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The Greenbooks Consulting Inc.
100 - 3011 Viking Way, Richmond, BC
V6V 1W1
The The Greenbooks Consulting Inc. Team is your source for the latest Canadian tax news and updates on changing tax laws.
We are pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.
If you have any questions, simply contact us by email or call 604-779-3064. We will be happy to meet with you for a free, no-obligation consultation.Below is the updated overall information on Canada's COVID-19 Economic Response Plan from CRA's official portal. Should you have any questions, please do not hesitate to contact us.
Support for Business
1) Canada Emergency Wage subsidy:
2) Canada Emergency Business Account (CEBA) 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 when their revenues have been temporarily reduced. To qualify, these organizations will need to demonstrate they paid between $50,000 to $1 million in total payroll in 2019.
3) Income tax and GST/HST payment defer
Support for individuals
1) Canada Emergency Response Benefit (CERB)
CRA will provide a taxable benefit of $2,000 a month for up to 4 months to eligible workers who have lost their income due to COVID-19. The application starts on Apr 6, 2020, using My CRA Account.
2) Canada Child Benefit (CCB) and GST credit
3) Income tax return (T1) filing deadline will be deferred by CRA until June 1, 2020.
https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update.html
Wish you and your family to stay safe and healthy!
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The Greenbooks Consulting Inc.
100 - 3011 Viking Way, Richmond, BC
V6V 1W1
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