COVID-19: CRA & BC Updates for the week of March 30, 2020

by Gigi Poon | Mar 30, 2020 | News

COVID-19: CRA & BC Updates
for the week of March 30, 2020

Last updated: April 1, 2020

Over the course of this week, Prime Minister Justin Trudeau will be announcing more details of the Canada Emergency Wage Subsidy program along with other updates. We will be updating this post with a summary of the latest releases so that you can stay informed.

Recent updates

Earlier this week

Canada Emergency Wage Subsidy Program (CEWS)

On April 1st 2020, the Government of Canada more details in regards to the wage subsidy program for the period of March 15 to June 15, 2020. We are updating the below details as more information becomes available.

The program will directly pay businesses for 75% of the pre-crisis payroll cost, up to of $847 per employee, per week, for all employees remaining on the business’ payroll. Click here to download a handy spreadsheet to help you calculate CEWS.

Alternatively, CRA has put together a CEWS calculator on their website.

CEWS Qualification Criteria

- Eligible employers must show that they suffered a drop in gross revenues of at least 30% in March, April, or May, when compared to the same month(s) in 2019. For businesses that did not have operations in March to May 2019, the February 2020 revenues can be used as a comparative.
- The subsidy is only available for employees who were on payroll prior to March 15, 2020. It is also available to new hires who are not shareholders or family members of shareholders (arms-length).
- The amount of the subsidy per employee will be the lower of the amount actually paid to the employee and 75% of the employee’s pre-crisis wages and salary up to $847/week.
- Employers will be required to attest that they are doing everything in their power to pay the remaining 25% of the wages to their employees.

Receiving Benefits

- The benefits will be paid out directly to businesses; this will not be paid through a reduction of payroll withholdings, taxes, or other government payments.
- Eligible employers would be able to access the CEWS by applying through a Canada Revenue Agency online portal.
- The funds will be applicable to wages and salaries paid out to employees from March 15, 2020 through June 6, 2020.
- The funds will be paid out by CRA in approximately 6 weeks (week of May 13, 2020).
- The funds will be received quicker if the business is set up for direct deposit with its CRA business number account.

Other Notes

- Businesses that do not qualify for the Canada Emergency Wage Subsidy may continue to qualify for the previously announced wage subsidy of 10 percent of remuneration paid from March 18 to before June 20, up to a maximum subsidy of $1,375 per employee and $25,000 per employer.
- More details regarding how to apply for the program will be announced at a later date.

Canada Emergency Response Benefit (CERB)

The $2,000/month benefit is available to individuals who stopped work and are not earning employment or self-employment income as a result of reasons related to COVID-19. The application will be open on April 6, 2020. Individuals will not be able to receive more than one of the CERB, CEWS and/or EI benefits. If you have already applied for Employment Insurance (EI), you will not need to apply for the CERB benefit. Individuals will need to apply online with CRA’s My Account or by telephone. The individual themselves must submit the application, a representative cannot apply for them.

CERB Qualification Criteria

- The Benefit is only available to individuals who stopped work and are not earning employment or self-employment income as a result of reasons related to COVID-19. Individuals who have not stopped working because of COVID-19 are not eligible for the Benefit.
- The CERB is available to Individuals who:
  - Reside in Canada, who are at least 15 years old;
  - who have stopped working because of COVID-19 or are eligible for Employment Insurance regular or sickness benefits;
  - who had income of at least $5,000* in 2019 or in the 12 months prior to the date of their application; and
  - who are or expect to be without employment or self-employment income for at least 14 consecutive days in the initial four-week period.

*The income of at least $5,000 may be from any or a combination of the following sources: employment; self-employment; maternity and parental benefits under the Employment Insurance program. This does not include dividends from private corporations. We are hoping that the government will change it’s position on private dividends being included as “income” but we have no certainty that this will be changed.

Receiving Benefits

- The application will be open on April 6, 2020 through canada.ca
- The application will work on a system ordered by birth date. People born in January through March can apply on April 6, those born in April through June on April 7, those born in July through September on April 8, and those born October through December on April 9.
- Individuals will not be able to receive more than one of the CERB, CEWS, and/or EI benefits.
- Monthly confirmation check-ins (through canada.ca) will be required to remain eligible.
- The benefit will be paid out in weekly payments of $500.
- Individuals that have registered for EI will not be required register again for the CERB
- Direct deposit payment will be received 3-5 days after the application has been processed, or 10 days if received by mail

Application Process

There are two ways to apply:

Online with CRA My Account
Over the phone with an automated phone service (1-800-959-2019)

Click here for more details on the application process.

Individuals can also use their BC Service Card to login to My Account. Choose Option 3 on this page to register/login

CEWS & CERB: What can you do right now?

Determine if you qualify for CEWS or CERB
For CEWS – ensure that your business is set up for direct deposit. If you are unsure if your business number has direct deposit, please contact us for assistance.
For CERB – ensure you have access to CRA’s My Account. Unfortunately, Provision CPA cannot apply for these benefits on your behalf. Please follow the directions above to create an account.
Discuss the benefits of the CEWS and CERB with your relationship manager at Provision to determine what is best for your business and individual needs.

BC Individuals: Deadline to File Vacancy Tax Declaration

Please note that the deadline to file the Vacancy tax declaration has not been extended. The due date for this is tomorrow March 31st, 2020. If you own property in Vancouver, you’ll receive a letter for the speculation and vacancy tax, which is separate from Vancouver’s empty homes tax. You must declare for both taxes. The letter from the BC government should have a Declaration Code and Letter ID that is need to file the declaration online.

Sign up for a Service Canada Account and CRA MyAccount

Please make sure you have signed up for a Service Canada and CRA MyAccount so that once the benefits are available, you will have the login credentials ready ahead of time. This is also to avoid signing up for an account during a time where crowds and high visitor traffic my cause the website to crash.

Click here to sign up for a Service Canada account

Click here to sign up for a CRA MyAccount

COVID-19 BC Action Plan: Benefits, Credits, and Deferrals

New BC Emergency Benefit for Workers. This will provide a tax-free $1,000 payment to British Columbians whose ability to work has been affected by COVID-19. The benefit will be a one-time payment for B.C. residents who receive federal Employment Insurance (EI), or the new federal Emergency Care Benefit, or the new federal Emergency Support Benefit.

B.C. Climate Action Tax Credit. The Province is increasing and expanding the BC Climate Action Tax Credit in July 2020. Eligible families of four will receive up to $564 and eligible individuals will receive up to $218 in an enhanced payment. This boosts the regular Climate Action Tax Credit payment of up to $112.50 per family of four and up to $43.50 per adult.

BC Hydro’s Customer Crisis Fund. Customers of BC Hydro now have the option to defer bill payments or arrange for flexible payment plans with no penalty. Customers who are dealing with job loss, illness or loss of wages due to COVID-19 will be able to use BC Hydro’s Customer Crisis Fund grant program for up to $600 to pay bills.

ICBC. Customers of ICBC on a monthly Autoplan payment plan, who are facing financial challenges due to COVID-19 may defer their payment for up to 90 days with no penalty. Payment deferral is also available for fleets. If you are approaching your deferral payment due date and you do not want this payment withdrawn on that date, please call ICBC at 604-661-2723 or 1-800-665-6442 to discuss payment options. Please note that their call volumes are high during this time.

Click here for more information on COVID-19 BC Action Plan.

In these unprecedented times, we understand that there is a lot of information to disseminate.

We at Provision are here to help you in any way we can. Feel free to reach out directly to your contact at Provision for more details and clarifications.

Raina Bellani
604-273-6601 ext. 109
rbellani@provisiongroup.ca

Kurt Hamilton
604-273-6601 ext. 112
khamilton@provisiongroup.ca

Nathan Morrison
604-273-6601 ext. 104
nmorrison@provisiongroup.ca

Garth Drummond
604-273-6601 ext. 105
gdrummond@provisiongroup.ca

As Senior Relationship Manager with Provision CPA, Vernon believes open communication and a strong working relationship are vital to success. He strives to anticipate client needs and find opportunities for strategic and tactical planning. Vernon finds it rewarding when he has helped play a role in developing a tax plan that turns into a savings or profit maker for the client. It’s a privilege to be involved in something as personal as an entrepreneur’s business vision.

One of the best pieces of advice he was ever given was “Give all that you can without expectation. No matter how much we give away, there will never be any shortage because giving brings its own reward.” A fun fact about Vernon is that he used to be a self-employed musician. Art and music are part of his daily life outside of the office, and you’ll find him enjoying it any time he can with his family.

As the Client Advocate and Admin Manager, Stefanie wears many hats. Front-facing, she spearheads onboarding for new clients and answers front desk phone calls and emails, while internally managing Provision CPA’s Admin team behind the scenes. Stefanie enjoys the act of troubleshooting and figuring out how to solve problems in a way that adds value to her clients and ensures they feel heard.

Stefanie has worked at Provision CPA for seven years now and she describes every day as an adventure. She’s fulfilled by the constant ability to learn and take on something new, with the personal and professional support of her team.

The most important thing to know about Stefanie: Don’t let her RBF fool you, she loves to laugh and make others laugh, too!

From a young age, Raina has always been interested in solving calculations and numbers, which drove her to pursue a career in Accounting as a CPA. 13 years later, she still loves the creativity she gets to bring with taxes and advisory. As a Senior Relationship Manager at Provision CPA, she assists in finding solutions to the entrepreneur’s accounting and tax needs. She does this by constantly trying to think ‘big picture’ and finding ways to make tax and accounting as simple as possible for her clients.

What Raina enjoys most about her role is meeting new people and learning about their businesses and challenges. The best piece of advice she’s ever been given was “we constantly need to change, grow, and learn.”

Outside of work, you’ll find her spending time with her two little ones and hubby. She also loves to travel and has spent 27 years in busy Mumbai, India!

Kulveer is a Junior Accountant at Provision CPA. To Kulveer, developing relationships and trust with business owners and guiding them through every day situations is what she finds most fulfilling. She’s always up for a challenge and appreciates the autonomy Provision provides to work with a diverse roster of businesses and coming up with solutions to their problems.

The best piece of advice she’s ever received was to “count your blessings no matter what else is going on in life.”

When Kulveer’s not working, you’ll find her spending time with family and friends, tutoring, or exercising.

With seven years of experience in the Accounting industry, Rachel understands the deep need to provide entrepreneurs with professional advice in a clear, concise, and consumable way. Rachel first studied Chinese Literature in University but always had a calling for math (mainly because she’s good at it!). It was when she immigrated to Canada that she decided to pursue a career in Accounting.

Now, as an Intermediate Accountant at Provision CPA, she still gets fired up organizing numbers for businesses. Rachel describes her role as a bridge between bookkeepers and managers – she’s involved in not only the minute details of a business, but the big, granular picture as well.

The best piece of advice Rachel’s been given was “Don’t give up easily, nothing is impossible”, and she applies this to her day-to-day-life.

Outside of work you’ll find Rachel spending quality time with her three kids, reading books and watching movies.

Ahmed is an Intermediate Accountant at Provision CPA. He’s always had an analytical mind and an insatiable curiosity for business. Ahmed knew early on that he wanted to get involved in the field of finances. After studying business at Kwantlen Polytechnic University, he explored a career in Accounting.

Ahmed loves being the entrepreneur’s trusted partner in all things finance. He enjoys helping them grow their business by providing astute financial advice and making sure tax season is a smooth process for them. He also takes pride in making sure his clients can make the best decisions for their businesses, helping them succeed year-round.

When he’s not working, you’ll find Ahmed exploring the nature B.C has to offer. The best piece of advice Ahmed was once given is “Focus on improving at your passion and the rewards will follow.”

As an Administrative Database Analyst, Kristen makes sure that Provision’s clients are taken care of by analyzing business processes, identifying gaps, and providing creative solutions that help the Provision team to do their job most successfully.

Before landing at Provision, she explored several industries from marketing to manufacturing, and pursued her MBA in 2017. Kristen was drawn to the firm’s flexible and collaborative work environment, and strong focus on training and mentoring team members. Collaborating with her team, Kristen’s goal is to make accounting simple while also instilling confidence in clients that their work will be done on time with exceptional service.

The best piece of advice she has ever been given was “Don’t stop learning. Every day is an opportunity to learn something new.” Outside of work you’ll find Kristen in the kitchen learning new ways to make traditional food. A fun fact? She used to work at a brewery as a Beer Quality Tech, which is where she discovered her passion for process improvement.

Sarah’s love for tax (believe it or not) and passion for entrepreneurship led her to Provision CPA. Her role focuses on quality control, making sure all team members are well-equipped, and that processes are efficient and effective so that clients receive excellent service. Being able to serve, add value, and alleviate a client’s burden while also celebrating their entrepreneurial journey is rewarding to Sarah.

Did you know that Sarah had conquered 7 continents before the age of 30? Not only is she a globetrotter, she can also speak 5 languages. When she’s not working, you’ll find Sarah embracing her role as a full-time dog mom.

Johnny is a Manager at Provision CPA, with accounting industry experience from small local firms to large international firms. He makes sure that every client is in the most tax optimal position by performing quality control on files to ensure accuracy.

Johnny takes on any opportunity to put his entrepreneurial hat on! At the firm, he enjoys working closely with entrepreneurs and helping them to navigate the ups and downs of owning a business. Johnny believes that the key to success lies in providing excellent customer service and finds deep fulfillment in helping his clients grow and focus on their business, without them having to worry about the accounting and tax work in the back-end.

A fun fact you probably didn’t know about Johnny is his love for basketball and hockey (it’s still undecided which one he loves more). Out of the office, he’s shooting hoops with friends and visiting the local park with his family.

Maria has been at Provision CPA for almost 13 years as a Staff Accountant, working directly with entrepreneurs and getting to know their businesses and lives on a deep level. Ultimately, she wants every client to feel that she is there for them. To Maria, it’s not just about numbers or making sure everything looks correct on paper – she wants every business owner to feel heard.

Maria views every challenge as a new experience and brings positivity to problem-solving. At the end of the day, she goes home feeling fulfilled knowing she gave her all.

When she’s not working, you’ll find Maria knocking off another local trail from her long list of hikes. Since she was a Girl Guide Leader for 20 years, she knows her stuff! Ask her for her B.C. hiking bucket list.

With over 20 years of entrepreneurial experience, Bita has had quite the career journey – from owning a bakery, then a flower shop, to selling real estate and getting her Mortgage Broker license, she’s done it all.

Some time ago, Bita decided to go back to school and start a new journey in becoming a CPA. She now brings the passion and determination of an entrepreneurial spirit to her team and clients at Provision CPA.

Bita’s goal is to make her clients’ “accounting life” as stress-free and straightforward as possible. Her strength lies in her ability to speak the “entrepreneurial language”.

The best piece of advice she’s been given is to “give 110% in everything you do”, whether that’s troubleshooting client issues, or riding her scooter (rain or shine) you’ll find Bita fully committing to the job.

After working for multinational companies in the past, Vanessa was drawn to Provision CPA because of a deep values alignment. What she loves about working at Provision is the opportunity to help business owners improve their accounting processes and problem solve through a strategic lens.

Vanessa’s ‘why’ is dedication. She’s dedicated to always giving her best to both her clients and coworkers. Sarah also loves to find opportunities to grow, and when there are gaps that need improvement, she embraces the challenge with open arms. The best piece of advice she was given was from her mom, to “follow your dreams” you’ll see her applying this to both her work and personal life.

When Vanessa isn’t working, she’s going for long walks to “get some exercise” but we all know she’s actually catching Pokémon!

From strategic alignment through to execution, as a Manager, Oliver is involved in supporting every stage of the entrepreneur’s journey at Provision CPA.

Oliver brings experience from working at a large firm in the UK, but he prefers to work in a closer-knit environment where he can be more involved in delivering impact and results for clients. Oliver finds working with people who have a real passion for their companies contagious, proving to him that there IS a way to make accounting “exciting” (most of the time).

What you might not know about Oliver, is that bookkeeping is his superpower. Most people don’t like dealing with the financial side of things – luckily, that’s where he thrives. His experience working with a variety of businesses and industries of different sizes gives Oliver a lens into understanding how to manage and help achieve each client’s unique desire.

The best piece of advice he was ever given? “Never turn down an invitation to do something new.”

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COVID-19: CRA & BC Updates for the week of March 30, 2020

COVID-19: CRA & BC Updates
for the week of March 30, 2020

Last updated: April 1, 2020

Over the course of this week, Prime Minister Justin Trudeau will be announcing more details of the Canada Emergency Wage Subsidy program along with other updates. We will be updating this post with a summary of the latest releases so that you can stay informed.

Recent updates

Earlier this week

Canada Emergency Wage Subsidy Program (CEWS)

CEWS Qualification Criteria

Receiving Benefits

Other Notes

Canada Emergency Response Benefit (CERB)

CERB Qualification Criteria

Receiving Benefits

Application Process

CEWS & CERB: What can you do right now?

BC Individuals: Deadline to File Vacancy Tax Declaration

Sign up for a Service Canada Account and CRA MyAccount

COVID-19 BC Action Plan: Benefits, Credits, and Deferrals

In these unprecedented times, we understand that there is a lot of information to disseminate.

We at Provision are here to help you in any way we can. Feel free to reach out directly to your contact at Provision for more details and clarifications.

QUICK LINKS

CONTACT

STAY CONNECTED

Vernon Jones

Stefanie Jordan

Raina Bellani

Kulveer Kaur Dhillon

Rachel Xu

Ahmed El-Alem

Kristen Duncanson

Sarah Lee

Johnny Yip

Maria Lee

Bita Bassir

Vanessa Borba

Oliver Porter

COVID-19: CRA & BC Updates for the week of March 30, 2020​

COVID-19: CRA & BC Updates for the week of March 30, 2020

Last updated: April 1, 2020

Over the course of this week, Prime Minister Justin Trudeau will be announcing more details of the Canada Emergency Wage Subsidy program along with other updates. We will be updating this post with a summary of the latest releases so that you can stay informed.

Recent updates

Earlier this week

Canada Emergency Wage Subsidy Program (CEWS)

CEWS Qualification Criteria

Receiving Benefits

Other Notes

Canada Emergency Response Benefit (CERB)

CERB Qualification Criteria

Receiving Benefits

Application Process

CEWS & CERB: What can you do right now?

BC Individuals: Deadline to File Vacancy Tax Declaration

Sign up for a Service Canada Account and CRA MyAccount

COVID-19 BC Action Plan: Benefits, Credits, and Deferrals

In these unprecedented times, we understand that there is a lot of information to disseminate.

We at Provision are here to help you in any way we can. Feel free to reach out directly to your contact at Provision for more details and clarifications.

COVID-19: CRA & BC Updates for the week of March 30, 2020

COVID-19: CRA & BC Updates
for the week of March 30, 2020