ADVICE FROM OUR MEMBER EXPERTS

We count many subject matter experts among our members on issues related to the current health crisis.

You'll find some of their good advice here.

Check back daily. We'll be updating this page regularly

March 27 - Williams HR Law 
We would like to thank Laura Williams, Williams HR Law for the information she provided in her webinar,  if you missed it you can click here and watch the full recording!

 

March 23 - MaxPeople is hosting live Q&A sessions online twice a week and they are free and open to anyone. They will be hosted by a Manager from their HR team as well as a Lawyer from their in-house legal team. This is the link to register for Q&A’s:

https://maxpeoplehr.com/product/live-qanda-covid-19/

 

March 23 - MaxPeople has a general resource page for employers that is updated regularly: 

https://maxpeoplehr.com/media/employer-resources/covid-19/

March 20 - Ron Minken of Minken Employment Lawyers has put together a comprehensive Employers Guide to COVID-19 and the Workplace. This is essential reading. Access it here.

March 18 - Stuart Rudner of Rudner Law has put together a COVID-19 Pandemic: FAQ. Access it here.

 

March 18 - The government's COVID-19 response includes a number of tax changes. Member Jack Eigenmacht of Eigenmacht Crackower Chartered Accountants Professional Corporation offers a useful summary of the latest information: 

Tax filing deadlines

  • Individuals – an individual’s tax filing deadline for taxation year 2019 would have been April 30, 2020. The deadline for filing personal income tax returns is postponed to June 1, 2020.

  • Businesses – there was no mentioning of any changes to corporate income tax returns filing deadline.

  • Trusts – a Trust with a December 31, 2019 filing deadline, the return would have been due March 31, 2020. The deadline for filing Trust returns is postponed to May 1, 2020. No mentioning of any extensions for off-calendar year end testamentary Trusts.

  • Partnership – there was no mentioning of any changes to partnerships tax returns filing deadline.

 

Income tax amounts owing

  • ALL taxpayers who owe tax after March 18, 2020, CRA will allow the taxpayer to defer making payments until September 1, 2020 without any penalty or interest. This relief applies to tax balances due as well as instalments.

  • The above will not apply if a taxpayer had tax owing or instalment required before March 18, 2020. For example, if you were required to make personal tax instalment by March 15, 2020 this will not qualify under the relief provision.

 

Tax credits and benefits

  • The government will provide eligible small employers a temporary wage subsidy for a period of three months. The subsidy will be equal to 10% of remuneration paid during that period, up to a maximum subsidy of $1,375/employee and $25,000 per employer.

  • Businesses will be able to benefit immediately from this support by reducing their remittances of income tax withheld on their employees’ remuneration.

  • Eligible small employers include corporations eligible for the small business deduction, as well as non-profit organizations and charities.

 

Employment Insurance (EI)

  • Sickness benefit

    • The government is waiving the mandatory one-week waiting period for employees to receive EI, effective March 15, 2020.

    • An emergency care benefit has been announced, providing up to $900 bi-weekly, for up to 15 weeks and applies to

      • Workers (including self-employed) who are quarantined or sick with COVID-19 but do not qualify for EI sickness benefits.

      • Workers (including self-employed) who are taking care of a family member who is sick with COVID-10 but do not qualify for EI sickness benefits.

      • Parents with children who require care or supervision due to school closures and are unable to earn employment income (regardless whether they qualify for EI or not).

    • Application for the emergency care benefit will be available in April 2020 (either by phone or online).

    • EI worker benefits

      • The government is introducing an emergency support benefit for Canadians who lose their jobs or face reduced hours and are not eligible for EI.

 

GST

  • The government is proposing to provide a one-time special payment by early May 2020 through the GST tax credit for individuals who qualify for the GST credit. This will double the max annual GST payment amounts for the 2019-2020 benefit year. The average amount to be received by a single individual is around $400 and for couples $600.

 

Canada child benefit (CCB)

  • The government is proposing to increase the max annual CCB payment amounts by $300/child (applicable only to the 2019-2020 benefit year).

 

Registered retirement income funds (RRIFs)

  • In responding to the volatility of the market and its effect on seniors and their retirement savings, the government is reducing the required minimum withdrawals from RRIFs by 25% for 2020.

 

Worried about vandalism if your business is closed for extended periods? Lucy Solomon Insurance, with Cooperators Insurance, suggests the following:

  • Visit your business every 2-3 days

  • Keep outside lights on

  • Keep inside lights on using a timer

  • Install security cameras

  • Put up a sign saying there are security cameras and the place is being monitored

 

Richmond Hill Board of Trade

376 Church Street South, Richmond Hill, ON L4C 9V8

Copyright 2020

  • White Instagram Icon
  • Facebook - White Circle
  • Twitter - White Circle