up to a maximum of two weeks. Canada Emergency Response Benefit - $2,000/month. *Deadline is expired. Businesses: Canada Emergency Wage Subsidy (CEWS) covering up to 75% of an employee’s wages for qualifying eligible employers, with this subsidy rate in effect until March 13, 2021. Work-Sharing Program extended the maximum duration from 38 weeks to 76 weeks for employers affected by COVID-19. Canada Emergency Business Account (CEBA) interest-free up $60,000, of which a total if $20,000 will be forgiven if the balance of the loan is repaid by December 31, 2022. Business owners can apply for support until March 31, 2021 through their banks and credit unions. Canada Emergency Rent Subsidy (CERS) provides a direct rent and mortgage subsidy of up to 65% of eligible expenses to qualifying businesses, charities and non-profits. The subsidy rates are in effect until December 19, 2020. Qualifying organizations that have been significantly restricted by a mandatory public health order issued by a qualifying public health authority can receive an additional 25% of rent support through the Lockdown Support. Ontario Small Business Support Grant which helps small businesses that are required to close or significantly restrict services under the Provincewide Shutdown effective December 26, 2020. Others: Employees who worked from home because of COVID-19 in 2020, can claim up to $400 in employment expenses as a flat rate. Climate Action Incentive Amount for 2021 *(through 2020 Personal Income Tax). Baseline amount for a family of four is $600. Temporary support totaling up to $1,200 in 2021 for each child under the age of 6 for low- and middle-income families who are entitled to the Canada Child Benefit (CCB). The Tax & Accounting Depot (226) 444-9485 [email protected]