(905) 814-0111 fa@farrukhahmed.ca

These are difficult times and knowing all the options that are available for your business is paramount. It can be difficult with to keep up with the latest information which is why, as your local and trusted accountant here in Greater Toronto Area, I want bring you the latest updates.

Please find below link for: Additional Support for Canadian Businesses from the Economic Impact of COVID 19 announced on March 27.

https://www.canada.ca/en/department-finance/news/2020/03/additional-support-for-canadian-businesses-from-the-economic-impact-of-covid-19.html

The main highlights are the $40,000 loan for businesses that have payroll of $50,000 and more for the year 2019, and that GST payments due March 31 can be deferred till June 30.

Furthermore , it was also announced that a 75% wage subsidy would also be available to help businesses keep employees on payroll the details of which will follow next week.

Again, I stress that most people would qualify for the $2,000 a month for 4 months Taxable Benefit and should apply by getting a MY SERVICE CANADA ACCOUNT.

Once you apply for the account you will get an access code within 5-10 business days.

My Service Canada Account
https://www.canada.ca/en/employment-social-development/services/my-account.html

OPTION 1: My Service Canada Account: Register with GCKey

https://www.canada.ca/en/employment-social-development/services/my-account/gckey.htm

OPTION 2: My Service Canada Account: Register with your bank

https://www.canada.ca/en/employment-social-development/services/my-account/partners.html

If you have any questions or like more clarity on the subject matter do not hesitate to contact our office.

We are working from home and are fully accessible by phone, video and email.

Please feel free to contact my office to discuss further if you have any questions.