As promised, we have been spending time reading up on and understanding the evolving federal and provincial government support programs for people and businesses. In addition we have researched what other options are available to you and your staff.
Below is a summary of what we have found out as of Wednesday March 25. It is not intended to cover all the details of each program but to make you aware of what is out there for options.
This is uncharted territory as we all fight together through this COVID-19 pandemic. The mass of information out there that is being updated daily can be overwhelming. Each of us is wondering how do I get through this and be in a position to thrive afterward, what is best for my staff now and in the long term and how do I continue to serve my customer needs.
We are here to help guide you through the options to determine what is best for your particular situation. Contact us any time we are happy to help.
Federal Government:
- 10% Wage Subsidy – we have contacted the major Payroll Service Providers: QuickBooks Online Advanced Payroll – has implemented the program change to calculate the reduction; QuickBooks Online Regular Payroll – is not done at this time; QuickBooks Desktop – is not done at this time; IBEX – programming is expected to be completed within 2 weeks – they will be crediting back for currently missed subsidies; Payworks – programming is expected to be done today – as of yesterday they indicated no crediting back will occur; Wave Payroll – a note on the application states they will calculate the subsidy for those who qualify; Ceridian – we were unable to get a timeline on their programming; ADP – had no answer on their timeline. We can help you do the manual calculation and apply it to some of the payroll provider submissions or if you do payroll manually apply the reduction to your remittance. We will also tracking the amounts by individual and corporately so you do not exceed the allowable maximums.
- Canadian Emergency Response Benefit (CERB): This proposed legislation was announced Wednesday. The CERB would be a simpler and more accessible combination of the previously announced Emergency Care Benefit and Emergency Support Benefit. The scope of people eligible is wider than the traditional EI system and is intended to support workers and self-employed people not previously eligible. The program is intended to be operational in early April. If you are already collecting EI you do not apply for this program.
- Corporate and Personal Tax Returns: Individual and Corporation Tax Return Deadlines for filing have been deferred as well as payment due dates. In some cases deferring filing may not be your best plan of action.
- GST: Payment deferrals are available.
- PST: Some small to mid-sized companies have an extra 2 months to remit the PST collected.
- Manitoba Hydro: They will NOT be disconnecting services and they do have an option to negotiate payments.
- Great West Life: If benefit premiums are being paid for those not working due to COVID-19 they have extended disability coverage and regular benefits coverage beyond normal timelines.
- Bell/MTS: They are offering a credit for two billing cycles and for those working at home they will do some upgrades to home service.
- Rogers: No disconnections for 90 days and will work out flexible payment terms. They are also providing upgrades for people working at home.
- Rent: Many landlords, large and small, are willing to work out payment terms with their tenants.
- Banks and Other Financial Institutions: Each institution is developing options to ease the burden of payments for loans and mortgages for businesses and individuals. They are also offering additional funding options. Some are new and some already exist. This process can be complex to understand and decide what course of action is best for you. Historically this has required updated financials, if this is the case, we can get this done for you and help you negotiate more effectively.
Stay healthy
Greg Libbrecht, on behalf of the entire team at Platinum Business Services