Update: Coronavirus (COVID-19)
- Published
- March 26, 2020
- Topic
- Covid-19
To All Our Valued Clients, Suppliers and Stakeholders:
All of us here at Welch LLP hope you and your family are doing well during this time.
Our firm’s management and Response Team continue to closely monitor the guidance from the government and Ottawa Public Health as it relates to COVID-19: https://www.canada.ca/en/public-health/services/diseases/2019-novel-coronavirus-infection/latest-travel-health-advice.html
We wanted to provide you with an update on our response to current conditions, and how we are handling the health, safety and well-being of our clients and employees:
- Business operations and services to our clients are continuing remotely.
- Welch has a system for electronic submission, preparation and completion of personal tax returns. If you would like more information on this, please email or call your Welch LLP contact.
To assist you, we have created resources to outline government response to COVID-19, tax information and other resources that will be of value to you at this time. These are located here: https://welchllp.com/covid-19/, with new pieces added regularly.
We continue to be available by phone and email to discuss any concerns you may have.
Related Resources
Welch LLP is now a CDAP Digital Advisor
February 04, 2022 – Welch LLP is a qualified CDAP Digital Advisor working with SMEs under Stream 2 of the CDAP. If you are an SME, and you qualify for the CDAP, you have two options:
Canada’s New COVID-19 Benefits for Businesses
October 26, 2021 – While the existing support programs have been taking a broad-based approach, the new programs will be more targeted to provide help where it is needed the most. Here are the highlights:
The New Ontario Business Registry
September 08, 2021 – The Ontario government recently announced the Ontario Business Registry, which would allow corporations incorporated under the laws of Ontario to handle all of their corporate matters online. The new system will launch on October 19, 2021.
Canada Recovery Hiring Program
August 06, 2021 – Introduced in the federal government’s 2021 budget, legislation applicable to the new Canada Recovery Hiring Program (“CRHP” or “the Program”) received Royal Assent on June 29, 2021. The Program is intended to provide continuing support to businesses hit hard by the COVID-19 pandemic to enable them to recover and grow.
The Lifetime Capital Gains Exemption (LCGE) for Medical Professionals
April 06, 2021 – Residents in Canada can claim the LCGE on the disposition of shares of a Qualifying Small Business Corporation (QSBC). By claiming the LCGE, the individual can shelter up to $892,918 (the current maximum LCGE) of the capital gain realized on the disposition of the QSBC shares.
Use it or Lose it. Significant CEWS Claim Deadline Approaching on January 31, 2021
January 19, 2021 – Employers who suffered revenue declines were eligible to receive the subsidy which is calculated based on wages paid to employees working in Canada (it also applies to furloughed employees employed in Canada).
Ontario Small Business Support Grant – Application Details
January 19, 2021 – As previously announced, eligible businesses can receive between $10,000 and $20,000 under this program, with broader flexibility left to business owners on how to best use funding in support of business operations.
Form PD27 – Mandatory Subsidy Reporting Requirement for Employers
January 18, 2021 – The CRA is requiring all eligible businesses, partnerships, non-profits, charities and sole proprietors with a payroll account to complete and submit Form PD27 (10% Temporary Wage Subsidy Self-identification Form for Employers) indicating how they have applied the 10% TWS. This applies if:
CRA Guidance on Employee Home Office Expenses Deduction on 2020 T1 due to Covid-19
December 21, 2020 – The CRA has made the home office expenses deduction available to more Canadians and simplified the way eligible employees can claim these expenses.
Canada Emergency Rent Subsidy – Open for Business
November 23, 2020 – Canada Emergency Rent Subsidy (CERS) has officially been launched and is now open for applications.
Canadian Emergency Business Account (CEBA) – Taxing the Forgiven
October 26, 2020 – The purpose of this blog isn’t to discuss the generalities of the CEBA loan (although we do cover the basics) but to discuss the taxation of the forgivable portion of that loan as it has been a source of confusion for many business owners.
Canada Emergency Business Account (CEBA)
June 18, 2020 – Under this program, if the applicant is determined to be eligible, the CEBA program could provide access of up to $40,000 in the form of a partially forgivable loan for small businesses and not-for-profits.
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