Staring it Down: The Family Business Time Bomb
We couldn’t have predicted the devastating economic effects of the pandemic on small businesses when we wrote the book, Defusing the Family Business Time Bomb. But if there was ever a time for families to address the issue of what to do next in guiding their business out of stormy waters, it’s now. This is the book to help you and your clients through it. Here’s how my co-author, Jenifer Bartman describes the opportunity:
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Canada Emergency Wage Subsidy Applications Start
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.
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CECRA Details: New Rent Relief for Small Businesses
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.
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Pandemic Relief: A Triple Benefit for Students
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.
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Incorrect Payment Dates on Notice of Assessments
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.
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