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Updated: May 25 2020

Supporting Students through Expanded Student and Youth Programming

The government is creating and connecting students to meaningful employment and service opportunities, with:

  • "I Want to Help" platform - The new platform will provide helpful information about available service opportunities and ways to get involved and support efforts of young Canadians to pursue service positions.
  • $153.7 million for the Youth Employment and Skills Strategy to help youth develop the skills and gain the experience they need to successfully transition into the labour market.
  • Changes to the Youth Employment and Skills Strategy's Canada Summer Jobs program, including increased wage subsidies, expanded eligibility and new flexibilities for employers, to ensure it can continue to support up to 70,000 student job placements in 2020-21. 
  • $80 million for the Student Work Placement Program to support up to 20,000 post-secondary students across Canada to obtain paid work experience related to their field of study.
  • $15 million for the Supports for Student Learning Program to serve an additional 14,700 youth through support to complete high school and transition to post-secondary education in order to help ensure that vulnerable children and youth do not become further marginalized as a result of COVID-19.

Enhancing Student Financial Assistance for Fall 2020

To address additional financial needs of students caused by the COVID-19 pandemic, the government proposes to change the Canada Student Loan Program’s eligibility requirements in 2020-21 to allow more students to qualify for supports and be eligible for greater amounts, including doubling the non-repayable Canada Student Grants for full and part time students, as well as for students with disabilities and students with dependents, in the coming academic year. 

By announcing this now, the government is providing more financial certainty for students preparing to enter or continue their post-secondary education this fall. 

For more information, please visit https://www.canada.ca/en/department-finance/news/2020/04/support-for-students-and-recent-graduates-impacted-by-covid-19.html

Updated: April 25, 2020

Canada Emergency Student Benefit

An announcement has recently been made regarding the new proposed Canada Emergency Student Benefit to be made available to students and graduates. 

Who qualifies for the new Canada Emergency Student Benefit (CESB)? 

Post-secondary students who are currently in school, are planning to start school in September 2020, or have graduated from school since December 2019 will be eligible for the $1,250/month CESB payment.

If you meet these requirements and are also disabled or a caregiver, you’re eligible for a $1,750 payment.

The benefit will be available from May 1 to the end of August. 

How do you apply for the new CESB?

If the legislation is passed, applications will be available online in the coming weeks, and payments will be distributed through the Canada Revenue Agency (CRA). 

Students who have already applied for CERB:

The question arising from the announcement of this new benefit - Will I have to give it back and get this instead? According to Trudeau’s announcement Wednesday, no, you don’t have to give your CERB money back. 

“Many students are eligible for new programs we’ve brought in over the last few weeks. Many students will get the Canada Emergency Response Benefit. But others won’t,” Trudeau said Wednesday.

In addition, the government has also proposed to change the Canada Student Loan program’s eligibility in 2020-2021 to allow more students to qualify for support as well as be eligible to for larger amounts. This includes:

  • Doubling the non-repayable Canada Student Grants for both full and part-time students
  • Students with disabilities and dependents

Canada Student Service Grant

Due to the employment limitations, students and youth are being given an opportunity to take part in national service activities that can provide valuable labour market and skills development experiences while giving back to their local communities

The government has proposed launching a new national service initiative to recognize contributions that are made towards the COVID-19 efforts to encourage participation in the COVID-19 response and will offer a new Canada Student Service Grant which will provide up to $5000 to support student’s post-secondary education costs in the fall.

More details will follow in the upcoming weeks.

Updated: April 24, 2020

Canadian Emergency Wage Subsidy (CEWS)

Application for the CEWS opens on April 27, 2020.

As a Canadian employer whose business has been affected by COVID-19, you may be eligible for a subsidy of 75% of employee wages for up to 12 weeks, retroactive from March 15, 2020, to June 6, 2020.

This wage subsidy will enable you to re-hire workers previously laid off as a result of COVID-19, help prevent further job losses, and better position you to resume normal operations following the crisis. (Source: CRA website)

HOW IT WORKS

The CEWS will be generally available to all eligible employers and will amount to 75 percent of the total “eligible remuneration” paid during the “eligible period.”

Eligible employers/entities include individuals, taxable corporations, partnerships consisting of eligible entities, non-profit organizations, and registered charities. Employers of all sizes and across all sectors qualify, except public bodies.

For more information on CEWS, please visit:

https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html

Canada Emergency Wage Subsidy (CEWS) tool introduced

The federal government has announced the Canada Emergency Wage Subsidy calculator to support employers as they prepare to apply for the CEWS. The CEWS calculator and other information can be found on the CRA’s Canada Emergency Wage Subsidy page. It outlines who can apply for the subsidy, how eligibility is assessed, and how the subsidy is calculated. The calculator also includes a printable statement feature that employers can use to view their claim at a glance and, as of April 27, 2020, enter required information into the CEWS application form. (Source: CPA Canada)

Canada Emergency Benefit Account (CEBA)

The government of Canada has launched the new CEBA, to ensure that small businesses have access to the capital they need to endure the curent challenges. The $25 billion program provides interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating cossts during a period where their revenue has been reduced due to the impact of COVID-19. 

Repaying the balance of the loan on or before December 31, 2022 will result in loan forgiveness of 25 percent (up to $10,000).

For more information on CEBA, please visit:

https://ceba-cuec.ca/

Canada Emergency Commercial Rent Assistance (CECRA)

The federal, provincial and territorial governments have expressed their intent to work together to increase rent support for businesses that are most impacted by the COVID-19 pandemic. The CECRA program will seek to provide loans – including forgivable loans – to commercial property owners who in turn will lower or forgo the rent of small businesses for the months of April (retroactive), May and June. More details to come.

 


Updated: April 6, 2020

Details of the proposed 75 per cent wage subsidy have been announced

  • The Department of Finance has released additional information on the proposed 75 per cent Canada Emergency Wage Subsidy.
  • It will be available to a wide group of employers in the event their revenue has decreased by 30 per cent or more. 
  • For additional details, please follow the link to see the Department of Finance backgrounder.


Please note, the original 10 per cent Temporary Wage Subsidy will continue to be available to employers who don’t qualify for the 75 per cent subsidy. 

Government updates:

  • The CRA has posted revised deadlines for income taxes list, which can be found here
  • Deadlines for GST/HST returns - The CRA has made the following statement - “The deadline for businesses to file their returns is unchanged. Those who are able to, should continue to file their GST/HST returns on time, reporting their net tax for the reporting period to help facilitate tax compliance and administration. However, recognizing the difficult circumstances faced by businesses, the CRA won’t impose penalties where a return is filed late provided that it is filed by June 30th.” 

Canada Emergency Response Benefit Act (CERB) 

  • replaces previously announced EI programs, ECB and ESB, and is intended to be simpler and more accessible to Canadians. The CERB is a support for workers who have lost income due to reasons related to COVID-19. It is a temporary program that provides $2,000 per month to a maximum of 16 weeks.
    • Eligible if:
      • work has ceased for at least 14 consecutive days within the four-week application period, due to reasons (include not only a lay-off but, sickness, quarantine, closure of business, taking care of an ill family member or taking care of children due to closure of schools and daycares) related to COVID-19

This program applies to wage earners, contract workers and self-employed individuals who would not otherwise be eligible for EI. 

*Please make sure to sign up for My Account through the CRA website ahead of time, to apply for the CERB*

To apply over the phone, call: 1-800-959-2019 or 1-800-959-2041

Follow the link below to go to the website and register

https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html


As we continue to adjust during these unprecedented times, we will do our best to ensure that you receive the most up-to-date information regarding your situation.

Everyday, we monitor and gather the necessary related information that becomes available and into constitution. 

Current key updates:

  • On other tax-related payments such as payroll remittances, GST/HST and withholding taxes, we do not expect that payment relief will be announced, as some or all of these amounts relate to amounts withheld or collected from other taxpayers. We understand that there may be misinformation circulating on the source deduction remittances – the CRA has re-confirmed that these payments are not eligible.
  • Justin Trudeau has since announced an increase to wage subsidy of 75%, backdated to March 15th. Details are to follow on this subsidy, including whether it will have a capped amount or an end date. Please ensure you contact us prior to use.

Although the course of the pandemic is unknown, know that we will continue to be here for you and do our best to continue to serve your needs.

If you have additional questions or concerns, at this time, our preferred method of contact is through email: taxinfo.vanderkolff@gmail.com

Thank you all for your understanding!


Temporary Office Closure Notice

As the COVID-19 pandemic continues to evolve and have an impact in Canada, we want to ensure we are doing our part to keep our clients and staff safe, and to minimize the risk of any possible transmission in the communities where we live and work. We are monitoring the situation closely and are prepared to respond to the rapidly changing nature of this pandemic.

Due to the recent developments, we have temporarily closed our office to the public. In order to continue to deliver services with minimal disruption, we have provided electronic options below to suit your needs:

1. Client Upload (secure)

Secure Signature Image

2. Scan and email your documents to taxinfo.vanderkolff@gmail.com

3. Fax to (416) 352-5057

You can contact us via phone or email for any business matters underway. If you have unique requirements or requests we will work with you to find a solution that ensures minimal interruption to the work we are doing for you.

We will take all appropriate measures to continue to provide the services you need, when you need them. You will be notified when our office is once again open to the public.
 
Please note that even though the April 30 filing deadline for the 2020 tax filing season has been extended to June 1 we are available to prepare your return as soon as all your documents are ready. The deadline to pay off any outstanding balances interest-free will also be extended to July 31, 2020. 

We sincerely hope that you, your families and your businesses remain healthy and safe during this crisis. Do not hesitate to call or email us if you have any questions. We appreciate your understanding and flexibility as we continue to serve your needs.

Sincerely,

Cathy & Laura Vanderkolff

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Welcome and thank you for visiting our Website. In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our clients and visitors. We have highlighted background information on our firm and the services we provide, but have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section).There are also many links to external Websites that we felt would be of interest to our clients and visitors (in our Internet Links section).

We are in the office all year - now working on corporate financial statements and personal tax returns. We welcome your phone calls and emails with any questions or tax planning you may require. Our student, Ed, will be answering the phone while Nicole, Jacob, Shelly and Victoria are working on the accounts. You can always ask for  Laura and Cathy to assist you in tax matters. 

We would like to thank Maria Prieto for working with us for the last many years. Maria has gone back to school and has decided to work closer to home because of her daughter. We all wish her good luck.

There have been companies reaching out to taxpayers to apply for  the disability tax credit on their behalf.  If there is a disability in the family, we should be applying with a form provided by us and signed by your doctor. Ask if any new tax credit applies to you and we can discuss it.

Please contact us if you have received a threatening call from CRA about taxes owing. Often it is a scam and nothing is owed. CRA would have sent you many letters to ask for unpaid amounts. We can check your account online if you have given us consent.

CRA is looking for Form T1135 Foreign ownership to be filed annually. If you have any investments, cash in banks in other countries that has a cost at any time in the year of $100,000 and over, we need to fill out this form.

If you are a personal tax client and are interested in starting a business or know someone who needs an accountant, please give us a call.  We specialize in all types of small to mid-size businesses and corporations. 

While we are approaching tax season, now is the best time to give us a call!