• Last updated: March 30, 2020

    COVID-19 Personal Action Plan

    Read the plan

    Here are some steps to minimize COVID-19's impact on your personal finances.

    Read the plan

    Federal Government (Gov Can) Help Available Now

    Determine programs you qualify for and apply now.

    CRA

    Apply through CRA My Account OR My Service Canada

    You'll receive benefits faster through CRA My Account or My Service Canada account. Find your ID and password and login

    If you lose your My Account ID and password, CRA has no way to reset your password. You'll have to start over.

     

    Contact Service Canada at 1-800-206-7218 for help with setting up a My Service Canada account.

     

    Get setup for Direct Deposit for all Gov Can programs (OAS, CPP, Child tax benefits, EI, refunds).

     

    Benefits will be available without online access, but will take much longer to process - you could be waiting literally months.

    CRA COVID-19 Benefits

    Specific Gov Can Program Details

    Canada Emergency Response Benefit $2,000/mth X 4 mos

    May 2020 HST credit $400 single, $600 couple

    May 2020 additional $300 per child Canada Child Care Benefits

    Personal tax return filing deadline extended to June 1, 2020

    Interest waived on personal tax amounts owing till August 31, 2020
    Student loan interest waived from March - August 2020

    Banks agree to defer mortgage payments

    Mortgage Payment Deferral

    Payments may be deferred on CMHC insured mortgages

     

    Major Canadian Banks will be allowing individuals to defer payments on mortgages and other credit products for up to six months. Decisions will be on a case by case basis.

     

    Deferral does not mean forgiveness - the deferred payment amount will be added to the mortgage principal.

    Frugal living tips

    Save money

    Conserve outgoing cashflow by delaying spending on all but the most basic essentials (food, water, shelter).

    Money saved is better than money earned these days. Cut back on ALL discretionary spending.

    Start your T1

    File your Tax Return Early

    On average 85% of Canadian individuals receive a tax refund in any given year.

    This year more than ever, you should consider filing early or on time to get your refund as soon as possible.

     

    Some government benefits (CCB, GST, Trillium) may be cut-off after July 2020 if you don't file a return. See Gov Can wording below

    "However, the Agency encourages individuals who expect to receive benefits under the GSTC or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined."

     

     

    Free T1 Options

    Free Tax Preparation options

    If you're confident, use a free option (Like SimpleTax.ca) or a paid option (there are many) to prepare your own return.

    Contact Paul

    Contact Paul for help to any of the above steps

    Paul's tax practice is on-line. He's created secure methods to receive your data electronically, prepare your return, send it for your approval and efile it with CRA.

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Paul Vet, CA, Professional Corporation is committed to maintaining and protecting personal information of its clients, staff, and any other person who may provide us with confidential information, including users of our website, in order to better serve our clients and to fulfill the requirements of the Personal Information Protection and Electronic Documents Act (PIPEDA).

This Privacy Policy governs dealing with “personal information”. Personal information means any information about an identifiable individual including such information as age, gender, religion, ethnic background, family status, political affiliations, health, purchasing and spending habits, credit and loan records, investments, tax returns, financial information, email address, home address and home phone number. Personal information does not include business information such as the name, title, business address, or telephone number of an employee of an organization.

Accountability
We are responsible for all personal information in our possession or control. This would extend to information to which third parties who provide goods or services to us may have access, such as: contract accountants, security and maintenance personnel, information technology advisors, delivery persons, temporary personnel, and website managers. We restrict access to such third parties as much as is reasonably possible and obtain their written agreement that they will follow our privacy policy. We require express consent from our clients to release any personal information to third parties in the course of business on behalf of the client such as: spouses, bankers, lawyers, investment advisors, other accountants, business valuation specialists, and similar professionals associated with its clients.

Purposes of collecting information
We collect, use and disclose personal information to serve our clients and for other purposes which would be considered related or otherwise reasonable in the circumstances. For example, we primarily collect, use and disclose personal information for the following reasons:
• To evaluate client needs and advise on financial and business matters
• To prepare tax returns and related documents on behalf of our clients
• To prepare financial statements
• To communicate our services to clients or prospective clients through mailings or our website

Other reasons we collect, use and disclose personal information may include but are not limited to:
• Advising clients on financial issues
• To invoice clients, process and collect accounts
• To report to required regulatory authorities, including our insurer and CPA Ontario.
• In the event we were to sell our business or to merge with another entity and that party required a due diligence investigation of our firm, we would require a confidentiality agreement from such third party prior to any disclosure.
When personal information has been collected and is to be used or disclosed for a purpose not previously identified, the new purpose will be identified prior to its use or the disclosure, and consent for the specified purposes sought. Use of personal information shall be limited to that which is necessary for the purposes identified in this Privacy Policy

Consent
Generally all personal information is held in strict confidence and we will obtain consent, either express or implied, to use or disclose personal information unless otherwise permitted or required by law. Such circumstances could include: information that is publicly available as defined by the regulation; where collection or use is clearly in the interests of the individual and consent cannot be obtained in a timely manner; to act in the event of an emergency that threatens the life, health or security of the individual; for debt collection; or to comply with a subpoena, warrant or court order.

Retention
Personal information may be retained as long as we consider necessary to ensure the accuracy and integrity of client records and to provide quality professional services and advice to clients and to account to regulatory authorities. However, when personal information is no longer needed for the purpose acquired or to properly serve and advise the client they will be destroyed.

Safeguarding
Personal information is protected with appropriate security precautions against loss, theft, or unauthorized use whether on paper or electronically stored. Our staff is trained to be aware of the importance of maintaining the confidentiality of personal information. Care is used in the disposal and shredding of personal information to prevent unauthorized access. Third party contractors or agents who have access to personal information will be required to confirm that they follow appropriate privacy practices.

Openness and Accuracy
We will make every effort to ensure that personal information collected is as accurate, complete, and up-to-date as necessary for the purposes that it is to be used. Our Privacy Policy will be made available to all clients, employees and others who may have access to personal information. Our Privacy Information Officer is Jill Vet who is accountable for our office privacy policies. He is the person to whom any complaints or questions may be addressed. Copies of our confidentiality agreements, express consent authorization, and privacy policy are available upon request. Upon written request you will be advised within 30 days whether we hold personal information about you. If it is necessary to extend our response beyond 30 days we will provide an explanation of our reasons. We will allow you to access this information. We will provide an accounting of how your personal information has been used, including third party disclosures. You are free to challenge the accuracy and completeness of the information and to seek to have it altered, amended, or changed.

Compliance
The Privacy Information Officer in our office will investigate each and every written complaint. If a complaint is found to be justified, the Privacy Information Officer will take appropriate measures including, if necessary, amending any office policies and practices. The Privacy Commissioner of Canada may be contacted to forward any unresolved complaint.

Questions
Any questions may be directed to:
Jill Vet, Privacy Information Officer
Paul Vet, CA, Professional Corporation,
Unit 1, 2440 Industrial Street
Burlington, ON L7N 1A5 Telephone: (289) 427-5285