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COVID-19: Business Continuity Planning and Support

SB Partners is committed and prepared to address the evolving risk posed by COVID-19


SB Partners Admin on March 24, 2020 in SB Partners News

The safety of our clients, team and community is our top priority. Until further notice, our office will remain closed to the public.

Business Continuity and Support

SB Partners is deemed an essential workplace and will continue to operate at full capacity to ensure client corporate and personal tax filing deadlines are met.

We strongly encourage clients to make use of our client portal or email for delivery of any accounting records and T1 documentation that is required. Alternatively, clients can utilize our secure drop box located right outside our reception doors.

SB Partners is committed to keeping clients informed on the latest COVID-19 developments.


Recent Updates

March 30, 2020

Today, Prime Minister Justin Trudeau provided an update on the Government of Canada’s wage subsidy program.

  • Businesses that show a 30% decrease in revenue due to COVID-19 will be eligible for the subsidy
  • This applies to all businesses regardless of size, and includes those in the not-for-profit and charitable sectors
  • The subsidy will cover 75% of salaries on the first $58,700 earned – which equals payments of up to $847 per week
  • This subsidy will be back dated to March 15th, 2020

March 27, 2020

Today the Government of Canada announced:

  • An increase to the wage subsidy from 10% up to 75% for small and medium size businesses. This subsidy will be backdated to Sunday, March 15 , 2020
  • The government will guarantee loans of up to $40,000 for small businesses which will be interest-free for the first year. Under certain conditions, up to $10,000 of the loans could be non-repayable.
  • A deferral of GST/HST payments, as well as duties and taxes on imports until June 2020.
  • An investment of an additional $12 billion in BDC and Export Development Canada to support SMEs with cash flows

Details to follow over the coming days.


March 25, 2020

Finance Minister Rod Phillips released Ontario’s Action Plan: Responding to COVID-19 (March 2020 Economic and Fiscal Update).

  • The government’s action plan is a first step in its response to COVID-19 and includes $7 billion in additional resources for the health care system and direct support for people and jobs.
  • It also will make available $10 billion in support for people and businesses through tax and other deferrals to improve their cash flow, protecting jobs and household budgets.

March 24, 2020

  • John Chisholm, Partner and CEO of SB Partners discusses the impact of COVID-19 on business; provides a 7-step cash flow strategy to help businesses navigate through the uncertainty.

March 23, 2020

  • Provincial government announces it is ordering the closure of all non-essential businesses in the province to help deal with the spread of COVID-19.
  • List of essential workplaces
  • In an effort to combat the impact of COVID-19 the Government of Canada released a series of financial measures in mid-March. 

INDIVIDUALS 

  • Tax Return Due Date Deferral: The personal tax filing due date will be deferred until June 1, 2020. Read more

  • Tax Payment Deferral: Taxpayers may defer, until after August 31, 2020, the payment of income tax amounts that become owing on or after March 18, 2020 (also including installments) and before September 2020. Read more

BUSINESSES

  • Tax Payment Extension: Businesses may defer, until after August 31, 2020, the payment of income tax amounts that become owing on or after March 18, 2020 and before September 2020. Read more
  • Other Payment and Filing Extensions: No comment was made about changing the filing and payments dates for payroll, GST/HST, and other non-income tax items.

  • Payroll Subsidies: The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum of $1,375 per employee and $25,000 per employer.

OTHER FILINGS AND ADMINISTRATION


  • Trust Filing Due Date Deferral: For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020.

  • EFILE Signatures: CRA will recognize electronic signatures as having met the signature requirements of the Income Tax Act, as a temporary administrative measure.

*Source: Key Points – Canada’s COVID-19 Economic Response Plan, March 18, 2020