Here is our latest email update in our continued effort to offer helpful information and advice to you and your family.
I am focusing this update on Taxation of COVID-19 benefits. There have been a lot of different benefits programs announced and implemented since the start of the pandemic. There seems to be something for almost everyone, but it’s not easy to know what you as an individual or business owner qualify for.
Our team at BFS Inc. are NOT experts on all of the government benefits available, however, we are here to help you get the information you need to plan for your future.
- Benefits from the government are TAXABLE (whether they be personal or business)
- Here is a link to an article from Jamie Golombek at CIBC on how to calculate taxes on CERB benefits: https://financialpost.com/personal-finance/taxes/heres-how-to-calculate-how-much-tax-youll-owe-on-your-cerb-payments
- Reminder: Personal taxes owing from 2019 are due September 30, 2020
- And, here’s an article that resonated with me on the topic of Canada’s competitiveness and taxes: https://www.wealthprofessional.ca/news/industry-news/canada-must-cut-income-tax-to-remain-competitive-says-study/331252
- Benefits are changing (mostly being extended for longer periods, but also in how you qualify)
- Here is a link from our friends at Bateman-Mackay LLP (accounting and business advisor services) with a particularly good summary of the recent Wage Subsidy (CEWS) changes: https://www.batemanmackay.com/category/covid-19/
- And, here is a good place to start for anyone who’s really not sure what is available to them: https://covid-benefits.alpha.canada.ca/en/start