With the recent changes due to COVID-19, many clients and small businesses are feeling financial pressure. Please know we are deemed an essential service and will continue to serve you. If you are affected financially by this pandemic, Liu & Associates is here to help.
To help ease financial burdens of taxpayers and small businesses, the Government of Canada is providing options to defer tax payments and is extending the tax deadline. Read more about financial help for Canadians affected by COVID-19; a hub of benefits the federal government, provinces and territories are offering to people financially affected by the coronavirus. For more information on how this can help you, your business and your employees, please see our resource section below or call us at 780-429-1047.
You can also visit Government of Canada’s coronavirus disease or call their information line (1-833-784-4397), available from 7:00 a.m. to midnight (EST) seven days a week.
Our team will continue to update this page as more information becomes available.
Last updated: December 15, 2020.
Our Response Plan
The team at Liu and Associates LLP wants to assure you we are closely monitoring the COVID-19 situation from a financial standpoint and recognize it is truly a global crisis and is constantly changing. This is an unprecedented time for all of us, and we feel the need for everyone to work together to weather this storm.
To ensure the health and safety of our clients and staff, we are taking extra precautions in our office – read our blog post about how our office protocol has changed.
External Resources
GOVERNMENT COVID ASSISTANCE
With the new restrictions, there have been some new announcements for COVID Assistance programs by both the Federal and Provincial government.
There are two surveys available to help identify what benefits you may be eligible for:
You also may find it beneficial to visit Canada.ca. Right under the banner you will find a link called Covid-19 Financial Assistance. Here you will find the support for individuals as well as businesses.
Lastly, the Government of Alberta has recently put out useful information regarding Albertas relaunch grant for small and medium sized businesses.
For more support services, please see the external links below.
City of Edmonton
- The City of Edmonton has launched a new website for business support in response to the COVID-19 pandemic. This website will be updated regularly by the City.
- If you have any business related questions, contact the City of Edmonton directly: businessinfo@edmonton.ca
- In an effort to contain the spread of COVID-19, the City of Edmonton is taking immediate action following the direction of Alberta’s Chief Medical Officer of Health.
Surrounding Areas
For up-to-date information related to other surrounding communities, please follow the following links:
- City of St. Albert
- City of Spruce Grove
- City of Leduc
- Sturgeon County
- Strathcona County
- Parkland County
- Town of Devon
- Town of Beaumont
Alberta
- The Government of Alberta is offering financial relief for Albertans during the COVID-19 pandemic. This assistance is available for both employees & employers/businesses.
- Emergency financial assistant for unexpected emergencies is available through the Emergency Needs Allowance.
- The Government of Alberta has set out actions to protect Albertans and prevent the spread of the novel coronavirus
- Albertans who are unable to work due to COVID-19 self-isolation can apply for one-time emergency funding
- Alberta Premier Jason Kenney warns scammers during the COVID-19 pandemic.
- The Government of Alberta’s list of essential services.
- Dr. Deena Hinshaw addresses the legislature about the COVID-19 outbreak limiting public gatherings in Alberta to 15 people, and non-essential businesses are closed.
- Next week, the Province will start the process of gradually reopening the economy, with an emphasis on outdoor activities.
Canada
The Government of Canada is rolling out constant updates that affect both individuals and businesses.
APPLICATIONS are now being accepted for Canada’s Emergency Response Benefit Program.
The Government of Canada has launched a COVID-19 APP; to download yours visit APPLE OR ANDROID
- Tax alert: Fiscal update includes tax changes for Netflix, stock options and working from home
- The CRA will temporarily suspend audit interactions for the vast majority of taxpayers.
- The CRA call centres will remain open, but there may be changes for certain users.
- The Government of Canada is providing temporary income support for workers and parents. This can be used by workers who are sick and parents who must stay home with their children.
- There is a new income support program for low and modest income families who require help with their finances.
- The CRA is deferring the filing 2019 date for individuals.
- The Bank of Canada is committed to working with customers to provide flexible solutions to manage financial hardships caused by COVID-19.
- The Government of Canada is allowing taxpayers to defer payments.
- Workers affected by the COVID-19 can receive a monthly payment to help with essentials like rent and groceries
- The government is providing different support plans for individuals affected by the COVID-19 pandemic
- The Government of Canada announced increased support for vulnerable Canadians affected by COVID-19.
- The Government has announced that part-time, seasonal, and contract workers are now eligible to receive CODIV-19 emergency benefits
- The government has announced an additional $9B in aid for students
- Seniors will receive a one-time payment of $500 to help offset the cost of living doe to COVID-19
- Pandemic benefit cheats could get caught by new CRA measures — but not soon
- Anyone eligible for the Old Age Security pension, even high-income individuals, will get the emergency benefit of $300
- The Government of Canada has extended the 2019 tax payment deadline to September.
Businesses
- The CRA will not be contacting any small or medium businesses to start any GST or Income Tax audits for the next four weeks.
- The BDC is providing support for entrepreneurs that have been impacted by COVID-19.
- The CRA call centres will remain open, but there may be changes for certain users.
- The Government of Canada is taking immediate action to aid businesses facing financial hardship due to COVID-19.
- The Government of Canada is changing the Canada Account in order to deal with exceptional circumstances.
- The government is committed to supporting businesses that are facing revenue losses and to help prevent lay-offs.
- The Government of Canada is allowing businesses to defer the payment of income tax. For more information, please consult the Government of Canada website or your accountant.
- The CRA is allowing businesses to defer income tax payments.
- The government will ensure businesses have access to credit through the Business Credit Availability Program (BCAP).
- The government will be launching an Insured Mortgage Purchase Program (IMPP) to bolster the financial system and the Canadian economy.
- The government is providing different support plans for businesses affected by the COVID-19 pandemic
- The Government of Canada has announced 75% wage subsidy for small and medium businesses that have been affected by COVID-19. Businesses, non-profits, and charities will all be eligible for this wage subsidy.
- McLennan Ross has put together a guide for employers during COVID-19
- PM Trudeau has announced a warning about a COVID-19 benefits scam. Please see CTV News for more information on this text scam.
- Canadians can begin applying for emergency income support benefits on April 6, 2020. This support could be paid out within 3-5 days of applying.
- The Government of Canada has announced more aid for businesses & is preparing to host a call with the premiers on wage boosts.
- Ottawa proposes commercial relief that would cover up to 75 per cent of rent payments for three months. CMHC has released additional information about this program.
- Ottawa is talking to provinces about bringing in paid sick leave during the pandemic
- Government launches benefit-finder tool for emergency aid as parties spar over return of Parliament
For more information, please contact Liu & Associates LLP.
From all of us at Liu & Associates LLP, please have a safe and healthy season.