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Changes to Zoom – for Security Effective Today

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Dear Valued Customer,
We’re always striving to deliver you a secure virtual meeting environment. Starting April 5th, we’ve chosen to enable passwords on your meetings and turn on Waiting Rooms by default as additional security enhancements to protect your privacy.
Meeting Passwords Enabled “On”
Going forward, your previously scheduled meetings (including those scheduled via your Personal Meeting ID) will have passwords enabled. If your attendees are joining via a meeting link, there will be no change to their joining experience. For attendees who join meetings by manually entering a Meeting ID, they will need to enter a password to access the meeting.
For attendees joining manually, we highly recommend re-sharing the updated meeting invitation before your workweek begins. Here’s how you can do that:
Log in to your account, visit your Meetings tab, select your upcoming meeting by name, and copy the new meeting invitation to share with your attendees. For step-by-step instructions, please watch this 2-minute video or read this FAQ.
For meetings scheduled moving forward, the meeting password can be found in the invitation. For instant meetings, the password will be displayed in the Zoom client. The password can also be found in the meeting join URL.
Virtual Waiting Room Turned on by Default
Going forward, the virtual waiting room feature will be automatically turned on by default. The Waiting Room is just like it sounds: It’s a virtual staging area that prevents people from joining a meeting until the host is ready.
How do I admit participants into my meeting? 
It’s simple. As the host, once you’ve joined, you’ll begin to see the number of participants in your waiting room within the Manage Participants icon. Select Manage Participants to view the full list of participants, then, you’ll have the option to admit individually by selecting the blue Admit button or all at once with the Admit All option on the top right-hand side of your screen.  For step-by-step instructions, please watch this 2-minute video.
Check out these resources to learn How to Manage Your Waiting Room and Secure Your Meetings with Virtual Waiting Rooms.
For more information on how to leverage passwords and Waiting Rooms to secure your meetings, please visit our Knowledge Center, attend a daily live demo, or visit our Blog.
Please reach out to our Support Team if you have any questions at support@zoom.us.
Thank You!
Team Zoom
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Food Bank Donation from those who attended the “What Do We Do Now: Advice on Doing Business in COVID-19” webinar (and replay link)

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Thank you so much for those who were able to donate to the Barrie Food Bank

$400 is being sent to their offices as a result of your generosity.

Here is a replay of the webinar:

Here is the replay link (the file is too large to send directly)

Overview from Christie Buckley, Buckley & Associates

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Here is my April 4th update….. as things change or as my understanding changes, I will post more….

TEMPORARY EMERGENCY WAGE SUBSIDY

This program STILL EXISTS, it did not morph to a new program.  This program allows employers to keep tax payments equal to 10% of a worker’s wage from March 18 to June 19.  Under this program, you figure out what your payroll was for the qualified period each month, for each employee to calculate what 10% of wages is for you.  Then, you calculate your source deductions payment for that month, and can reduce the income tax portion (NOT the CPP or EI amounts) of your source deduction payment as income to your business (you must record it as income).  These “credits” can be carried forward until they are used up.  There is a maximum of $1,375 per employee and $25,000 per employer for the period (which is March 18 to June 19).  This program is available immediately, and is self assessed.  Keep your calculation documents, as you are responsible to report on this in order to prove your due diligence.

CANADA EMERGENCY WAGE SUBSIDY

This program is a 75% wage subsidy for qualifying businesses for up to 3 months.  There is no draft legislation ready yet, but you must be able to demonstrate a decline of revenue of 30% or more, year over year of the same time period.  It must be applied for separately each month (through your My Business Account with the CRA), and the subsidy will cover up to 75% of the first $58,700 of remuneration per employee.  (This could represent a benefit of up to $847 per employee per week of this three month program).  Owner salaries are eligible, provided you do not increase your salary during the material time in an effort to take advantage of this program.  A pre-crisis salary test will be performed.  I do not believe that dividends are not applicable at this time.  This subsidy will pay out to you about 6 weeks after your application is received in the form of a cheque or direct deposit.  The period of coverage is March 15-June 06, 2020.  The claim periods are;

March 15 – April 11, 2020
(using the reference period for eligibility of March 2020 over March 2019);

April 12 – May 09, 2020
(using April 2020 over April 2019);

May 10 – June 06, 2020
(using May 2020 over May 2019).

Any wage subsidy money received (which we know is income) is not used in the income calculations for this program.  Any businesses established after February 2019 may measure against a reasonable benchmark, as determined by the CRA and more on this will roll out soon.  This application is expected to be available in your My Business Account in two weeks.

YOU CAN AND ARE EXPECTED TO CLAIM BOTH OF THESE SUBSIDIES TO SUPPORT YOU.

If you qualify for both, the amount you have taken in the 10% program, will be deducted from your payment resulting from the 75% program.

We highly recommend that you have a My Business Account with CRA, and that you also have a My Account with CRA to access services.  We also highly recommend that you have Direct Deposit services with the CRA.

CANADA EMERGENCY RESPONSE BENEFIT (CERB)

This program will be accessed through your My Account with the CRA and you will be able to apply starting April 6, 2020.  This benefit will pay out at the rate of $2,000/mo. for four months.  You will need to be able to prove that you had no income for 14 consecutive days to qualify.  Payments are expected to start arriving to you (or to be sent to you) 3-5 days after your application is received.  You cannot receive CERB and EI at the same time.  You can claim them back to back.  If you have already claimed EI and are already receiving those benefits (which can be more than $500/wk if you managed to get the maximum), you will continue to receive those regular or sick benefits and can apply for CERB (and get the 16 weeks/four months) when they run out.  If you have already applied for EI but your claim has not yet been processed, you will automatically be transitioned to the CERB after April 6.  You will claim the CERB first, and if you are still unemployed, you will then collect EI.  This is a taxable benefit.  For those without an online presence, you can apply using the automated phone line.

Business owners are also eligible for CERB, but you cannot be receiving a salary from your business during the claim period.

Anyone accessing CERB CAN NOT access other programs at the same time.

https://www.canada.ca/en/revenue-agency/services/benefits/apply-for-cerb-with-cra.html

CANADA CHILD TAX AND GST/HST CREDIT ENHANCEMENTS:
The Child Tax Program and GST/HST credits will be enhanced in May as well to assist.

https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

For over 12 million low- and modest-income families, who may require additional help with their finances, the Government is proposing to provide a one-time special payment by early May 2020 through the Goods and Services Tax credit (GSTC). This will double the maximum annual GSTC payment amounts for the 2019-20 benefit year. The average boost to income for those benefitting from this measure will be close to $400 for single individuals and close to $600 for couples. This measure will inject $5.5 billion into the economy.

For over 3.5 million families with children, who may also require additional support, the Government is proposing to increase the maximum annual Canada Child Benefit (CCB) payment amounts, only for the 2019-20 benefit year, by $300 per child. The overall increase for families receiving CCB will be approximately $550 on average; these families will receive an extra $300 per child as part of their May payment. In total, this measure will deliver almost $2 billion in extra support.

WORK-SHARING PROGRAM

The application process of this program has been stream-lined so that it may be processed much, much faster now (previously about 30 days).  You still need to be approved first before accessing this program, but the employee signatures and involvement in the process as well as the detailed recovery plan has been eliminated and employers no longer have to require a 10% activity drop to qualify.  Once approved,  access codes will be provided to employers to give to their employees to use to access benefits paid under this program.  This program can be used to bring back your workers that are already laid-off and collecting EI.  You would need to report the information on these soon to return employees in the application process.  Your employees can suspend their EI regular benefit claims and then access this program with you.  Employees claiming CERB CAN NOT be included.

https://www.canada.ca/en/employment-social-development/services/work-sharing/apply.html

CANADA EMERGENCY BUSINESS ACCOUNT (CEBA)

This is a government guaranteed loan of up to $40,000 to help eligible businesses pay for operating costs.  If you pay it all back by December 31, 2022 you will be forgiven 10% of the value of the loan (up to $10,000).  I do not believe this forgiveness is taxable income at this time, however this is not clear.  This loan is administered through the chartered banks and applications will be accessed through your online banking portal.  This product will act as a revolving line of credit until December 31, 2020 at which time it converts to a term loan with no interest until December 31, 2022.  If still unpaid at January 1, 2023 interest will apply and your term will continue until December 31, 2025.  You must have
$50,000 – $1,000,000 in payroll in 2019 to qualify and you will need to provide your T4 Summary and CRA acknowledgement of this filing in the application process with your eligible bank of choice.  There are no restrictions on how these funds are used.  There is no personal guarantee on this loan.

BUSINESS CREDIT AVAILABILITY PROGRAM (BCAP)

This direct lending product is to help business owners to cover cash flow shortages over the next 6 months.  BDC Application requirements apply; including cash flow projections, financial statements and evidence of discussing need with current lender is still in place.  The rate is currently 2.8%, the term is 36 months; with interest only payments in the first 12 months and a 60% balloon payment at the end of the term.  The loans amounts will be $100,000 – $2,000,000.  EDC has not yet released requirements for this program.  https://www.bdc.ca/en/financing/business-loans/pages/small-business-loan.aspx

EDC CONTRACTS AND PERFORMANCE SECURITY PROGRAMS
The EDC (Export Development Canada, a Crown Corporation) has programs to support you with dwindling revenues/cash flow, cancelled contracts and performance security.  Whether you export or not, these folks are worth the call and very connected with many Domestic support services as well for those that may not qualify under their mandates.  https://www.edc.ca/en/credit-insurance-support/contact.html

PAYMENT DEFERRAL OPTIONS
Banks are working with individuals and businesses to defer payments, lower interest rates and increase credit limits.  RBC for example has announced that all existing RBC small business clients who have been registered as a business as of March 1, 2020 will be eligible to enroll for the Emergency Business Account relief offered by the Government of Canada. Further program eligibility and enrollment details will be available on

GUARANTEES ON LOANS AND CO-LENDING PROGRAM

EDC will guarantee new operating credit and cash flow term loans up to $6,250,000

Under the co-lending program incremental credit amounts up to $6,250,000 can be supported as well.  Eligible financial institutions will conduct underwriting and manage customers in these programs.

AGRI-CANADA PROGRAM ENHANCEMENT
The near term credit available to farmers and the agri-food sector will also be increased through Farm Credit Canada.  https://www.fcc-fac.ca/en/financing/agriculture.html

Every Municipality has measures in place to support you from the Municipal level as well, so check with your local Business Development professionals and check their websites often for help.

Your local Chamber of Commerce will have support and information for you, check with them often.

Your local CDCs and CFDCs as well, there are many programs they can help with, other services they can connect you to and they usually have lots of free supports to offer.

The Government of Ontario has introduced temporary hydro rate relief for Ontario electricity customers during the COVID-19 pandemic. https://www.hydroone.com/about/corporate-information/rate-relief

The school boards are working on an online model and solutions to be able to get those services to every child everywhere as well and hopefully we will hear more about this soon.  I have been using home school tools and leveraging help through other Moms and kids to help one another (through Zoom/Skype/FaceTime currently while we are all respecting the protocols of distancing)

The CRA has suspended audits for at least four weeks and has increased the speed in which refunds are released for all types of returns to get that money into the hands of Canadians as soon as possible.

TAX FILING AND PAYMENT DEADLINES

FILING                                       PAYMENT

Individuals                                                               June 1, 2020                           September 1, 2020

Self-Employed Individuals                               June 15, 2020                          September 1, 2020
(& their spouses)

Trusts                                                                           May 1, 2020                           September 1, 2020

Partnerships                                                             May 1, 2020                                           N/A

Corporations                                       June 1, 2020 for all that                     Federal Tax and
came due between                      instalments due are
March 18-June 1, 2020                                 extended to                                                                                                                                           September 1, 2020

**For Trusts and Partnerships, check with CRA and your Tax Professionals to ensure deadlines, as different circumstances may apply to you – this is general information and IS NOT tax advice.

Remember to continue to file your returns on time and at every refund opportunity file them ASAP.

For those of us in Ontario, the list of essential workplaces to keep up to date on your option to be “open for business” or not:
https://www.ontario.ca/page/list-essential-workplaces

There are also so many free courses available for your higher learning and personal growth right now…. search out something you’d love to learn

OTHER SUPPORTS AND STREGIES (IN GENERAL)

  • Take advantage of federal and provincial indirect tax payment deferrals
  • Change your filing frequencies to gain access to refunds and subsidies sooner
  • Conduct an analysis to see if you have unclaimed refund amounts
  • File returns as quickly as you can when you are in a refund position
  • Consider electing to exempt closely related corporations transactions from HST
  • Claim your digital Media Credits and SR&ED Credits
  • You can factor your SR&ED credits while you wait for them to arrive (not beneficial)
    (Note: there is no support for losses of these claims due to mandatory closures)
  • Be VERY VIGILENT in cash flow projections & tracking (Huge risk coming in June – be ready)
  • Be aware of US systems for those with related companies in the USA

WHAT WE ARE WORKING ON (In addition to business as usual, while physically isolating)

  • Website re-development to improve communication
  • YouTube videos to explain common concerns
  • Cash Flow tools and training sessions (Virtual)
  • Time Management and Work at Home flows (Virtual)
  • Member Login area for safer data sharing
  • MasterMind Group specific to coping mechanisms for business related to COVID-19
  • Virtual Networking Sessions to keep us connected and sharing

Many small businesses are taking the same generous and kind approach, so ask around and see what is open to you from the strength of the private sector of your community as well.  Your friends, neighbours and other community groups are also pitching in with many volunteer efforts.

WE MUST UNIFY NOW…. THIS IS HAPPENING FOR A REASON AND WE NEED TO LEARN THE LESSON.  TAKE CARE OF ONE ANOTHER.  PLEASE OBSERVE AND RESPOND.  PLEASE DO NOT TAKE ACTION FROM A PLACE OF FEAR.

THIS IS THE FIRST ROUND OF SUPPORT in response to a fluid situation that has not been handled before.  I do expect support for those not yet included will come and I will also do all that I can to bring those gaps to the collective awareness, as are may others.  Together we are strong.

KEEP THE COMMUNICATION LINES OPEN…. And if  you have an idea on something you’d like us to work on, please tell us at help@buckleyandassoc.ca

At present we remain open seven days per week to serve and are pumping out as many tax returns as we can.  We thank you for your compassion and patience and look forward to when this is all behind us.

We truly appreciate the opportunity to be of service to you,

Christie Buckley, Managing Director
Buckley & Associates Inc.
Payroll / Bookkeeping / Taxes / Coaching / Co-working / Collaborations
christie@buckleyandassoc.ca
705-681-0300 ext 201
705-681-0400 fax

Letter to our MPs and MPPs Urging Support for a segment of unsupported entrepreneurs from Grow Vantage

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April 5, 2020

John Brassard, MP Barrie-Innisfil

Doug Shipley, MP Barrie—Springwater—Oro-Medonte

Andrea Khanjin, MPP Barrie-Innisfil

Hon. Doug Downey, Attorney General, Ontario, MPP Barrie – Springwater – Oro-Medonte

Dear Ministers:

You may know me as a past president of the Barrie Chamber of Commerce, and you may be aware I am a business coach. However you may not be aware that my business is entirely focused on small businesses in start-up or growth mode. Some of them are preparing to establish their businesses while they are all in the process of growing those businesses.

I don’t have to tell you that entrepreneurs are the backbone of the Canadian economy – nor to point out the high percentage of start-ups that have been incubated in Simcoe County.

Although we appreciate the fast and collaborative response that the federal and provincial governments have made to support us, there is a group of entrepreneurs who is being left out.

These are the early stage businesses with in-person or retail businesses who have taken on debt with insignificant revenue as they prepare or begin to operate their businesses (leasing space, buying equipment and scaling supplies) to grow awareness of their businesses and their client base.

I am hearing from colleagues, suppliers and those in our community that many of the people I serve (and for that matter that the Barrie Chamber, the Small Business Centre, CFDCs and the Henry Bernick Entrepreneurial Centre serve) have a limited time of viability for their businesses.

They may not qualify for recent aid, including the CERB benefit (if they have some revenue) or the Small Business Loan (without having had payroll as yet) to help them pay their rent for their business location, their loans or the equipment and systems they need for their business. They may have had a financial cushion to weather normal conditions and ramp up over their first months but of course this abrupt cessation of business is unprecedented.

Here are some examples:

  • Retail stores and services who have made commitments to storefronts and have completed (or are completing expensive leaseholds, but whose revenue is significantly reduced or non-existent:
    • g. Professional practitioners who have established retail locations and purchased equipment and leaseholds to assess patients, or manufacture medically-related products.
    • Small food manufacturers who have leased space, bought equipment and prepared to be open to the public. They may be able to manage take-out or food delivery, however online solutions requiring different product forms (e.g. frozen alternatives) could be developed but require funds to purchase the supplies to launch this alternative.
    • Retail services that are deemed non-essential may qualify for the CERB benefit, but their retail and loan costs are high, and early stage businesses do not qualify for the Small Business Loan.
  • Other practitioners who provide hands-on services – who cannot be hands on and who are scrambling to maintain their practice in a different way, to obtain revenue. They also may need funding to make a shift to online or remote services possible.
  • Entrepreneurs who receive a small income from their businesses, or support in the form of pensions or other minimal financial support – that now disqualify themselves from CERB:
    • Retirees from full-time work who have started businesses and don’t qualify for CERB because they receive a pension. But a pension won’t cover business rent, or food.
    • Entrepreneurs who are single parents who are trying to manage a business with small revenues.

Anyone who has committed to a business with leased space or equipment in the past year does not have the past revenue (or longevity) to qualify for loans through BDC. They are a poor risk for traditional banks to obtain additional credit and they don’t have the payroll qualification to apply for the Small Business Loan recently announced.

They were willing to take the risk to start-up a business – but they are about to fail. Some have estimated that they can hold out for a month, or two. No more.

I believe the number of entrepreneurs in this category is significant – but hidden. Their failure will have implications for their families, for their landlords, their suppliers and for their future. Especially since they will be personally paying for this failure for years.

Ultimately, I believe we will lose a generation of entrepreneurs who will be risk-averse in the future.

I urge that our provincial and federal governments adapt their support to allow these entrepreneurs to continue to operate, to pay their significant start-up debt and/or to help them pivot to online distribution.

On the federal level, I suggest that they could qualify for the small business loan by removing the payroll stipulation; and developing an alternative option for the CERB benefit (as happens with Employment Insurance) to scale payment and allow for entrepreneurs who can earn marginal revenue (without risking physical distancing) and keep their businesses alive for our recovery.

By allowing them to prevent absolute failure we not only contain a spillover effect to their suppliers, we can maintain a group of entrepreneurs who have made the investments and taken the initial risk to establish a business and who will employ many Canadians in the future.

Sincerely

Patricia Dent, Business Mentor, Grow Vantage Inc.

Webinar Link & Resources: What Do We Do Now: Advice on Doing Business in COVID-19

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First a huge thank you to: The speakers who gave their time and expertise this morning as well as resources (see contact information below).
Please note: the recording did not automatically turn on and I’m arranging a follow up interview with Jeff Nixon and Chris Adams. I’ll put out those interviews separately.
Also to our co-host the Barrie Chamber of Commerce 
Also our thanks to the organizations who shared this information (and who are also resources for all of us)
Dave Hyde & Briar Kelly: The Small Business Centre: https://barriebusinesscentre.ca/
Sara Bentham: The Henry Bernick:Hbec@georgiancollege.ca
Danielle Larevska: The Sandbox Centre
Town of Innisfil: https://innisfilaccelerates.ca/ 
Nottawasaga Futures: https://www.nottawasaga.com/
South Simcoe Community Startup:
Here is the replay link (the file is too large to send directly)
Capturing Chris Adams and Jeff Nixon information:
As I indicated the recording did not automatically turn on at the beginning of the webinar – so I will be back to you with a separate link for a conversation with Jeff Nixon, Chris Adams.I’ll send out an interview with these folks as soon as I can arrange it.
Our Speakers:

Chris Adams, Adams Hamilton: chris.adams@gmail.com 

Or through the Henry Bernick Entrepreneurship Centre Hbec@georgiancollege.ca

Jeff Nixon, NVS Professional Corporation:jeff@nvsca.ca

Darryl Simpson, ESS Direct, darryl@essdirect.ca

Patricia Dent, Grow Vantage, patricia@growvantage.com

Kristen Rayner, Acorn to Oak Financial, GBA (see spending worksheet attached) 705 728-2522, kristen@atofinancial.ca

 

Grow Vantage Resources

Business and other resources during COVID-19

https://www.growvantage.com/resources-during-covid-19/

705-229-4969

patricia@growvantage.com

Book a meeting (virtual of course)

https://grow-vantage.appointlet.com/s/coffee-meeting

Free Idea and Collaboration Sessions on Zoom

Wednesdays: 8:00 pm – 9:00 pm

Join URL: https://zoom.us/j/458799060

Fridays: 1:00 pm – 2:00 pm

Join URL: https://zoom.us/j/121826251

Discover how to run a business! Groups are running on Zoom – payment is deferred for up to 6 months

https://www.growvantage.com/about-grow-vantage/

Advocis

https://info.advocis.ca/advocis-connect?__hstc=101018078.66495384ea789c70947e1131b63881dc.1567610557702.1584973740648.1585647077284.38&__hssc=101018078.1.1585647077284&__hsfp=17704361    

First a huge thank you to: 
The speakers who gave their time and expertise this morning as well as resources (see contact information below)
&
Our co-host the Barrie Chamber of Commerce 
Also our thanks to the organizations who shared this information (and who are also resources for all of us)
Dave Hyde & Briar Kelly: The Small Business Centre: https://barriebusinesscentre.ca/
Sara Bentham: The Henry Bernick:Hbec@georgiancollege.ca
Danielle Larevska: The Sandbox Centre
Town of Innisfil: https://innisfilaccelerates.ca/ 
Nottawasaga Futures: https://www.nottawasaga.com/
South Simcoe Community Startup:
Here is the replay link (the file is too large to send directly)
Capturing Chris Adams and Jeff Nixon information:
As I indicated the recording did not automatically turn on at the beginning of the webinar – so I will be back to you with a separate link for a conversation with Jeff Nixon, Chris Adams.I’ll send out an interview with these folks as soon as I can arrange it.
Our Speakers:

Chris Adams, Adams Hamilton: chris.adams@gmail.com 

Or through the Henry Bernick Entrepreneurship Centre Hbec@georgiancollege.ca

Jeff Nixon, NVS Professional Corporation:jeff@nvsca.ca

Darryl Simpson, ESS Direct, darryl@essdirect.ca

Patricia Dent, Grow Vantage, patricia@growvantage.com

Kristen Rayner, Acorn to Oak Financial, GBA (see spending worksheet attached) 705 728-2522, kristen@atofinancial.ca

 

Grow Vantage Resources

Business and other resources during COVID-19

https://www.growvantage.com/resources-during-covid-19/

705-229-4969

patricia@growvantage.com

Book a meeting (virtual of course)

https://grow-vantage.appointlet.com/s/coffee-meeting

Free Idea and Collaboration Sessions on Zoom

Wednesdays: 8:00 pm – 9:00 pm

Join URL: https://zoom.us/j/458799060

Fridays: 1:00 pm – 2:00 pm

Join URL: https://zoom.us/j/121826251

Discover how to run a business! Groups are running on Zoom – payment is deferred for up to 6 months

https://www.growvantage.com/about-grow-vantage/

Conquering Stress During Uncertain Times – Free Event on April 9th (1 – 3 pm)- Courtesy of HBEC

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HBEC is sponsoring an amazing event to bring resiliency and wellness expert Dr. Robyne Hanley Dafoe to share her personal stories and shed light on how to harness your own resiliency, and how to navigate stress.

What if…

You could participate in an event alongside hundreds of others from across Canada that would give you tools to use to navigate stress, incorporate resiliency, and impact your response to uncertain times in a positive way?

What if what you learned was just in time to shift your mindset?

What if you could also have a unique experience that pulls you out of feeling distant and instead leaves you feeling connected?

What if that experience also had an amazing musical guest to bring some magic into your day?

… For Free

Register Now: https://hbecresiliency.eventbrite.ca

All participants will receive a link to the Zoom Event once they register (Thank you to The Sandbox Centre for this gigantic zoom room).

I would like to invite you to take part in an event that brings you resiliency and wellness expert Dr. Robyne Hanley Dafoe who will share her personal stories and shed light on how to harness your own resiliency, and to navigate stress.

OR – What if…

What if you could participate in an event alongside hundreds of others from across Canada that would give you tools to use to navigate stress, incorporate resiliency, and impact your response to uncertain times in a positive way?

What if what you learned was just in time to shift your mindset?

What if you could also have a unique experience that pulls you out of feeling distant and instead leaves you feeling connected?

What if that experience also had an amazing musical guest to bring some magic into your day?

Join us for this online event that is sure to impact you as Dr. Hanley-Dafoe will openly share her personal stories on the role resiliency plays in success.

 

Government Programs, Dates and Your Finances: Sarah Collins GV37

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Note from Sarah Collins, Office Simpified: As of April 1, 2020

Realistically: Let’s prepare for the next few months – not weeks. I urge that you do your best to file income taxes, HST, and corporate taxes on time. If it is not financially feasible to pay your amount owing, then take advantage of the deferral options listed below.

Set up your CRA My account for personal and business if you have not already done so, to access some of the programs listed below.

To do this visit: https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html for individuals, and  https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/business-account.html for businesses. This process will take a few weeks to complete.

What has changed, and what your options are to financially persist through this pandemic?

  • The CRA has extended filing dates and payment dates to help alleviate some financial burdens.
  • Below, you will see the deferral dates for your personal taxes, business HST/GST payments, Payroll remittances, and Corporate Taxes.
  • In addition to extended deadlines, the government has announced a few programs that you may be able to benefit from. All this information is from the Canada.ca website at  https://www.canada.ca/en.html

Personal Income Taxes:

  • Personal Income tax filing dates have been extended to be filed by June 1st and paid by Sept 1, 2020, without penalties and interest.
  • Self-employed returns remain unchanged with a due date of June 15th but have an extended payment date to Sept 1, 2020.

  • ***We advise that you File your income tax on time to make sure your benefits and credits are not interrupted (CCB, GSTC, and Trillium) commencing July 2020 for the 2020/21 year ***

CERB – Canada Emergency Response Benefit

  • If you have ceased working for a 14-day period due to COVID-19, you are eligible to apply for CERB.
  • This applies to employees, self-employed and contract workers, and those who would not qualify for EI.
  • You must have an income of at least $5,000 in 2019 or in the 12-month period preceding your application in order to qualify.
  • This program will be available on April 6th, 2020 (note from Patricia: They are staggering  through a secure online web portal through the CRA My Account. To set this up now,  https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html

This benefit would provide $2,000 a month for up to four months for workers who lose their income as a result of the COVID-19 pandemic. Monies should be available within 10 business days after applying and will be paid every 4 weeks for the period of March 15th-October 3rd, 2020.

The CERB would cover Canadians who have lost their job, are sick, quarantined, or taking care of someone who is sick with COVID-19, as well as working parents who must stay home without pay to care for children who are sick or at home because of school and daycare closures. The CERB would apply to wage earners, as well as contract workers and self-employed individuals who would not otherwise be eligible for Employment Insurance (EI).”

Full details: https://www.canada.ca/en/department-finance/economic-response-plan/covid19-individuals.html#new_canada_emergency_response_benefit

 

Business Remittance Deferrals:

Payroll remittances (PD7A):

  • This has remained unchanged as of April 1, 2020. Payments continue to be due by the 15th of the following payroll month.

WSIB Ontario

WSIB has announced a relief package to defer premiums due March31-July 31, 2020 to August 31st, 2020

https://www.wsib.ca/en/financialrelief

HST/GST:

  • If you are experiencing financial difficulties, the CRA has extended its HST payments deadlines:
  • HST payments that are due March, April & May, can be deferred to June 30th, 2020.
  • This means that no interest will apply if your payments or remittances are made by the end of June 2020.
  • “The deadline for businesses to file their returns are unchanged. Those who are able to should continue to file their GST/HST returns on time reporting their net tax for the reporting period to help facilitate tax compliance and administration. However, recognizing the difficult circumstances faced by businesses, the CRA won’t impose penalties where a return is filed late provided that it is filed by June 30th.”

HST Installments:

Corporate Taxes:

Additional Measures to keep businesses afloat, and employees working:

 Canada Emergency Business Account:

  •  The new Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
  • To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019.
  • These programs will roll out in the three weeks after March 27 and interested businesses should work with their current financial institutions.

Employee Wage Subsidy:

  • This program has been changed from the original 10% to 75% subsidy, and we are still waiting on details to be announced. This covers small, medium, and large businesses, charities, and non-profits.
  • As of now, you will need to demonstrate that your revenue has been reduced by at least 30% due to the COVID-19 Pandemic, vs the same month last year.
  • You will need to reapply monthly, and a portal will be available in next 3-6 weeks.
  • Wage subsidy will be capped at $847 per week per employee (which is 75% of a $58700 salary).
  • This will retroactive to March 15th, 2020 and cover a 3-month period of wages.
  • Employers can expect to see funding in 6 weeks via direct deposit. The goal of this program is to keep employees employed and support their families financially while having a job to return to once this crisis is over. This will alleviate the financial pressure on the CERB program. It will be the employer’s responsibility to use these funds to pay their employees and do their best to ensure they are paying the remaining 25% of their wages. As information is made available, this site will be updated, please visit: https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html

GOING DIGITAL ASSESSMENT – from the City of Barrie

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We’re launching the Going Digital project!
Now more than ever our business community is acutely aware of the importance of having a strong digital presence. However, for many small businesses this is not the case, so the Small Business Centre is launching the Going Digital project.
Does your business have…
  • An outdated web site, or no web site at all?
  • An underdeveloped social media presence?
  • A generally weak online presence?
If that sounds familiar, then the Small Business Centre’s Digital Service Squad will:
  • Assess your business needs
  • Create a list of the most needed improvements
  • Liaise with our roster of Digital Agencies to get the work done as quickly as possible
There is NO CHARGE for the work of the Digital Service Squad! Their services are being provided free by the Small Business Centre as one of the ways in which we’re supporting local businesses in this time of need.
This program will only run for a short time, so please act fast.
To receive an assessment, email:

ACORN FINANCIAL IS OPEN FOR BUSINESS

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Kristen Rayner of GV 47 is excited to announce that together with Ross Brown, Acorn To Oak Financial is open for business!

With over 40 years of combined experience in personal finance, Kristen & Ross have formed this new Firm to work with families and small businesses to manage their savings, investment and insurance needs.  By running an independent practice, Acorn To Oak Financial can serve clients from a “strategy-first, product-last” approach.  Their unique process allows them to follow a consistent and principle-based approach to building financial futures, rather than pulling products off a product shelf that can stand in the way of a client reaching their full potential.

Click below for a quick video of introduction, and be sure to follow the Facebook business page for updates and lots of great resources.

https://www.facebook.com/acorntooakfinancial/videos/2683372071882326/

“Everything we do for our clients is structured and intended to ultimately increase their net worth, while reducing their overall risk.

Our mission is to do this without any real sacrifice in our clients’ lifestyle.”

©2017 Grow Vantage