Robert Pellegrino, CPA, CGA
Philip Bright, CPA, CGA
Accountants have been deemed an essential service from the Ontario government and we will do our part to ensure businesses meet obligations. We are still able to meet the needs of Canadian businesses as we are opened virtually. Most of our business clients have continued to enjoy our services virtually.
We want to provide some information on what businesses are doing these days and also provide and update on information that has been released to date.
Businesses are faced with tough decisions these days and find themselves having to pivot and reinvent themselves quickly. Preservation of cash is necessary. CRA tax measures will assist during this stressful time bit its also important to review historical financials statements.. For instance reviewing expenses the other day with a client we discussed having employees stop the use of the 407 ETR, for a while any way, as roads are not congested. A 5 year review of your financials is recommended. We can provide you with a 5 year summary if necessary. Another exercise would be to do a 6 month cash flow to highlight short term cash needs.
Businesses and individuals should be connected to government through the CRA portals. This allows you to update direct deposit information so receipt of funds is faster.
The following is a list of measures provided by all levels of government. These may or may not be applicable to your specific situation.
Temporary Wage Subsidy.
Canada Emergency Wage Subsidy.
Business Credit Availability Program
Canada Emergency Business Account
Loan Guarantee for Small and Medium-Sized Enterprises
Co-Lending Program for Small and Medium-Sized Enterprises
These programs will be available three weeks after March 27 and interested businesses should work with their current financial institutions. Some will be ready the week of April 6th.
The Business Development Bank (BDC) can assist you if you are either an entrepreneur or a small business with these three options. To contact the BDC, either reach them at their financing request page or through their toll-free contact number at 1-877-232-2269 (Monday to Friday, from 7:30 a.m. to 8:00 p.m. Saturday and Sunday from 9:00 a.m. to 5:00 p.m.).
The Export Development Canada is designed to assist exporting companies with relief options. You can reach them by emailing firstname.lastname@example.org, calling 1-800-229-0575 between 9 a.m. and 5 p.m. ET, or submitting an inquiry online.
The Government of Canada has announced a monthly Canada Emergency Benefit. The Canada Emergency Response Benefit (CERB) is a taxable benefit that will provide:
Deferral of Sales Tax Remittance
Businesses, including self-employed individuals, can now to defer the following until June 30, 2020
The Government of Canada has launched a dedicated page for Canadian businesses to provide them with the information and resources to navigate the challenges of COVID19 which can be accessed here.
There is a lot of information out there and so recommend to attend online information sessions and continue to ask questions. This is the time we all look for guidance and will continue to support each other. If you are interested in online sessions please let us know and we will add you as they come up.
Please reach to anyone on our team and we will get you the answers you need and provide more information on how we can assist.
To learn more you can visit these pages on the Government of Canada’s website:
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