RLB Blog

The Temporary Wage Subsidy (TWS) was a 3-month program that allowed eligible employers to reduce their source deduction payments to CRA.  It was based on remuneration paid from March 18 to June 19, 2020.  There was a maximum of $1,375 per eligible employee and a maximum of $25,000 per employer.

On Friday, October 9, further COVID-19 relief measures were announced outlining the expansion of existing programs and creating a new program, the Canada Emergency Rent Subsidy (CERS). Details are still forthcoming, but we have some insight into the framework of these program changes and additions.

Question: Can we issue a donation receipt for services received? One of our members has repainted our classrooms and instead of payment has requested that we provide a donation receipt for the services.

Jane woke up early on a Sunday morning and decided she was going to get as many errands done as possible to prepare for the upcoming vacation. She decides to look for the forms to renew her passport. She starts her coffee brewing and sleepily googles “passport renewal” and clicks on the first link. It looks like a government website (It has the mini Canadian flag in the corner and appears professional) and it indicates that she can apply online. She types her personal information into the form. It asks for banking information so they can charge her directly from the website. Submit.

The CEBA was created to assist small businesses, not for profits and charities through the current economic environment and to help them rebuild sooner. The CEBA was created to help pay for non-deferrable expenditures and restricts spending to things like payroll, rent, utilities, insurance, property tax, or regular debt payments. It cannot be used for certain capital transactions or increasing remuneration – it is best to think of the CEBA as an emergency response tool.

Question: Why does our organization now have to start recording its capital assets?

Planning is always the key to success in any endeavour and succession is no different. The well-planned transition of your business can benefit you financially while also providing you with peace of mind that your business will become your legacy.

Business owners work for years to build up a business that they are proud only to come to the grim realization that they will be walking away from it all upon retirement. But transitioning the business doesn’t have to be a scary thing when you know what options are available. With appropriate planning, the transition of both management and ownership can happen over time, allowing the business to continue to evolve with a contribution from both the old and new owners.