FEDERAL SUPPORT FOR SMALL BUSINESSES
The federal government has announced further measures to support businesses which includes: an increase to the wage subsidy, deferring GST payments and the launch of the Canada Emergency Business Account.
CPD - FREE CPA CANADA WEBINAR ON APRIL 2
CPA Canada is offering a free webinar on April 2. It will cover practice management issues, including managing remote workforces and interactions with clients; and financial reporting and auditing implications of COVID-19.
CANADA EMERGENCY RESPONSE BENEFIT
To support workers whose income will be affected by COVID-19, and to help businesses keep their employees, the federal government introduced a new Canada Emergency Response Benefit. The taxable benefit would provide $2,000 a month for up to four months for workers who lose their income due to COVID-19. Administered by the CRA, the benefit will replace the previously announced two emergency benefits and it does not require employers to sever employment.
LIMIT OF PUBLIC AND PRIVATE GATHERINGS AND LIST OF CRITICAL SERVICES
To reduce the spread of COVID-19, the Government of Saskatchewan is limiting the size of public and private gatherings to a maximum of ten people. Additionally, clarity is being provided to Saskatchewan businesses surrounding the operations of allowable business services, in consultation with the Chief Medical Health Officer. A list of critical public services and allowable business services has been created to inform the business community of which businesses can continue to operate in accordance with social distancing practices. All changes are effective March 26, 2020.
CRA HAS EXTENDED DEADLINE TO FILE INDIVIDUAL INCOME TAX
The deadline to file your income tax and benefit return will be deferred until June 1, 2020. The deadline to pay any balance due for your individual income tax and benefit return for 2019 has been extended from April 30, 2020, to September 1, 2020. This means you will not be assessed any penalties or interest if your balance due is paid by September 1, 2020.