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UHY Victor LLP Statement:
We are all experiencing challenges presented by the spread of this dangerous pandemic.
Our focus over the coming weeks and months needs to be on our clients and our community. We are taking the Canadian and the Québec government recommendations seriously, practicing social distancing, and we urge you to do the same.
We recognize the need to stem the advance of the virus in order to protect those who are most vulnerable in our society.
The Canadian and the Québec governments both announced measures to help individuals and businesses cope with the economic disruption from COVID-19.
For more information regarding these new changes attributed by the federal and Québec governments:
Extensions to both income tax filing and payment deadlines were introduced as follows:
Federal Tax Filing Updates
Federal Tax Payment Updates
Québec Tax Filing Updates
Québec Tax Payments Updates
Business tax measures
Income Tax payments
For the next four weeks, there will be no contact to any small or medium-sized business for assessment of GST/HST or income tax audits from the CRA.
For the vast majority of businesses, the CRA will temporarily suspend audit interaction with taxpayers and representatives.
Wage subsidies for eligible small employers
The government of Canada is offering a temporary wage subsidy for a period of three months for small employers equal to:
The subsidiary available to CCPC’s, non-profit organizations and registered charities who have an existing business number and payroll program account with CRA on March 18, 2020, and who pay remuneration to an employee.
This benefit can be used immediately with the first remittance period that includes remuneration paid between March 18 and June 20, 2020, by reducing remittances of income tax withheld (but not CPP/QPP/EI) on their employees’ remuneration.
This benefit is available to corporations eligible for the small business deduction, as well as non-profit organizations and charities.
Many financial advisors recommend avoiding unnecessary investment sales and withdrawals while stock market conditions are unfavourable, which also allows for the ongoing deferral of tax on funds not required to meet living expenses.
Minimum withdrawals from Registered Retirement Income Funds will be reduced by 25% for 2020.
Temporary income support for workers
Canadians who are sick, quarantined or that are required to stay home to care for children and do not qualify for paid sick leave qualify for waiving the one-week waiting period to claim Employment Insurance (EI) sickness benefits. (Effective as of March 15, 2020)
The Emergency Care Benefit provides $900 bi-weekly for up to 15 weeks (administered through the CRA), effective as of April 2020), to provide income support to:
Long-term income support for workers
For Canadians who lose their jobs or face reduced hours as a result of COVID’s impact, the Government is:
Other individual relief measures
UHY Victor is taking action to maintain the health and welfare of our team, our clients and support communal efforts to respond to the coronavirus pandemic.
UHY Victor will remain open during this difficult period and client services will continue. We have implemented contingency plans which allow us to continue to operate as we all deal with the spreading pandemic.
In light of the present situation we have introduced the following measures:
UHY Victor will continue to monitor the changing situation and, will respond proactively as this major health challenge evolves.
We encourage all to stay informed and to visit the Public Health Agency of Canada COVID-19 site, and follow the guidelines set out by the government of Canada:
For more information on the guidelines of the Government of Canada on how to be prepared for COVID-19: Click here.