Registering for CRA My Business Account and Calculating your CEWS Amount

Are you planning on applying for the Canada Emergency Wage Subsidy (CEWS) but are unsure how to get access to your CRA My Business Account? The CRA has prepared a short video to help walk business owners through the process of registering for your account.

Please follow the link below to watch the video: https://www.canada.ca/en/revenue-agency/news/cra-multimedia-library/businesses-video-gallery/register-mybusiness-account.html

If you want to get some additional information including calculating your subsidy amount, please go to the CRA website: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-calculate-subsidy-amount.html#h-1

COVID-19 Financial Relief for Canadians

Since the beginning of March, restrictions and measures related to COVID-19 have rapidly escalated. On March 18, 2020, the Government of Canada announced a series of measures designed to support the finances of individuals, businesses, charities, and non-profit organizations

COVID-19 Financial Relief for Canadians:

Businesses

Individuals

Other Filings and Administration

Future Changes

APPENDIX 1
Federal Government Financial Relief Measures Related to COVID-19

APPENDIX 2
Tax Deadlines & Payments – Summary of Extensions* (as of April 8th, 2020)

COVID-19 Financial Relief for Canadians April 8 2020

New COVID-19 Updates from the CRA

As part of Canada’s COVID-19 Economic Response Plan the CRA has extended a number of income tax filing and payment dates to help Canadians during this difficult time.
Some key highlights include:
• Interest and penalties will not be charged if deferred payments are made by September 1, 2020
• Individual filing date extended until June 1, 2020
• All Corporations with a filing date after March 18, 2020 and June 1, 2020 has been extended to June 1, 2020
• Trusts with a year end date of December 31, 2019 have a filing date extension to May 1, 2020
• Trusts with typical due dates in April or May have been extended until June 1, 2020

For additional information on these and other filing and payment extensions please see the CRA website:

www.canada.ca

CPA Canada Has The News!

Do you feel like there are constant updates and announcements from the Government?
Wanting to know more about how the tax deadlines have changed and what that means to you?
Are you looking for some resources related to working at home for the first time?
Don’t worry because CPA Canada has been working to compile resources for CPAs during the COVID-19 situation!

These resources can help provide valuable resources for both professionals as well as our clients in staying up to date with all of new and changing information.
We recommend that you take a look at the CPA Canada website for updates and additional information.

Information Regarding Employer Health Tax & WSIB

In response to the difficulties that businesses are facing in light of the COVID-19 situation, both the Ontario Government and WSIB have announced relief plans offering support to Ontario businesses.

This includes:

  • Increasing the Employer Health Tax (EHT) exemption for 2020 to $1 Million (previously $490,000)
  • Implementing a relief period for Ontario business for filing and remitting provincial taxes due to circumstances related to COVID-19
  • Allowing businesses to defer premium reporting and payments until August 31, 2020 for WSIB payments

Please see the following websites for more information regarding the changes to the Employer Health Tax and WSIB.

Changes to EHT: https://www.fin.gov.on.ca/en/tax/eht/index.html

Changes to WSIB: https://www.wsib.ca/en/novel-coronavirus-covid-19-update

CRA Update Regarding Charities

The Charities Directorate has announced several changes as part of the government’s new action plan, and the Directorate has suspended all operations until further notice.  There are new digital services available to fill the needs of charities however, that will hopefully offset the pause in functions.

The full announcement can be found on the Canadian Government Charities website; https://www.canada.ca/en/services/taxes/charities.html

Canada’s COVID-19 Economic Response Plan

It was announced that The Government of Canada has made some significant moves in their attempt to help Canadians during this outbreak.

Graham Scott Enns would like to draw your attention to the following document published by Video Tax News regarding some of the changes that have a specific impact on taxpayers.

Areas of interest include:

Individuals

Businesses

Other Filings and Administration

Financial Assistance

Closing & Webpages to Monitor

Key Points Canada’s COVID-19 Economic Response Plan March 18 2020

Tax Tips & Traps – 4th Quarter – Issue 128

Tax Ticklers
Taxable Benefit: Parking Pass
Property Flipping: Income or Capital?
Unclaimed Bank Deposits or Property: Could Christmas Come Early?
Protecting Your Tax Information: Comments from CRA
Loan From A Sibling’s Corporation: Is It Taxable?
Employment Expenses: Commuting?
Trusts For Disabled Beneficiaries: Good News!

Tax Tips and Traps 128, 2019 – 4th Quarter

Tax Tips & Traps – 3rd Quarter – Issue 127

Tax Ticklers
Special Work Site Allowance: Home Base Needed
Reimbursement for Work Clothing: Taxable
Zero-Emission Vehicles: Personal and Corporate Incentives
Anxiety, Depression & Phobias: Disability Tax Credit
Workers Compensation: Replacement Payouts by Employer
Demand For Client Information: CRA’s Abilities
Tracking of Ownership Information Changes: Canada Business Corporations Act

Tax Tips & Traps Issue 127, 3rd Quarter 2019