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Mar
30

Canada Emergency Business Account (CEBA) - Updated

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One of the economic measures announced by the Federal Government to help businesses during the COVID-19 pandemic is the Canada Emergency Business Account. What is the Canada Emergency Business Account?The Canada Emergency Business Account will provide interest-free, government-guaranteed loans in the form of lines of credit of up to $40,000 to small business and not-for-profits, to help cover their operating costs during this period where revenues have been temporarily reduced. Who is eligible? Businesses and not-for-profits will be eligible for the loan if they have:- an operating company registered in Canada;- an annual payroll of between $20,000 and $1.5 million, based...
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Mar
24

Government's Income Support Measures during COVID-19 Outbreak

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The Government has recently announced its action plan to help Canadians facing hardship as a result of the COVID-19 outbreak.  On March 18th, 2020, the Prime Minister announced economic measures that will provide $27 billion in direct support of Canadian workers and businesses. Here are some of the Income Support measures that are being implemented: - A one-time special payment by early May 2020 through the Goods and Services Tax Credit will be provided to low and modest-income families who may require additional help with their finances- An increase to the maximum annual Canada Child Benefit payment amounts, only for the 2019-20 benefit year,...
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Mar
23

TAX UPDATE: KD can complete and file your taxes remotely!

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Greetings from KD!  During the past few weeks, things have moved fast and are still changing quickly. Recently, the Government has announced restrictions that have affected our daily lives because of the COVID-19 pandemic. Most Canadians are now working from home and staying home.   In light of these events, KD Professional Services will remain operational and will continue to help you and work with you to ensure that you and your business do not fall behind on your tax obligations.   Right now, our top priority is to keep you and our staff healthy and safe.  This means we are set up to do your taxes...
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Mar
19

Tax Filing Updates Amidst COVID-19 Outbreak (updated)

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The Government has just announced that it will be providing greater flexibility for Canadian taxpayers amidst the COVID-19 outbreak. The CRA will be deferring the filing due date for the 2019 tax returns for individuals, including trusts. - The return filing due date for individuals will be deferred until June 1, 2020.  - The return filing due date for trusts having a taxation year ending on December 31, 2020 will be deferred until May 1, 2020.- Taxpayers will have until September 1, 2020 to pay any 2019 income tax amounts owed. (updated March 24, 2020). It is important to note that although the filing due...
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