On April 11, the Canada Emergency Wage Subsidy (CEWS) became law. The subsidy is intended to assist employers in continuing to employ their staff during the economic downturn caused by COVID-19.

On April 1, 2020 the Department of Finance released new details about the Federal Government’s response plan for Canadian businesses impacted by the COVID-19.

A common question among people who are approaching their retirement years is when should they start receiving Canada Pension Plan (CPP) benefits?

As part of our commitment to keep you informed, RHN CPA continues to follow the government’s announcements of measures designed to ease the economic impacts of COVID-19. A major development is that the federal government’s $82-billion emergency coronavirus support package was officially passed on March 25, 2020. This fast-tracked legislation received royal assent from Governor General Julie Payette.

Last week we wrote about the Government of Canada’s response to the growing effects of COVID-19 on Canada’s economy. Today’s article discusses the latest measures announced by the Province of BC, BC Hydro and the Insurance Corporation of British Columbia.

RHN’s priority continues to be protecting the health of all Firm members and clients and ensuring we can continue to support our clients’ needs.

In order to keep you up to date on the Federal Governments response to the economic effects of COVID-19 we have summarized some of the announcements made by the Government of Canada today. We will continue to update you as we receive information.

In recent weeks we have all observed the growing effects of the coronavirus (COVID-19) on our economy. We have witnessed the cancellation of public events, travel restrictions, fewer people going to restaurants and a decline in discretionary spending by consumers. All of this has heightened the level of anxiety for many, especially those in small business. Many are wondering about government initiatives available, particularly to small businesses whose cash-flow has been impacted by the COVID-19 pandemic.

As the risk of the Coronavirus (COVID-19) has been moved from low-risk to serious by Canada’s public health officer, RHN’s priority continues to be protecting the health of all Firm members and clients and ensuring we can continue to support our clients’ needs.

The continuation of filing the T1044 return is crucial, however, in our experience, it may be missed by those who are charged with governance. Change of management, year-end financial statements being prepared late, change of bookkeeper, or operating below the required threshold but filed in the past due to major renovations taking place, are some of the reasons we’ve seen when T1044 filings have been missed.

Tax planning and tax evasion are both methods of reducing the amount of taxes paid. The essential difference between tax planning and tax evasion is legality: tax planning is perfectly legal, while tax evasion is illegal.

As a small business owner, you may be asking yourself: “Do I need to submit a T5 slip in addition to a T4 slip?”