Hi Capex Clients,
This has been a tough week for me as I cancelled all actual deliverable work just to talk to you all. I know this is a very tough time for all of us and we have all been impacted a lot. I wanted to update everyone on the following so please don't fall for any fake news.
In a effort to help and support all of you I will be hiring 2 new remote position accountants to help guide all businesses through this rough patch. I believe in my team and we are well equipped to continue to service you and guide you through these turbulent times.
Major Announcement from Justin Trudeau Prime minister on March 27th
1) Qualifying businesses will get the Small Business Wage Subsidy from 10% to 75% to help local business keep employees on payroll.
2) Qualifying businesses can apply for the Canada Emergency Business account which is a $40,000 loan guaranteed by the Government. This loan will be interest free for the first year and out of the $40,000 the $10,000 will be forgiven. That means you will only have to pay back $30,000
3) All HST payments have been deferred until June for eligible businesses. What is an eligible business is to be clarified and when that happens I will let you know.
4) The government is putting an additional $12.5 Billion to help small businesses with cash flow through the Export Development Canada & Business Development Canada (BDC). I have connections here to get your file through so don't worry about it.
5) Bank of Canada is cutting the interest rates down to 0.25% this is a really bad sign for the economy. It means that the government is super scared of COVID19 as they should be but this will have a very negative adverse impact on the entire global economy for months to come and perhaps a year or so.
6) We are now under the Quarantine Act. All travelers coming from outside of Canada must self isolate this is a requirement for 14 days. The penalties are high fines and also jail time for those who do not adhere to these rules. This means walk in traffic will be slow for the next few months
7) Canadian emergency response benefit (Replacing the other two stupid programs Trudeau came out with). We are following the lead from UK and providing $2000 per month to all Canadians for a minimum of 4 months who has lost work due to COVID19.
8) All tax deadlines have been extended to June 1 and the Tax payments aren't due until Sept 1. I forsee this deadline being extended again and I think (Assuming) that corporate taxes will be forgiven for this year. I would assume this would be a natural step for the government to boost our economy. However, this is my assumption so still save tax money as if you need to pay it by Sept.
9) Conserve all your cash. All unnecessary expenses in your business cut them asap. We all have to go into Skeleton mode because these top benefits will not be coming into play until April/May.
10) If you have any questions I am always here for you during this tough time. Ensuring the survival of every client in my portfolio of clients is the priority. I will reply to all emails as soon as I get the chance. I am not ignoring you, I am playing the fire fighter role. I hope you understand and as our clients I am asking for your patience as we go through this tough time.
Finally, Just a thought: Just like you have to reach out to a Doctor to help with your health issues we are here to help with your business health.
Contact your Accountants today click on this link —> https://capexcpa.com/contact
We will get through this as one team. I have always said that all my client businesses are in extension to my own. I am hurting for you and I will do whatever it takes to ensure your survival. Stay safe and please stay inside so we can beat this COVID19 together.
Finally if you can please re-share this on your social media so everyone can get the right information that would be highly appreciated.
Thanks for your Attention.
- The Capex Team