Money bag for small businesses for COVID-19 Support

New support grant for Ontario Small Businesses


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


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 …

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Realtor determining if a Personal Real Estate Corporation right for her

Is a Personal Real Estate Corporation right for me?


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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Rent rebates to support business revenue Update

Canada Emergency Rent Subsidy (CERS) – Updated


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 …

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Rent rebates to support business revenue

Canada Emergency Rent Subsidy (CERS)


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 …

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Dianna Larkin inteview with Ottawa Derm Connect

COVID-19 impact on our firm and our clients’ businesses


Accounting, Business Advisory, Consulting

McCay Duff shares this video of a recent interview Dianna Larkin (partner) did with Richard Levesque (owner and managing director of Ottawa Derm Centre) about the impact COVID-19 has had on our firm and our clients’ businesses. During the interview, Dianna talks about personal and professional challenges shared by so many of us and speaks candidly about the challenges that McCay Duff overcame and how quickly the firm pivoted to be able to continue to …

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Understanding your financial statements

Every Small Company’s Owner Should Understand Their Financial Statements


Accounting, Business Advisory, Financial Reporting, Small Business

Do you review your company’s financial statements regularly? Do you understand what they tell you about your business? If not, you are not alone. Many business owners are focused on starting, growing, or maintaining their businesses. As a result, they do not take the time to understand their financial statements and the vital information they provide about their business. When used effectively, your financial statements are a tool that will help you plan better, address …

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