COVID Update #2
Things are moving fast, and it’s tough to keep up with it all, and to try to get tax returns out at the same time. But we’re trying… Thanks for your patience with us. Here’s the latest:
Ontario and Quebec – Nonessential businesses shutting down
Effective Tuesday at 11:59PM, all non-essential businesses in Ontario and Qubec are to shut down. We do not know yet which businesses are considered essential. That list is supposed to be released tomorrow. Therefore, we’re not certain whether we will be allowed to continue operating or not, but if there is a way we can do so legally, and safely, we will.
If your business is required to temporarily close, please let us know. Your employees (and possibly you) will qualify for income support programs. Now is not the time to try to avoid applying for EI. If there ever was a time for employers to lean on the Employment Insurance program to help out their employees and their own businesses, this is it. We are here to help with Record of Employment filing, etc. if you need it.
The province is extending the April and May PST filing deadlines for small and medium-sized businesses with monthly remittances of no more than $10,000 by two months. The minister of finance also noted that they will work with businesses regarding flexible repayment options above the $10,000 cap.
The province is extending tax filing and payment deadlines for the PST, municipal and regional district tax, tobacco tax, motor fuel tax and carbon tax until September 30, 2020. Various other targeted measures were introduced, very few (if any) of which will impact our client base.
We are still awaiting details on many of the measures announced last week. One thing we have learned, to our disappointment, is that the 10% wage subsidy does not currently apply to sole proprietorships or partnerships. We have submitted our feedback on this oversight to our local MP, as well as to the Minister of Finance. We hope they are listening.
If your province is not listed, it does not mean that we are ignoring you. We are struggling to digest everything, and either nothing significant has been announced, or we will get to you at a later date.
Thanks for reading, and keep your chin up! We’re going to get through this together. Let’s remember to look out for each other, especially the more vulnerable among us. Some of us will end up with more time on our hands through this all, and there may very well be neighbors, friends and family that could use some help. But please help responsibly!