COVID-19 – Supports for Businesses

TAX DEADLINES & PAYMENTS
Corporate Tax Filing Deadlines:   Corporations that would otherwise have a filing due date after March 18 and before June 1, 2020 to defer their deadline to June 1, 2020. This applies for both Federal and Alberta Corporate Income Taxes. Applies to year-end with a year end of September, October or November 2019.  Click here for more information

TAX PAYMENTS DUE
Corporate Taxes (RC accounts):  The CRA is allowing all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. This applies for both Federal and Alberta Corporate Income Taxes.

GST (RT accounts):  We are allowing businesses, including self-employed individuals, to defer until June 30, 2020 payments of the GST/HST, as well as customs duty owing on their imports. Any GST/HST payment that becomes owing from March 27 until the end of May can be deferred until the end of June.

Payroll (RP accounts):  No deferrals, all amounts for source deductions must be reported and remitted with the regular deadlines.

PAYMENT DEFERRALS
Education property taxes:  The collection of non-residential education property tax for businesses will be deferred for 6 months. Deferred amounts will be repaid in future tax years. Commercial landlords are encouraged to pass savings on to their tenants through reduced or deferred payments to help employers pay their employees and stay in business.

WCB Premium Payment:  The Alberta government announced immediate financial support to private sector employers to have their 2020 WCB premiums deferred to 2021. When we resume invoicing for 2020 premiums in 2021, small- and medium-sized private sector employers will have 50 per cent of their 2020 premiums waived. Invoices for 2020 premiums have been stopped for the remainder of the year and WCB will refund employers who have already made payments towards their 2020 premiums.  Click here for more information

Utility Payments:  Small commercial customers can defer electricity and natural gas payments for the next 90 days to ensure no one will be cut off, regardless of their service provider. The program is available to Alberta companies who are experiencing financial hardship as a direct result of COVID-19. Call your utility provider directly to arrange for a 90-day deferral on all payments.

ACCESS TO CREDIT
Business Credit Availability Program (BCAP):  The Business Credit Availability Program (BCAP) was established to provide $40 billion of additional support through the Business Development Bank of Canada (BDC) and Export Development Canada (EDC). BDC and EDC are working with private sector lenders to coordinate on credit solutions for individual businesses, including in sectors such as oil and gas, air transportation, exports and tourism. This program includes: Loan Guarantee for Small and Medium-Sized Enterprises, and Co-Lending Program for Small and Medium-Sized Enterprises. 

At this time the eligibility and application process has not been released. Further information is expected over the next 3 weeks. At this time we are recommending all clients communicate with their existing financial institutions their needs and possibility of existing credit programs from the bank.

Canada Emergency Business Account (CEBA):  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.these organizations must demonstrate that they had total payroll between $50,000 and $1 million in 2019. The loan is interest-free and 25% of the loan is forgivable (up to $10,000) if the organization repays the loan on or before December 31, 2022. If the loan is not repaid by that date, the resulting loan terms would be decided by each financial institution.  Click here for more information

Since the CEBA is available through an organization’s financial institution, the application process will vary, depending on the methods adopted by that financial institution. It is anticipated the loan application will be available online through the financial institutions online banking portal within the next few days or weeks. To get ready for the release of the application, ensure your bank has the most up to date email and contact information for you, enroll for online banking if you have not already done so and have a copy of your 2019 T4 summary readily available.

Blog posts about COVID-19 – Supports for Businesses

Aug 19 2020
Reminder – CRA Extended Filing and Payment Deadlines

Filing and payment deadlines have been extended to September 30, 2020 The Canada Revenue Agency (CRA) announced earlier this year that they would extend payment due dates for 2019 individual tax returns and 2019 or 2020 corporation, or trust returns, as well as for instalment payments to September 1, 2020.  There has since

Aug 11 2020
Supply Chain Disruption

Supply chain disruption has already occurred due to COVID-19 and it’s likely to get worse before it gets better.  Measures that exist to avoid a reintroduction of the virus and new outbreaks will impact production and supply chains. Immediate Response For companies that operate or have business relationships in impacted countries, steps should

Jun 17 2020
CEBA – Canada Emergency Business Account – Update June 2020

It was announced today that the government will start accepting new applications under the expanded eligibility guidelines for the Canada Emergency Business Account (CEBA) starting on Friday (19 June 2020).  The government has expanded program eligibility to include sole proprietors and farmers. Businesses with total employment expenses in 2019 of $20,000 or

May 21 2020
Eligibility Criteria Expanded for Canada Emergency Business Account – CEBA

The Government of Canada has announced an expansion to the eligibility criteria for the Canada Emergency Business Account (CEBA) to include many owner-operated small businesses. The changes to CEBA will allow more Canadian small businesses to access interest free loans of up to $40,000 to help cover operating costs during a period when

Apr 24 2020
Canada Emergency Commercial Rent Assistance (CECRA)

The Canada Emergency Commercial Rent Assistance Program (CECRA) has been announced to provide rent relief for small businesses struggling to pay their landlords due to financial hardship as a result of COVID-19 for the months of April, May and June 2020.  Who is Eligible? Affected small business tenants who meet the following criteria:

Apr 23 2020
Self Isolation Ideas

Tips for for the entire family Ideas for families with children Set up video chat ‘play dates’ with school friendsDon’t forget about your own needs. Keep up meditation, yoga and exercise.Take time to prepare meals together, get creative, let the children take control!Perfect time to Marie Kondo your child’s bedroom, together

Apr 23 2020
KWB's Wage Subsidy Assessment and Application

A rapid response plan for your business Applications for CEWS (Canada Emergency Wage Subsidy) will start being received by the government as of Monday, 27 April 2020. While businesses may qualify for benefits under CEWS, understanding the program, determining eligibility, and submitting the proper application can create a high level of stress and uncertainty

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KWB has always provided me with timely support for all of our business and family needs, and have priced their services fairly.

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