Message from the Partners
There is uncertainty in our world, and many around us feel lost as we try to make sense of all that is happening. We know that with new information coming at us daily, all of us, our governments and our communities, are struggling to make the right decisions quickly and prudently. As a result of all of this, there is a real sense of stress and concern weighing on all of us.
But you are not alone. We will face these challenges together, and we will work together to take care of one another. Equitus and Shajani are committed to providing our clients with sound, well researched professional advice during this pandemic. We will endeavor to communicate government benefits and best practices to help you navigate your businesses through this crisis.
For so many of us, the temporary closures of our businesses has been difficult and has shaken us to our core. We understand that for an entrepreneur, this may be your life’s work being shuttered with no clear picture of when life will get back to normal.
Where it is prudent, we will advise on how to mitigate cash flow, apply for government subsidies, financing considerations, plan, deferral and savings of tax, use of technologies to transition businesses online and other best practices for business and business owners.
Currently the best advice is to consider if this downturn will affect your cash flow in the coming week, months or even next year. If this is a strong likelihood, consider if the government subsidy of up to 10% of wages paid to your employees will help you sustain the anticipated decreased revenues. If that is not the case, you may be forced to lay off your employees and may advise them of what to expect from EI benefits. As a self-employed individual, you may also receive emergency funding through EI as outlined in the Federal Government’s March 18 announcements. Details are to be made available in April.
Additional cash flow measures include a discussion with your bank and landlord. Banks in particular have relief measures that may include up to six month of no payments on your business loans and personal mortgagees.
Additional supports are available from the Alberta government, including a one-time Alberta Financial Relief Benefit of $1,142 geared towards the self-employed who have to self-quarantine, tax deferrals, utility payment deferrals and loans from ATB financial.
Equitus Partners have been closely following the developments around COVID-19 and have made arraignments for our team’s safety. Our offices remain open with minimal staff as the majority of our team are working from home. We are working hard to get your tax filings completed, reorganize your corporations and keep your records up to date. While there are tax deadline extensions, you may wish to file your taxes early if you anticipate a refund or other tax benefits in the coming months.
Tax deadlines have been extended as follows:
- Personal taxes due June 1st
- Tax Payments due between March 18th and August 31st are due August 31st
- Trust filings for December 31st are due May 1st.
We are grateful for our clients and will endeavor to see you through these challenging times. We wish you the best of health and safety.
With regards from the partners,
Nizam Shajani Shafiq Shajani
This information is for discussion purposes only and should not be considered professional advice. There is no guarantee or warrant of information on this site and it should be noted that rules and laws change regularly. You should consult a professional before considering implementing or taking any action based on information on this site. Call our team for a consultation before taking any action. © 2020 Shajani LLP