I hope you are staying healthy and enjoying more business this week amid the beautiful weather.
Federal Support Programs
“The Snitch Line” – As many call it, is now accepting reports on suspected fraudulent CEWS, CERB, and CESB recipients through the Canada Revenue Agency's official Leads Program. The service's “Leads Program” updated its website this week to include the Canada Emergency Wage Subsidy (CEWS), Canada Emergency Response Benefit (CERB), and the Canada Emergency Student Benefit (CESB) funds to its list of reportable cheating activities. The site contains detailed advise on what the CRA needs to make it a good lead. This action is a definite change from CRA’s statement they are more focused on getting money to those in need and will be waiting until next year’s tax return season to audit or search for fraudulent claims.
Canadians with disabilities – the federal government announced today, will receive a one-time tax free payment of up to $600 for all who are eligible for the Disability Tax Credit as of June 1, 2020.
CRA Interest and Arrears Charges - We have found some Unintended Stressors for people - a number of customers have seen interest and arrears charges on their Notice of Assessments related to GST, Source Deductions, and tax installments when paying by cheque. Despite the fact the cheques arrived, with proof, on time to the CRA – the cheques were sometimes cashed weeks late. This automatically triggered the late charges of interest and arrears within the CRA system. The CRA has indicated these charges will be reversed in due course. Unfortunately, this will still cause unneeded stress and wasted time following up to confirm the charges are indeed reversed.
Province of Manitoba
We contacted the Finance Department of the Province of Manitoba and they confirmed - Effective July 1, 2020 property insurance will be exempt from retail sales tax. The exemption will apply to both residential and business properties.
It includes insurance on land and buildings located in Manitoba, including property damage insurance, sprinkler leakage insurance, fire insurance, flood insurance, sewer backup insurance, weather insurance, and related business interruption or income insurance that are included in a property insurance policy and not purchased as a separate policy. Builder’s risk insurance taken on a building under construction in Manitoba. Mortgage insurance and insurance on the contents of leased residential premises, condominium units and title insurance in connection with Manitoba property.
If you have any questions we are here to answer them.
Greg Libbrecht and the entire team at Platinum Business Services