Businesses across the country are struggling due to the COVID-19 pandemic. In response to this, the Government of Canada introduced a number of programs and initiatives to support small business owners and their employees. These include:
Canada Emergency Response Benefit (CERB), a temporary income support program that pays eligible workers $500 a week for up to 16 weeks
Canada Emergency Wage Subsidy (CEWS), either 75% or 10% of wages depending on eligibility
Deadline extensions for tax filing
Other CRA initiatives, including boosting the Canada Child Benefit by $300 per child, accepting electronic signatures, suspending audits, suspending collection on new debts, and offering over-the-phone liaison officer service.
Navigating these programs, especially when it comes to tax, can be a confusing affair. Fortunately, there are professionals who can step in and help you make sense of things, and get you the support you need. Tax accountants have focused their careers on preparing tax returns, understanding CRA policies and the annual changes and additions to those policies. This makes them a great asset to have on your side when it comes to understanding these new programs.
We here at Vexxit have been building up our network of accountants with the experience and skills to help small businesses communicate with the CRA, apply for benefits and ensure that everything is squared away with respect to tax.
Connecting with an accountant on Vexxit is free. You can get started in less than 10 minutes by creating an account and submitting your need. If you need help, email email@example.com and we'll be happy to guide you.