Category Archives: News

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.

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>

Phone scams confuse and hurt everyone – be prepared!

News, Tax Information

Nevcon Accounting recently received a phone call from an angry individual that left us angry and unhappy, too.

This individual claimed his mother was receiving threatening phone calls about her tax bill and the calls were coming from our number. We explained to the caller that his mother was the victim of a phone scam. We in turn were the victims of caller ID spoofing, where a caller displays someone else’s name and/or number to misrepresent themselves and to trick people into picking up their calls.

The CRTC (Canadian Radio-Television and Telecommunications Commission) has a wealth of information on how to deal with telemarketing, unwanted and misleading calls and messages. We highly recommend checking out this information and making use of their tips and suggestions.

To be honest, it’s a shame we all have to be so suspicious, but this information is very useful for avoiding the hurt, confusion and worse that scammers try to cause.

Tax changes coming into effect in 2019

News, Small Business, Tax Information

We’ve barely taken down the holiday decorations … and it’s time to start thinking about tax changes that kick in as the new year gets under way. But if you stay on top of them now (and hey, you know who to call if you need assistance!), there will be more reasons to celebrate as the new year unfolds.

This overview from CBC News is very helpful:

obj-tax-image-iStock-480459733
(Image courtesy of Ottawa Business Journal)

Your tax bill could change in 2019. Here’s what to expect.

From low-income subsidies to passive cash taxation to the carbon tax, the rules are set to shift

A whole host of federal tax changes come into effect in the new year. Some will hit your paycheque, others your bills — and if you’re a small business owner, there are a couple of changes coming for which you’ve likely been preparing for months.

Read the entire article here.

How technology is changing the relationship between bookkeeper and accountant

News

Needless to say, I’m very excited to be joining Rachel Fisch (@FischBooks) and Galit Sugar May 8th in Toronto for a Sage Session discussion on how technology is changing the relationship between bookkeeper and accountant.

sage-sessions-2018

As you can imagine, I’ll have plenty to say! I marvel every day at how the right combination of technology, carefully considered and deployed, makes my job easier and more efficient. In turn, that means I can offer faster and more accurate services to my clients, big and small.

Take a look here at the full selection of Toronto sessions.

Sage Sessions comprise a single-day event designed for Sage customers driving the economy. Sessions are held across North American. Here is the full schedule.

Hope to see you there!

Links to key 2017 Ontario Budget coverage

News, Tax Information

Nevcon Accounting is pleased to provide the following links to articles, analyses and more, to help you learn more about the 2017 Ontario Budget, delivered April 27, 2017.

Links to key 2017 Federal Budget coverage

News, Small Business, Tax Information

Nevcon Accounting is pleased to provide the following links to articles, analyses and more, to help you learn more about the 2017 Federal Budget, delivered March 22, 2017.

When Nevcon Accounting has something new and interesting to tell you …

News

… we’ll post it here, to our new blog. We’ll give you updates on new small business and tax-related news, changes and trends, and we’ll also provide perspectives and recommendations on products, services, practices and more. This blog will take the place of the “What’s New” page from our previous web site, and it will be a complement to our Twitter feed (www.twitter.com/NevconAccount). Let us know if there are subjects that you would like us to cover here.