GST / HST registration webinars coming April 28, 2021

Small Business, Tax Information

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

Services, Small Business

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!

News, Online and Computing

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

News, Small Business, Tax Information

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

Uncategorized

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

News, Small Business

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

Tax Information

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

Uncategorized

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!

Reminder re: T4 Statement of remuneration paid information slips

Tax Information

As T4 Statement of remuneration paid information slips are starting to be prepared and issued to Canadian taxpayers, here’s a reminder to keep in mind the new (2017) rules for Electronic Distribution of T4 slips:

The employer can only issue T4 slips electronically without the employee’s consent if the employer provides to the employee, by the last day in February following the calendar year to which the slip applies:

  • a secure electronic portal through which the employee can obtain access their T4 information slip
  • a secure site for printing the T4 slip, and
  • an option to receive paper copies of the T4 slip, upon request.

Here is the link to more information on the Canada Revenue Agendy (CRA) web site: Electronic Distribution of T4 slips.

Do you or a loved one qualify for the Disability Tax Credit?

Tax Information

Do you or a loved one qualify for the Disability Tax Credit?

If you or someone you know is sick or disabled, they may qualify for the Disability Tax Credit Certificate. This will allow them to get a non-refundable tax credit of $8,416.

When you apply for the first time, you will not get the credit automatically. It must be reviewed by CRA and can take a few months to process. Usually when it is submitted you are sent a letter asking if you want to wait for the review or they can process your return without it and do an adjustment if it is approved. CRA will also adjust other years if your doctor says the disability started in another year.

Before you fill out the application, you should ensure that you or your loved one meet the qualifications below:

  1. The sickness or disability must markedly restrict daily living activities.
  2. Part of the form must be filled out by one’s physician.
  3. The areas that CRA uses for its determination are as follows:
    • Vision
    • Speaking
    • Hearing
    • Walking
    • Eliminating
    • Feeding
    • Dressing
    • Mental functions
    • Life-sustaining therapy

If you believe you or your loved one will qualify, Nevcon Accounting can email you the form or you can download it from here.

This article was featured in our most recent edition of The Financial Enquirer quarterly email newsletter. Click here to subscribe.