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Application Deadlines For CEWS and CERS Quickly Approaching!

Posted on by Graham Scott Enns  |  Posted in Community, News

Canada Emergency Wage Subsidy (CEWS) and Canada Emergency Rent Subsidy (CERS) Application Deadlines

The CEWS and CERS application deadlines are quickly approaching. The deadline for all CEWS and CERS applications is the later of January 31, 2021 and 180 days after the end of the claim period.

For CEWS applications, this means that applications for claim periods 1, 2, 3, 4 and 5 will be due no later than January 31, 2021.  For CEWS claim period 6, which would cover the 4-week claim period from August 2 to August 29, 2020, the deadline to apply would be February 25, 2021 (180 days after the end of the claim period).

For CERS applications, this means that applications for claim period 1 (September 27 to October 24, 2020) is due no later than April 22, 2021 (180 days after the end of the claim period).

If you believe your business qualifies for either the CEWS and/or the CERS and have not yet applied for some or all of the earlier claim periods, please contact our office to ensure your application is filed by the application deadline.

Holiday Office Hours 2020

Posted on , Updated: by Graham Scott Enns  |  Posted in Graham Scott Enns, News

Our offices continue to be accessible by appointment only.  We will be closed at noon on December 24th.  We will be open on December 29th  and 30th with normal business hours, and will close again at noon on the 31st. We will be reopening on January 4, 2021.

During the period from December 24th, 2020 to January 8th, 2021 there will be no access to our offices by visitors. Items can be dropped off at any time during business hours into the drop-box provided. For the St. Thomas office only, from December 24th, 2020 to January 1, 2021, please call during business hours, (519) 633-0700, to arrange with reception for dropping items off as the building will be closed to the public.

If you require any assistance, please call our administrative staff or any firm member at any time.

Seasons Greetings!

COVID-19 Government Programs Update – Nov 2020

Posted on by Graham Scott Enns  |  Posted in Community, News

Many of the original Covid-19 government benefit programs have changed over the past few months to allow for easier access for many businesses.  As we continue to weather the pandemic together in our community, it is important to keep abreast of these changes and to ensure businesses can access these programs fully.

For our valued community we have put together a summary page outlining a few of the key COVID-19 Government Benefit Programs including some related forms and deadlines to help with that goal.

Should you have specific questions on any of the programs, or need assistance in completing any forms or applications, please do not hesitate to contact our office.

Government Benefit Programs November Update

Congratulations Blake!

Posted on , Updated: by Graham Scott Enns  |  Posted in Graham Scott Enns, News

Celebrating the success of a hard-working colleague, and watching their progress as they learn and grow, is one of the most rewarding journeys business teams take together.  Today at Graham Scott Enns LLP, the Partners and staff are ecstatic to acknowledge how far Blake Gough has come in his own journey by announcing his immediate promotion to the role of Manager!

Through years of exemplary customer-service, dedication to hard-work, and with his passion for making the firm a better place to be, Blake has shown that he is an integral member of the GSE family and community, and one of our brightest up-and-coming stars.  He has well-earned this new role.

“Blake Gough provides attentive professional service to many of our clients. He works seamlessly across a diverse range of industries including not-for-profit, municipalities, owner-managed smaller business, professional corporations, and personal tax clients.  Within our Firm, Blake is actively involved in organizing staff social events and training junior staff members.  Blake is a most welcome addition to our manager team.  Congratulations Blake!”

Jennifer Buchanan
Partner

We wish to congratulate Blake at the start of this exciting new stage of his career, and we encourage everyone to take this opportunity to celebrate Blake’s accomplishments!

Self-Identification form for the 10% Wage Subsidy

Posted on by Graham Scott Enns  |  Posted in Community, News

The 10% Temporary Wage Subsidy is a program introduced by the federal government to provide financial support to business during the COVID-19 pandemic. It allows employers to reduce the income tax portion of their payroll remittances by 10% of the gross wages paid to employees. The subsidy is limited to $1,375 per employee and $25,000 per employer. The program covers remuneration paid to employees from March 18, 2020 to June 19, 2020.

A new form has been released called Form PD27, 10% Temporary Wage Subsidy Self-Identification Form for Employers. Employers that have applied for this program or the Canada Emergency Wage Subsidy program are required to complete this form so that the CRA can reconcile their payroll remittances. There are two ways to complete this form:

  1. Complete the form on My Business Account online
  2. Complete the PDF and submit via
    1. My Business Account
    2. Mail or fax to any National Verification and Collections Centre
      1. The closest centre for most Ontario residents is:
        Shawinigan NVCC
        4695 Shawinigan-Sud Boulevard
        Shawinigan-Sud QC  G9P 5H9

For more information on completing the Form PD27, please visit https://www.canada.ca/en/revenue-agency/services/subsidy/temporary-wage-subsidy/tws-reporting.html.

Canada Emergency Business Account

Posted on by Graham Scott Enns  |  Posted in Community, News

Applications are opening soon for small businesses to ensure they have what they need to cover their operational costs under the current circumstances as the province begins to reopen. Small businesses and not-for-profits can apply trough the Canada Emergency Business Account (CEBA) for an interest free loan up to $40,000 to assist with operating costs while in periods of decreased revenue as a direct result of the COVID-19 pandemic.

To qualify for CEBA the small business or not-for-profit must meet the following criteria:

  • Be a tax registered Canadian operating business in operations as of March 1, 2020
  • Total employment income paid in 2019 is between $20,000 and $1,500,000
  • The borrower has an active business account with Lender of the loan, who is also their primary financial institution

To apply, small businesses and not-for-profits should contact their financial institutions directly, and can take a look at the website below for a list of participating financial institutions in the CEBA program.

The CEBA funds can be used on:

  • Any operating expenses that cannot be deferred, this includes but it not limited to, payroll, rent, utilities, debt payments and property taxes.
  • However, they cannot use the debt for refinancing of current debt, payment of dividends or for increase in management compensation

Please see the CEBA Website for more information: https://ceba-cuec.ca/

Update to the CRA Tax Filing Deadline

Posted on by Graham Scott Enns  |  Posted in Community, News, Tax

The CRA has provided some additional guidance regarding the personal tax filing deadline.

As previously announced, individuals who previously had a personal income tax filing deadline of April 30, 2020 has had their deadline extended until June 1, 2020. Penalties and interest will not be charged if payments are made by the extended deadline of September 1, 2020.

It is important to note that if you or your spouse are self-employed, you still have until June 15, 2020 to file your taxes. In both of these situations your payment deadline has been extended to September 1, 2020.

This payment extension also applies to installments typically due June 15, 2020, and no interest or penalties will be charged for this payment if it is made before the extended deadline of September 1, 2020.

It is still recommended that individuals file their personal tax return even though there will be no interest or penalties for late filing as it could impact your credit payments including the GST credit. You will still continue to receive payments based off of your 2018 return, but to ensure that you will receive the right amounts it is important to file by the deadline. This also applies if you are entitled to a refund, filing on time will ensure that you get your refund as soon as possible.

 

For more information please see the CRA website for updated information and additional news: https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2020/filing-2019-taxes-covid19-crisis.html?utm_source=mediaroom&utm_medium=eml