What to do for lay off 2020?

Hire a bookkeeper to help with your reporting earnings for the current and past year.

We are here for you with continuous payroll support for 2020,

• Temporary Lay Off
• Temporary Leave Illness
• Work Sharing

We work with business owners like yours, looking for our expertise, help with 2020 Payroll Questions,

If you are an employer, temporary layoff.

You need let your employee know with a written letter, they can apply for Employment Insurance online on the last day of worked,

• 13 weeks temporary lay-off after January 27, 2020
• 15 weeks temporary lay-off, illness, caring family member or travel before March 15, 2020

This means the first day qualify for medical leave effective January 27, 2020, sick benefits for an employee with a medical certificate, or caring for a family member, is continued upon retesting for COVID-2019. *No medical certificate is required for 14 days self quarantined after travel.b *This may change after June 20, 2020 extension of Emergency Benefits.

What the employee, need to know?

All employee lay-off after March 15, 2020, will qualify for the new (CERB) Canada Emergency Response Benefit payment $500 per week to a maximum of 16 weeks, must reapply every 4 weeks (monthly).

• Earnings last 12 months must be a minimum of $5000
• Have not earned more than $1000 last 4 weeks
• Must file 2018 and 2019 Tax Returns
• Employment Insurance online or by phone EI
• Canada Emergency Response Benefit online at CRA

Canada Emergency Student Benefit online at CRA high school student or post-secondary students do not quailify for CEBA or EI.

When you will receive payment?

• Direct Deposits, bank account 3 business days
• No direct deposits, 10 business days

Are you required to repayment arrangements?

Yes, if you receive funds not longer eligible please return the cheque or make payment arrangements.

An economic shut down for any contractor and/or self-employed must STOP WORK, completely NO Income to be eligible for (CERB) later on you must not make more than $1000 in last 4 weeks.

To qualify taxpayer credits must file the 2018 tax return.

If you qualify for any of the following credits, based on qualify amount*limited

• Goods and Services Sales Tax Credit, increase payment *$443-$886 single or $$580- $1,160couple on April 9, 2020
• Goods and Services Sales Tax Credit match $1000 BC Provincial
• Canada Child Benefit up to an extra $300 per child May 2020
• Register Retirement Income Fund, minimum withdraw reduce by 25% in 2020

To receive this Goods and Service Sale Tax Credit, if you are newcomer report worldwide income for 2019. If you are single $290 payments base on net family income and first children under 19 years more information 

The BC Provincial Goods and Services Sales Tax Credit eligibility not receiving assistance, stop work complete the CERB only (must have worked in Canada 2018  and filed your 2019 Income and Benefits Tax Return.

We are here to help do the day to day bookkeeping, payroll, or file personal tax returns.

Keep ahead of the deadlines

We can help file tax returns for the past 10 years.  The deadline for filing 2009 tax returns is January 2021.**If you need help catching up, contact us today!

For businesses with 1 – 3 owners filing Business Activities Statement the payment is due on April 30 of the following calendar year, extending return due date to June 15th.  For other 2020 deadlines, it is September 1, 2020 is now September 30, 2020  or June 30, 2020, for GST/HST.

Learn about wage subsidy, if you can qualify for the loan or reduce wages subsidy on your payroll.

Contact Ina for a free consultation and let us worry about your year-end paperwork.


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