Mark Your Calendar: Critical Deadlines for May and June

Tax season never truly ends, it seems, as there are many more upcoming tax filing, investment planning and education milestones to discuss with your clients over the next six months. Check out our handy checklist below and then test yourself – what are the conversation openers you’ll use and with which clients? It’s your opportunity to shine with every member of the household:

Eligible businesses can start applying this week (April 27) for the 75% Canada Emergency Wage Subsidy (CEWS) and there is some great news for many Canadians: employees can be re-hired retroactively if they were laid-off anytime from March 15 due to COVID-19. However, those employees may need to repay their CERB. Here are some details.

The details behind the Emergency Commercial Rent Assistance program (CECRA) were finally announced on Friday, April 24. This new measure will be implemented at the provincial level to provide loans and/or forgivable loans to enable commercial property owners to reduce rent charged to their small business tenants by 75% for the months of April, May and June. But the program won’t be in place until mid-May, unfortunately. 

There are three important income support programs for post-secondary students in Canada today, but sorting them all out could be problematic, especially at tax filing time. Last week, two new measures were introduced: the Canada Emergency Student Benefit and the Canada Student Service Grant.  The third is of course, the Canada Emergency Response Benefit (CERB), which is linked to the Canada Emergency Wage Subsidy (CEWS), which over 10,000 businesses applied for on Monday.  

Notice of Assessments received by many Canadians who have filed their 2019 individual tax returns indicate an incorrect payment date of April 30, 2020. However, the extended deadline of September 1 to pay any balances due does still apply.

We’re excited to announce that Part 1 of the Emergency Pandemic Relief Course went live on Thursday, April 23. Part 2 takes place on May 13 at 9:30 EST. Check out the speaker roster below. The deadline for registration is May 11, but don’t wait. Canada’s only Emergency Pandemic Response Benefits Course and Virtual CE Summit is available now, packed with the information you need to help your clients access income and business recovery support.

Knowledge Bureau is pleased to announce that Advisor’s Edge and Investment Executive will be joining us at DAC Acuity 2020 once again as the exclusive media sponsor for the conference. This year’s event takes place in Niagara Falls, October 28-30.