All posts by Nevcon Accounting

Links to key 2021 Federal Budget coverage

Nevcon Accounting is pleased to provide the following links to articles, analyses and more, to help you learn more about the 2021 Federal Budget, delivered April 19, 2021.

GST / HST registration webinars coming April 28, 2021

The Canada Revenue Agency is hosting a free webinar to help businesses determine when and how to register for a GST/HST account. Topics to be discussed in the webinar include:

  • what GST/HST is
  • provincial and territorial GST/HST rates
  • who needs to have a GST/HST account and how to get one
  • taxable supplies
  • GST/HST obligations
  • GST/HST returns, filing deadlines, and payments due dates

This webinar is for you if you’re a:

  • business owner
  • self-employed individual

The webinar is on Wednesday, April 28, 2021, at the following times:

In English

Newfoundland and Labrador
2:30pm
Maritimes
2pm
Quebec, Ontario, Nunavut
1pm
Manitoba, Saskatchewan
12pm
Alberta, Northwest Territories
11am
British Columbia, Yukon
10am

Register now

In French

Newfoundland and Labrador
11:30am
Maritimes
11am
Quebec, Ontario, Nunavut
10am
Manitoba, Saskatchewan
9am
Alberta, Northwest Territories
8am
British Columbia, Yukon
7am

Register now

You’re also invited to submit your questions about GST/HST registration before the webinar takes place. To do so, please visit the registration website on Tuesday, April 20, 2021, between 6:00 am EST and 8:00 pm EDT. We’ll answer as many questions as we can during the webinar.

New product offering – Audit Shield offers peace of mind

Suffice to say, the past year has brought many changes and challenges. One result is that the CRA has stepped up their enforcement efforts with more audits. If you and your business are subject to an audit, this can involve significant cost to you because of the added fees to for Nevcon to respond to such requests.

Audit ShieldWith this in mind, I choose to offer Audit Shield as additional add-on protection for these costs. It might seem like a significant cost when you first look at the pricing, but once you factor in the amount it would cost you for an audit, I hope you’ll see that it’s good and proactive. Audit shield covers up to $10,000 (Cdn) in fees to help you respond to an audit request by CRA.

If you are a current Nevcon Accounting client, you will have received or will soon receive an email message with more details on how you can take advantage of this new offering. The message will spell out more of what they do and do not cover. For small businesses and sole proprietors, it’s a smart business decision.

If you are considering becoming a Nevcon Accounting client and would like to learn more about Audit Shield as part of what we can provide, contact us for more information.

Create effective passwords, manage them well … and sleep better at night!

A recent series of cyberattacks on the Government of Canada web site used a method called “credential stuffing” to compromise the personal information of thousands of Canadians. The attacks shut down Canada Revenue Agency (CRA) and GCKey online portals for several days and caused worry and confusion.

Credential stuffing takes advantage of the fact that many people use the same or similar passwords for multiple online accounts. Bearing in mind how vulnerable that could leave you, it might be time to give some good and considered thought to updating and diversifying your passwords to important accounts and services. You can google lots of good advice – here is an article that we think is useful: Top 15 Password Management Best Practices (from Beyond Trust).

On top of creating unique and strong passwords, it’s useful to organize and manage them all. Here are some tools and services we recommend investigating for your password management needs:

Password best practices and management makes for excellent peace of mind!

Keeping you up-to-date on small business news in response to the pandemic

As we’re sure you may have already heard, Prime Minister Justin Trudeau made some announcements this morning (March 27, 2020) about additional programs available to support small businesses. What these programs will have to offer could possibly be substantial to you, so we understand completely that you would like to know what this means to you. Unfortunately, the government has not yet released a lot of details, so we’re not able to answer with any accuracy whether you qualify, or whether it will benefit you.

Please bear with us and all of our accounting and bookkeeping colleagues (who are working together and sharing insights) as more information comes out over the next several days. We promise that as we learn more information about what will impact your business, you will be the first to know.

Here is what we do know so far:

  • Temporary Wage Subsidy – Originally introduced at 10% retroactive to March 18th, this new announcement brings the Temporary Wage Subsidy up to 75% retroactive to March 15th. There are no details yet on qualification, caps, or time period.
  • Small Business Loans – Up to $40K, government backed, interest free for one year, up to $10K could be forgiven – is what we know at this point. No additional details have been given as yet.
  • GST/HST Payments – These payments will be eferred until June 1st. Filings are still due, only payments are deferred.
  • Taxes/Duties on Imports – Payments are deferred until June 1st.
  • Bank of Canada has also cut the interest rate – down to 0.25%.

Thank you for your patience as we work to get more information. Wishing you and yours safety and good health as we all make our way through these unprecedented times.

Helping businesses keep their workers – Temporary Wage Subsidy for Employers

The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA).

The following employers are eligible:

  • Employers who are a non-profit organization, registered charity, or a Canadian-controlled private corporation (CCPC);
  • have an existing business number and payroll program account with the CRA on March 18, 2020; and
  • pay salary, wages, bonuses, or other remuneration to an employee.

Note: CCPCs are only eligible for the subsidy if their taxable capital employed in Canada for the preceding taxation year, calculated on an associated group basis, is less than $15 million.

Intuit’s Quickbooks provides some useful information on how to calculate this for your business.

Employment Insurance (EI) and COVID-19

This information is developing and changing as the COVID-19 situation unfolds. We’ll do our best to update the details as they change.

Laid off due to work closures?

  • Apply for regular EI benefits
  • You will need 700 work hours in last year
  • You will need a ROE saying you’ve been laid off from your employer to get benefits
  • There is a 1-week wait period (so you will not be paid for 1 week)
  • Apply online: https://canada.ca/en/services/benefits/ei.html
  • Call 1-800-206-7218 for more info

Unable to work due to self-quarantine?

  • Apply for EI Sickness benefits
  • You will need 600 work hours in last year
  • You do not need a ROE or sick note to qualify
  • The 1-week wait period has been waived
  • Apply online: https://canada.ca/en/services/benefits/ei.html
  • Call 1-833-381-2725 for more info

Laid off and ineligible for EI?

  • Apply for the Emergency Support Benefit
  • Amounts and eligibility has not yet been announced
  • Applications will be available in April via CRA MyAccount, My Service Canada Account, and a yet to be released toll-free number

Self-quarantined and ineligible for EI?

  • Apply for the Emergency Care Benefit for workers not eligible for EI (including self-employed) who are sick with COVID-19, quarantined, or taking care of a family member with COVID-19
  • Up to 15 weeks of benefits, up to $900 bi-weekly
  • Applications will be available in April via CRA MyAccount, My Service Canada Account, and a yet to be released toll-free number

Unable to work due to school closures?

  • Parents with children who require care due to school closures can apply for the Emergency Care Benefit
  • 15 weeks of benefits, up to $900 bi-weekly
  • Applications will be available in April via CRA MyAccount, My Service Canada Account, and a yet to be released toll-free number

Do I qualify for WorkSafe benefits?

  • WorkSafe benefits are not available for preventative measures or non-work-related exposure
  • Only file a claim for COVID-19 virus infection contracted through work-related exposure,/li>
  • Call 1-888-967-5377 for more info/li>

Government support during these unsettled and unsettling times

Here are some important updates and resources for taxpayers and business owners during the still unfolding COVID-19 situation.

Canadian personal income tax form“While it is tax season, the government said for individuals, the return filing due date will be deferred until June 1, 2020. The Canada Revenue Agency will also allow all taxpayers to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020.”
from “Federal government unveils $82 billion pandemic aid package for Canadians”
Daily Hive
March 18, 2020
Read more here.

“Corporations are still required to file their income taxes six months after their fiscal year ends, but similar to the personal tax changes, businesses will be able to defer tax payments until August 31 without incurring interest or penalties.”
from “Feds extend tax filing deadline, waive interest on balances owing”
BNN Bloomberg
March 18, 2020
Read more here.

The Government of Canada is taking immediate, significant and decisive action to help Canadians facing hardship as a result of the #COVID19 outbreak.
from Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses
Government of Canada
March 18, 2020
Read more here.

Thinking of you, clients, colleagues, friends, fellow citizens – be safe and be well!

We’re here if you need us.

During COVID-19 circumstances, we can still meet with you virtually

Virtual meeting

With all the concern around COVID-19, Nevcon Accounting understands and sympathizes if you have to practice social distancing or self isolation during this time. We have decided that more online and phone meetings are appropriate for us, too. This is in line with guidelines and advice our government and medical leaders are offering about ways to minimize exposure.

We are well equipped to meet with you virtually to continue to serve your business and accounting needs. We offer many electronic ways for you to reach out to us, including:

Of course, if you still want to meet in person we can also arrange that.

Be safe, be well – and be in touch if you need us!

Changes to the way the Nevcon Accounting client portal works

Over the last few months, Nevcon Accounting has been reviewing the way it collects documents and gives you a copy of your personal tax returns. Previously, we have been using e-courier to send you any sensitive documents securely, including any documents needing to be signed. Well, this has been a great product over the last six years, but we have outgrown the services it provides. The only way to continue using it would be to introduce other services, which would have meant having everyone perform multiple logins. The service was fine, but we have found it to be a bit lacking in clear navigation and it was getting harder for long-term clients to find information on older returns.

Nevcon Accounting client portal login

With this in mind, we started looking at different solutions that would let us expand how we share information to you. As a result, we are introducing a new, improved client portal. The new portal is more like what everyone is used to in that it is a folder-based design with different folders for each tax year. Over the next few months, as you do your taxes with Nevcon, we will be sending you an invitation to set up a password to the email address we have on file. You will notice different folders and one will hold all copies for your personal tax returns. Nevcon will be slowly moving over the old return information to the new portal so you only have one place to go for everything.

One particular area of improvement is the upload folder. This will allow you to upload your tax slips or information securely without having to use email. Once you have uploaded a document, we automatically receive an email letting us know.

Another enhanced area is the items requiring signature. This area will have any documents that need a signature by you. An additional benefit is that, where allowed, you will be able to digitally sign the documents and once done, it will automatically notify us of the completion.

Overall, this will let you find historical information much easier and faster. The added benefit of being able to digitally sign documents will greatly improve the turn around times for all transactions and deadlines.

We have decided to make this the year of improvements. Our systems that we used have been static for the last 10 years – still reliable but perhaps lacking in new features and enhancements – and this year our goal is to make your experience with us much more straightforward, efficient and hey, maybe even fun!