Is  a small business owner eligible for the $2,000 temporary wage subsidy – Canada Emergency Response Benefit

Well it looks like we finally have some understanding, meaning any small business person who had one or more employees beyond themselves and who operated their business properly/legally and was registered is eligible for the temporary wage subsidy. Check with your Accountant!

The following is form a Video Tax News provided by a tax advisor; 

In order to be eligible, the employer must meet three criteria:
·         employ one or more individuals in Canada (“eligible employees”);
·         was registered, with a business number and a payroll remittance account, on March 18, 2020; and
·         be any of the following:
o    most Canadian-controlled private corporations (CCPCs), based on eligibility for the small business deduction (see below);
o    an individual (other than a trust);
o    a partnership, all members of which are entities described in (i), (ii), (iii) or (v) (it is not clear why (iv) is excluded);
o    a non-profit organization (exempt from income tax pursuant to Subsection 149(1)(l)); or
o    a registered charity.
 

Petition to Help Small Business

https://savesmallbusiness.ca/#petition

Federal Government – Small Business Support

READ Backgrounder for specifics

The Prime Minister, Justin Trudeau, today announced additional new measures to support small businesses dealing with the economic impacts of the pandemic. These measures will help Canadian businesses protect the jobs that Canadians depend on, and pay their workers and bills during these difficult times.
 
To further support small businesses, the Government of Canada will:
 

• Announce a 75 per cent wage subsidy for qualifying businesses, for up to 3 months, retroactive to March 15, 2020. This will help businesses to keep and return workers to the payroll. More details on eligibility criteria will start with the impact of COVID-19 on sales, and will be shared before the end of the month.
• Allow businesses, including self-employed individuals, to defer all Goods and Services Tax/Harmonized Sales Tax (GST/HST) payments until June, as well as customs duties owed for imports. This measure is the equivalent of providing up to $30 billion in interest-free loans to Canadian businesses. It will help businesses so they can continue to pay their employees and their bills, and help ease cash-flow challenges across the country.
• Launch the new Canada Emergency Business Account. This program will provide up to $25 billion to eligible financial institutions so they can provide interest-free loans to small businesses. These loans – guaranteed and funded by the Government of Canada – will ensure that small businesses have access to the capital they need, at a zero per cent interest rate, so they can pay for rent and other important costs over the next number of months.
• Launch the new Small and Medium-sized Enterprise Loan and Guarantee program that will enable up to $40 billion in lending, supported through Export Development Canada and Business Development Bank, for guaranteed loans when small businesses go to their financial institutions to help weather the impacts of COVID-19. This is intended for small and medium-sized companies that require greater help to meet their operational cash flow requirements.

Ontario Government – Property Tax Assessment

As you may be aware, in lieu of the provincial budget that had been planned for March 25, 2020, the government has released the March 2020 Economic and Fiscal Update. 
 
Through this update, the government has announced that the property tax reassessment that was scheduled to be conducted in 2020 for the 2021 tax year will be postponed.  This will provide stability for Ontario’s property taxpayers and municipalities, and will enable municipal governments to focus their attention on critical public health initiatives and other efforts to manage the local response to the COVID-19 outbreak.
 

Liquor Delivery

Please find a link and read carefully to see if you qualify.
 
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