Last updated: March 23, 2020

This is bigger than a recession. Bigger than 9/11 or SARS. How you and your business respond to this crisis with affect you are your family for years. Take it very seriously.

Cease all discretionary spending immediately. Nobody knows how long this will last. Dollars saved are just like dollars earned - don't worry about tax deductibility.

Read the response plan, determine what you qualify for and apply ASAP.

You may not be open for business, but don't stop communicating with customers. Social media, email, phone calls, whatever. They'll return when you're open for business

If your employees can work effectively from home, do it.

If you can afford it, keep paying them.

They'll appreciate you in the future.

If you can't afford it, lay them off,

give them ROEs so they can apply for EI

Keep them informed by regular email, or video conferencing

Let them know if you are open, what you're purchases will be and when you can pay them. Seek extended payment terms and if you succeed, stick to them. 

If you don't have CRA My Business Account access, get it ASAP. Benefits are available faster through online than other methods. Ask your Accountant for help- most now have Represent A Client access to your account already.

Get setup for direct deposit of all benefits. 

Gov Can tax filing has extended the income tax filing deadlines, but HST filing and payment deadlines remain the same. Avoid 10% ++ late filing penalties by filing on time. If you don't know your next filing deadline - talk to your accountant fast!

Paying HST late will result in interest charges at 6% per year

A link to some excellent suggestions from Shopify for Online and Bricks and Mortar businesses 

Paul has created safe, secure ways to receive your accounting data, process it, meet with you online, ask questions, send you results, obtain your signature and efile your corporate returns.

Click here to book a no-cost or obligation meeting to discuss your particular situation