Accounting Archives - McCay Duff LLP Chartered Professional Ottawa Accountants

Money bag for small businesses for COVID-19 Support

New support grant for Ontario Small Businesses

McCay Duff
Accounting, Business Advisory

The Ontario government has announced the creation of the Ontario Small Business Support Grant for small businesses required to close or restrict services under the Provincewide Shutdown. Small businesses will be able to use the funds in whatever way makes the most sense for their business, such as paying wages, rent or maintaining inventory. Eligible small businesses include those that: Are required to close or significantly restrict services subject to the Provincewide Shutdown effective 12:01 …

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Canadian loan center for applying for CEBA

What you need to know before applying for the additional $20,000 Canada Emergency Business Account

McCay Duff
Accounting, Business Advisory

The Canada Emergency Business Account (CEBA) was launched on April 9, 2020 and provides interest-free loans, guaranteed by the Government of Canada, to small businesses and not-for-profits. As of December 4, 2020, CEBA loans increased from $40,000 to $60,000. If you have already applied for the original $40,000 CEBA loan and are considering applying for the additional $20,000 loan, it is important for you to consider the following information. CEBA Forgiveness Terms Both of the …

What you need to know before applying for the additional $20,000 Canada Emergency Business Account Continue Reading

Realtor determining if a Personal Real Estate Corporation right for her

Is a Personal Real Estate Corporation right for me?

Karen Freake - B. COMM, CPA, CA, Partner
Accounting, Business Advisory, Tax Planning

Undoubtedly, for decades to come, 2020 will be talked about as the year of change. We all have learned to do things differently. Some 2020 changes have been welcomed, like the change which now allows Ontario real estate professionals to operate through a Personal Real Estate Corporation (PREC). Whether you are a Real estate agent, Broker real estate agent, Realtor®, Realtor® Broker, or Realtor® Salesperson, this new avenue in which to run your business is …

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Business owner filing PD27 form before filing T4s.

Mandatory Self Reporting for the 10% Temporary Wage Subsidy (TWS) due Before the Filing of T4s

McCay Duff
Accounting, CRA, Tax Planning

Important Reminder! Mandatory Self Reporting for the 10% Temporary Wage Subsidy (TWS) due Before the Filing of T4s The Canada Revenue Agency (CRA) is requiring all eligible businesses, partnerships, non-profits, charities and sole proprietors with a payroll account to file an election indicating how they have applied the 10% TWS. The PD27 10% Temporary Wage Subsidy Self-Identification Form for Employers (PD27) should be filed before the filing of the T4s. CRA has indicated the PD27 …

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Personal protective equipment available for rebates

Increased Relief for PPE, Property Tax and Energy Costs

McCay Duff
Accounting

The Ontario Government has increased the funding available for the Main Street Grant Relief for Personal Protective Equipment (PPE) and Property Tax and Energy Cost Rebate Grants. Ontario businesses in the retail, accommodation, food service, repair and maintenance, and personal and laundry services sectors with 2 – 9 employees can apply for a grant to cover up to $1,000 of costs for PPE purchased since March 17, 2020. Ontario businesses that have been required to …

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Rent rebates to support business revenue Update

Canada Emergency Rent Subsidy (CERS) – Updated

McCay Duff
Accounting, Business Advisory, Consulting

On November 19, Bill C-9, which creates CERS, received Royal Assent. The CRA launched the application process on Monday November 23, 2020, and provided further information of the program. Updates to our original communication are indicated in blue. How do you qualify for the CERS? Qualifying businesses, non-profits, and charities are those that have suffered a revenue drop, and meet one of the following criteria: Have a payroll account as of March 15, 2020, or …

Canada Emergency Rent Subsidy (CERS) – Updated Continue Reading

Rent rebates to support business revenue

Canada Emergency Rent Subsidy (CERS)

McCay Duff
Accounting, Business Advisory, Consulting

The new Canada Emergency Rent Subsidy has been introduced by the Government of Canada to provide additional support to those businesses, non-profits, and charities that continue to be financially impacted by the COVID-19 pandemic. The CERS is available retroactive to September 27, 2020, until June 2021. The Government has now provided the proposed details for the first 12 weeks of the program (September 27 to December 19, 2020). The CERS will provide benefits directly to …

Canada Emergency Rent Subsidy (CERS) Continue Reading

Accounting

New support grant for Ontario Small Businesses

What you need to know before applying for the additional $20,000 Canada Emergency Business Account

Is a Personal Real Estate Corporation right for me?

Mandatory Self Reporting for the 10% Temporary Wage Subsidy (TWS) due Before the Filing of T4s

Increased Relief for PPE, Property Tax and Energy Costs

Canada Emergency Rent Subsidy (CERS) – Updated

Canada Emergency Rent Subsidy (CERS)

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