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Coronavirus / COVID-19 Updates

 

Ward & Uptigrove is carefully monitoring the COVID-19 situation and its implications to our staff and clients. We are diligently working to communicate changes in a timely manner. 

 

As new details become available, we will update this page and encourage you to check back frequently.  

 

Corporate Measures

 

March 27 Update

*These updates are based on announcements made by Justin Trudeau at his daily press conference and details are yet to be released, legislation could also need to be passed to enact these measures.

March 26 Update

March 25 Update

 

The Ontario Government announced 

March 23 Update

March 21 Update

March 19 Update

March 18 Update 

Human Resources Solutions

 

Our HR Solutions team has detailed Employer Frequently Asked Questions, which includes information on obligations and absences surrounding COVID-19.

 

March 25 Update

 

The Canada Emergency Response Benefit (a consolidation of the previously proposed Emergency Care and Emergency Support benefits) is a taxable benefit that
would provide $2,000 a month for up to four months to workers* who lose their income as a result of the COVID-19 pandemic including and have earned at least $5,000 in 2019 or the last 12 months. This includes: 

The application portal is to be live by April 6, with payouts expected 10 to 14 days after application.

 

March 18 Update

 

Employment Insurance Sickness Benefits: For Canadians without paid sick leave (or similar workplace accommodation) who are sick, quarantined or forced to stay home to care for children

Personal Tax & Returns

 

March 18 Update

Even with these announcements, we are requesting clients to provide their information to us as soon as possible to ensure that we can continue to work towards meeting these deadlines.

 

Wealth Management

 

March 18 Update

 

Minimum RRIF Withdrawals: The required minimum withdrawals from Registered Retirement Income Funds (RRIFs) will be reduced by 25% for 2020. Similar rules would apply to individuals receiving variable benefit payments under a defined contribution Registered Pension Plan.

 

Click here for a more detailed selection of the key government comments that small businesses and individual taxpayers should be aware of in respect of Canada’s COVID-19 Economic Response Plan released March 18, 2020.

 

Firm Communications

 

 

* Credit: https://mikemichalowicz.com/accounting-for-covid-19/

Ward and Uptigrove Logo

Coronavirus / COVID-19 Updates

 

Ward & Uptigrove is carefully monitoring the COVID-19 situation and its implications to our staff and clients. We are diligently working to communicate changes in a timely manner. 

 

As new details become available, we will update this page and encourage you to check back frequently.  

 

Corporate Measures

 

March 27 Update

*These updates are based on announcements made by Justin Trudeau at his daily press conference and details are yet to be released, legislation could also need to be passed to enact these measures.

  • The Temporary Business Wage Subsidy, for employers who are trying not to lay off their employees, has been increased to provide up to 75% of wages paid for up to 3 months and can be retroactive from March 15, 2020.  Although limits and timelines are not yet known, we believe the previously announced eligibility would apply: Eligible businesses must employ at least one person, be registered for payroll March 18, 2020 or before with CRA, have payroll remittance and be one of the following business types:
    1. Canadian-controlled private corporations (CPCC) with taxable capital employed in Canada for the preceding taxation year of less than $15 million

    2. An individual (other than a trust) 

    3. A partnership compromised of members who are described in 1., 2. or 5. 

    4. Non-profit organizations

    5. Registered charities.

  • All GST & HST payments, as well as duties and taxes on imports, are deferred until June.
  • A new Canada Emergency Business Account will allow banks to offer loans of up to $40,000 for qualifying small business owners, which will be guaranteed by the Government of Canada. Loans will be interest-free for 1 year; for businesses meeting certain conditions, the first $10,000 will be forgivable.
  • The Business Credit Availability Program, which allows the Business Development Bank of Canada and Export Development Canada to provide financing to small and medium-sized businesses, was increased from $10 billion to $22.5 billion.

March 26 Update

  • T2 Corporation Income Tax Returns that would be due after March 18 are extended to June 1, 2020.
  • T3 Statement of Trust and Income Allocations and Designations are extended to May 1, 2020.
  • T5013 Statement of Partnership Income are extended to May 1, 2020.

March 25 Update

 

The Ontario Government announced 

  • The Employer Health Tax Exemption has been retroactively increased for 2020 to private-sector employers on the first $1 million of payroll.  The exemption is not available to employers with an annual payroll of over $5 million. 
  • Five months of interest and penalty relief to file and make payments for the majority of provincially administered taxes, including the Employer Health Tax.
  • Employers will be allowed to defer Workplace Safety and Insurance Board payments up until August 31, 2020. 
  • Proposed Regional Opportunities Investment Tax Credit, a 10% refundable corporate income tax credit for Canadian-controlled private corporations that make qualifying capital investments between $50,000 and $500,000 in eligible regions (includes Perth, Huron, Grey and Bruce).

March 23 Update

March 21 Update

  • The deadline extended for charities with a T3010 or Registered Charity Information Return due between March 20th and December 31st, to December 31st.  CRA's Charities Directorate has suspended their operations, including the call centre, registration and audit activities.  

March 19 Update

  • All businesses should track any expenses related to COVID-19 in a separate line item to allow quick reporting if a) any potential government assistance or insurance programs are added or b) your financial history is reviewed, it could explain the unusual one time costs. Expenses could include the costs of additional cleaning, new remote workstations and training.*

March 18 Update 

  • Balances of corporate tax and tax instalments owing after March 17 may be deferred without penalty or interest until August 31, 2020.
  • No post assessment GST or Income Audits until at least April 15, and all current audits are suspended.
  • EFILE Signatures: the CRA will recognize electronic signatures as having met the signature requirements of the Income Tax Act for T183Corp forms up until August 31, 2020.

Human Resources Solutions

 

Our HR Solutions team has detailed Employer Frequently Asked Questions, which includes information on obligations and absences surrounding COVID-19.

 

March 25 Update

 

The Canada Emergency Response Benefit (a consolidation of the previously proposed Emergency Care and Emergency Support benefits) is a taxable benefit that
would provide $2,000 a month for up to four months to workers* who lose their income as a result of the COVID-19 pandemic including and have earned at least $5,000 in 2019 or the last 12 months. This includes: 

  • Those who are not able to work for at least 14 consecutive days due to job loss, sickness, quarantine, caring for someone who is sick or working parents who must stay home to care for children due to school and daycare closures.
  • Those who are still employed, but not receiving income.
  • Wage earners, as well as contract workers and self-employed individuals.  
  • Those who are not currently receiving or have not applied for EI regular or sickness benefits.

The application portal is to be live by April 6, with payouts expected 10 to 14 days after application.

 

March 18 Update

 

Employment Insurance Sickness Benefits: For Canadians without paid sick leave (or similar workplace accommodation) who are sick, quarantined or forced to stay home to care for children

  • Effective March 15, 2020, waiving the one-week waiting period for those in imposed quarantine.
  • Waiving the requirement to provide a medical certificate.

Personal Tax & Returns

 

March 18 Update

  • The deadline to file personal tax returns extended to June 1, 2020. 
    • However, if you receive GST or the Canada Child Benefit, it would beneficial to not delay filing to ensure entitlements are properly determined.
  • Trusts with a year end of December 31, 2019 filing deadline extended to May 1, 2020.
  • Instalment payments owing after March 17 and Income taxes owing on the 2019 tax return may be deferred without penalty or interest until August 31, 2020.
  • EFILE Signatures: the CRA will recognize electronic signatures as having met the signature requirements of the Income Tax Act for T183 forms up until August 31, 2020.

Even with these announcements, we are requesting clients to provide their information to us as soon as possible to ensure that we can continue to work towards meeting these deadlines.

 

Wealth Management

 

March 18 Update

 

Minimum RRIF Withdrawals: The required minimum withdrawals from Registered Retirement Income Funds (RRIFs) will be reduced by 25% for 2020. Similar rules would apply to individuals receiving variable benefit payments under a defined contribution Registered Pension Plan.

 

Click here for a more detailed selection of the key government comments that small businesses and individual taxpayers should be aware of in respect of Canada’s COVID-19 Economic Response Plan released March 18, 2020.

 

Firm Communications

 

 

* Credit: https://mikemichalowicz.com/accounting-for-covid-19/