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coronavirus

Canada Emergency Commercial Rent Assistance program released

on Fri, 04/24/2020 - 15:03
We have now the details on the Canada Emergency Commercial Rent Assistance that the Prime Minister’s Office had released
 
First and foremost, this is a loan program.
 
Businesses will be able to apply for amount to cover 50% of their three monthly commercial rent payments during April, May and June.
 
Of course, the most important part is always whether you qualify, your business will be eligible if:
- You are paying less than $50,000 per month in rent 
- You have temporarily ceased operations or have experienced at least a 70% drop in pre-COVID-19 revenues.
 
With you landlord’s

Do you really want to apply for CEWS?

on Wed, 04/22/2020 - 13:44

So, the application for CEWS (The Canada Emergency Wage Subsidy) will be opened on Monday, the question is do you really want to apply? Rather, maybe the question is: is it worthwhile for you to apply?

The reason why I am asking that is because we can see that the situation is not changing any time soon... If your income is not sustainable to start with, to carry forward with your business, what does the wage subsidy do for you? How can the program help you as a business?

The level of impact is something a lot of us have never witnessed; even by the most optimistic forecasts, the start of

Canada Emergency Wage Subsidy (CEWS) application opens April 27

on Tue, 04/21/2020 - 17:58

Please also read my other blog post - Do you really want to apply for CEWS?

The Canada Emergency Wage Subsidy (CEWS) program will be rolled out on April 27. The Government of Canada's online calculator allows businesses to preview their claim ahead of time. 

Application will be through your My Business Account on the CRA web site. You are encourged to register your payroll account for direct deposit to get your payment faster. Applicants will be asked to provide number of eligible employees and gross payroll for subsidizing amount.

The program is intended to prevent future job loss and

Are you eligible for CEBA loan and how to apply

on Tue, 04/14/2020 - 19:21

*Updated on April 16, 12:45pm - updated program details

Ok... so we are finally getting some details on the CEBA (Canada Emergency Business Account) loan for small businesses.... 

Here we go, are you eligible? The criteria seems to be very strightforward. 

- Canadian-operated businesses that have a payroll of $20,000 to $1,500,000 in 2019 as reported in Box 14 of the business’ 2019 T4 Summary, as long as you do not run a union, charity, or religious organization;
- your business must have a CRA Business Number and be operational on or before March 1, 2020;
your business needs to have an

Are you eligible to qualify for CERB and how to apply

on Sat, 04/04/2020 - 16:30

*Updated on April 28, 4:45pm - updated details
*Updated on April 25, 9:15pm added tax treatment on CERB
*Updated on April 20, 9:36am - updated program expansion details from News releases from Prime Minister Office
*Updated on April 16, 9:45am - updated program expansion

So, we now have more information on the Canada Emergency Response Benefit.... 

First of all, who qualifies?

- You have to be 15 years old or up;
- You have to be residing in Canada;
- You have stopped working because of COVID19 whereas you didn't quit your job;
- You had at least $5,000 income (gross) in 2019 or in the 12

TruFinancial stands by YOU in YOUR time of need

on Mon, 03/30/2020 - 13:15

FOR IMMEDIATE RELEASE

Markham, Ontario, March 30, 2020 — Markham-based financial consulting firm TruFinancial Consultants released a video today to show their commitment to the community.

The firm is also offering assistance to Canadians amid the coronavirus outbreak. The firm was selected as “Ones To Watch in Credit Repairing Services 2019 - Canada” under the Global Business Insight Award by the Global Business Insight magazine in Birmingham, England last year. They had worked with a number of clients who need guidance on cashflow management and credit buiding. 

The Financial Advisors

What you need to know on applying EI due to COVID19

on Mon, 03/23/2020 - 17:30

*Updated on May 1, 2020 4:00pm Essential Businesses list was updated for May 4, 2020
*Updated on April 4, 2020 11:28am - updated Ontario's essential businesses list
*Updated on March 26, 2020 11:25am - added Canada Emergency Response Benefit announced
*Updated on March 23, 2020 11:25pm - added essential businesses list

The City of Toronto just announced state of emergency and we, as essential businesses can stay open. So what are considered as essential? Here is the list of essential businesses defined by the province (actually much more than what I thought... not surprising, beer, wine and

The argument of wearing mask (or not) and what to do to avoid coronavirus

on Sat, 03/14/2020 - 13:23

It has been a while since I last posted any blog posts.... for those who had actually followed me, would probably know what I’ve been doing in the last eight months. I’m not going to focus on it as this is not the original message of this post.

At the time of writing this, Ontario had experienced a sudden increase of infected coronavirus cases, so as Canada as a whole. All levels of governments, over the weekend, had closed schools and community centers, gathering measures in placed resulting closures of churches etc.

I personally (and a few of my friends) had been calling for boarder