Watch: "10 Things Needed to Start a Business in BC"

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2021 One Time Small Grants - For City of New Westminster

Do you have a project or initiative that will celebrate our City, lift community spirit, recognize loss and support our collective recovery as we move forward from the pandemic? City of New Westminster would love to work with you! The City’s Summer 2021 One Time Small Grant applications open on Monday, June 28th.

These grants support small projects and events and have a maximum cash value of $3,500, with the possibility of an additional $1,500 in City Services. The grant must be used in 2021. Application deadline: Friday, July 23, 2020. Please see newwestcity.ca/grants for more details. If you have questions please contact grants@newwestcity.ca

https://www.newwestcity.ca/grants

#bloomaccounting604 #smallbusinessyvr #smallbusiness #yvrbusiness #burnaby #burnabybc #burnabybusiness #vancouversmallbusiness #newwestminster #newwest
 #newwestminsterbc

As part of B.C.’s Economic Recovery Plan, the Ministry of Finance has opened applications for two new programs to help corporations recover from the financial impacts of COVID-19.

1. The B.C. Increased Employment Incentive is a one-time refundable tax credit for employers which encourages the creation of new jobs for B.C. workers or increases in payroll for existing low- or middle-income employees in the last quarter ending December 31, 2020.
   
   For more information, including eligibility requirements and access to the application, visit gov.bc.ca/employertaxcredit
2. The B.C. PST Rebate on Select Machinery and Equipment is a temporary provincial sales tax (PST) program that acts like a refund but is separate from the existing PST Refund process.
   
   For more information, including eligibility requirements and access to the application, visit gov.bc.ca/corporatePSTrebate

Hang in there! ...... BC is offering a Grant (yes a grant not a loan) to businesses suffering during this pandemic.

See here for more details and eligibility.

Feel free to call us if you have questions. 778.801.5789.

We are here to help. https://www2.gov.bc.ca/…/economic-r…/business-recovery-grant

Canada Emergency Rent Subsidy (CERS) is now open for application.

Eligible businesses can apply and receive up to 90% subsidy to cover eligible expenses. 

To be an eligible business, you must have either had an active payroll account before March 15, 2020; or a registered business number as of Sept 27, 2020; or
have purchased a business that is eligible and have made an election. Business also needs to have suffered a loss of revenues also known as "revenue drop" and have qualifying expenses such as commercial lease or/rent. 

To find out more details please go to: Canada Emergency Rent Subsidy (CERS) - Canada.ca

The BC Emergency Benefit for Workers provides an additional $1000 to individuals who are impacted financially by Covid-19.

To be eligible for the emergency benefit, you must:

• Have been a resident of British Columbia on March 15, 2020
• Meet the eligibility requirements for the Canada Emergency Response Benefit (CERB)
• Have been approved for the Canada Emergency Response Benefit, even if you haven’t received a federal benefit payment yet
• Be at least 15 years old on the date you apply
• Have filed, or agree to file, a 2019 B.C. income tax return
• Not be receiving provincial income assistance or disability assistance
• Not be incarcerated in a provincial or federal correctional facility for a period of 90 days or longer that includes March 15, 2020

To apply directly please go to: https://www2.gov.bc.ca/gov/content/employment-business/covid-19-financial-supports/emergency-benefit-workers#how-to-apply

You can also apply by telephone Monday to Friday, 8:30am to 4:30pm:

• 1-855-955-3545 (within BC only)
• 1-778-309-4630 (outside B.C.)

Feel free to email us with any inquiries as we are here to help!

Cheers,

Josephreen Luk, CPA, CFP

Note: As of April 8th Trudeau has announced sales decrease required for the 75% subsidy dropped to 15% from 30%.

Click on Video for more details re: Wage Subsidy 

Video summarizes financial support available to Canadians (more details for BC) as of March 26, 2020 during these Covid-19 times. Note: as situation changes and our government adapts to new forms of support, the information provided might not be relevant or changed, but for now, I certainly do hope this helps.

Stay Strong, Remain Calm and I look forward to better days for us all :)

Cheers, Josephreen Luk, CPA, CFP

www.bloomaccounting.ca

Info Includes:

Canadian Emergency Response Benefit and how to apply (https://www.canada.ca/en/department-f...) B.C. Emergency Benefit for Workers (https://www2.gov.bc.ca/gov/content/em...) New Personal Income Tax Deadlines (https://www.canada.ca/en/revenue-agen...) Mortgage Deferral (https://cba.ca/mortgage-deferral-to-h...) Other Deferral Opportunities Student Loans (https://www.canada.ca/en/employment-s...) Temp BC Rental Subsidy (https://www.bchousing.org/housing-ass...) Child Tax Benefit Increase (https://www.canada.ca/en/employment-s...) Special GST credit (https://www.canada.ca/en/employment-s...)

*MAJOR TAX ANNOUNCEMENT MADE ON COVID- 19 RESPONSE by Prime Minister Trudeau on March 17*

✔ Canada Child Benefit increase by $550 per family on average to help parents with young children

✔ Emergency Care Benefit - for workers up to $900 every 2 weeks that need to stay home and don't qualify for EI

✔ Emergency Support Benefit - Government will support workers financially who do not qualify for EI and are facing unemployment

✔ Canadian Banks will be more flexible for delays on mortgage payments and other credit bills up to 6 months.

✔ Taxes will be delayed - you will have until June 1 to file income taxes, and until August 2020 to make payments

✔ Temporary Wage Subsidy - to eligible small businesses, 10% of wages for three months, to help employers keep their workers on the payroll. Not for profits and charities are included.

✔ Small businesses will be supported with Business Credit Availability Program

✔ For low-come Canadians, In May, the GST credit will be increased up to $300 and up to $150 per child

✔ Student loans- 6 months interest free pause on repayment

✔ Boosting funding for women's shelters & those experiencing homelessness

*as rules are ever fluid and changing please Listen to notices sent by Health Canada/Provincial/Local Governments.* to confirm validity.

Happy New Year!
As the last calendar year just ended,  its time to file and hand out T slips for the last tax year.
Below is a chart of upcoming deadlines to keep in mind.

CRA Deadlines - 2020