Buying a Business
There are a few ways accountants can help when you’re purchasing a business.
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Income Tax Payment Deadline: Sep 30, 2020
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
Canada Emergency Business Account (CEBA): Guaranteed 40,000 loans with $10,000 forgiveness*: Sep 1, 2020 Update
Canada Emergency Business Account will provide interest-free loans of up to $40,000 to small businesses and not-for-profits, to help cover their operating costs during a period where their revenues have been temporarily reduced.
Canada Emergency Commercial Rent Assistance (CECRA): Extend to Sep 2020
Canada Emergency Commercial Rent Assistance (CECRA): opens at 8:00 a.m. EST on May 25, 2020. Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19.
Severance Pay
You can avoid the withholding tax by choosing to transfer the severance allowance directly into your RRSP or RPP account.
Canada Emergency Student Benefit (CESB): Apply before Sep 30, 2020
Canada Emergency Student Benefit (CESB): eligible postsecondary students receive $1,250 a month from May to August, and if you are taking care of someone else or have a disability, that amount increases to $2,000 monthly.
Record of Employment
A record of employment must be issued within five calendar days of the first day of the interruption in earnings
