Recently, the federal government announced an extension to some key stimulus programs aimed at keeping businesses afloat during the COVID-19 pandemic. Additionally, it clarified that Canadians who receive the new Canada Recovery Benefits may have some of the funds clawed back, depending on their net income for 2020. Canada Emergency Wage Subsidy (CEWS) – CEWS…
Eight months after the COVID-19 shutdowns, many businesses are still struggling to get back to their usual revenues and continue to need a hand up from various government programs to keep their businesses operating and staff employed. When Canwest Accounting professionals meet with business owners who are struggling in today’s economy, we go through with…
While Canwest Accounting has seen most of its clients’ businesses reopen, many are slower than usual, and none will recoup the losses experienced during the lock-down phase of the COVID-19 pandemic in B.C. That’s why Sharlane Bailey, owner of Canwest Accounting, is urging everyone who can to “give thanks” by supporting local businesses as much…
Many post-secondary students heading back to school this September are either experiencing physical distancing in classrooms, libraries, and labs, or are taking their courses online. Tax considerations for back to school such as students that are able to continue to live at home while studying, online studies could save them rent and transportation fees, reducing…
In late July, the federal government extended several initiatives aimed at helping those individuals and businesses affected by the COVID-19 pandemic. The following are some of the key changes our clients are asking us about: Canada Revenue Agency (CRA) has further extended the tax payment deadlines for individual, corporate, and trust income tax returns, including…
Canwest Accounting is seeing more of its clients’ businesses reopening, as many qualify for help through the Canada Emergency Wage Subsidy (CEWS) program in place until at least Aug. 29, 2020. Other clients’ businesses have returned to near-normal levels and no longer collect the wage subsidy of 75% of employee wages for up to 24…
The extended deadline, until June 1, for filing personal income tax returns has meant Canwest Accounting’s hardworking team has been busy non-stop doing tax returns for more than 14 weeks now, which is much longer than the typical tax season. “I was finishing up some clients’ tax returns over the weekend to get them in…
Canwest Accounting has been steadily working on and filing clients’ tax returns while maintaining social distancing measures since mid-March. Like most businesses, COVID-19 business planning is underway at Canwest Accounting around what the “new normal” will be once more restrictions are lifted. We know from Provincial Health Officer Dr. Bonnie Henry that we won’t be…
Canwest Accounting has received several calls from business owners with questions about some of the federal government subsidies and aid programs available during the unprecedented COVID-19 crisis. “We know this is a tough time for businesses and individuals who are wondering how they’ll come up with their next rent or mortgage payment, and how…
April 30, the final day for filing your personal income tax, is coming up quickly. That date also marks when self-employed individuals need to pay any tax owing for 2019, otherwise; interest will be accrued after April 30. That said, self-employed individuals technically have until June 15 to file their income tax forms but be…