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GBCO News

Current updates on GBCO’s response to COVID-19
Posted March 17, 2020

May 2020 Update: The team at GBCo is focused on the health and well-being of our colleagues, clients and the community as a whole. As the situation regarding COVID-19 continues to change, we are adapting too.
 
We have implemented procedures to ensure our environment remains as safe as possible. These procedures include social distancing through having much of our staff work remotely when possible, increased sanitation within the physical office and using technology to facilitate meetings and communications with clients. As part of these procedures, we are restricting any in-office meetings at this time and will be contacting any clients with pending meetings to arrange a video or telephone conference in lieu. 
 
We encourage you to upload your corporate and/or personal documents electronically - you can click here to use our secure portal.
 
GBCo is committed to ensuring you continue to receive the quality service that you have come to know and expect from our firm. If you have any questions, please feel to reach out to our team.
 

Update on 75% Canada Emergency Wage Subsidy (CEWS)
Posted April 22, 2020

Starting April 27, 2020, eligible employers can apply for the 75% Canada Emergency Wage Subsidy (CEWS) via CRA My Business Account or through a separate online application form. We are also able to apply on your behalf, using Represent a Client access. If you wish for us to apply on your behalf, please note our standard rates would apply.
 
For more information on CEWS please visit: https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy.html
 
To be eligible to receive the wage subsidy, you must:

  • be an eligible employer
  • have experienced an eligible reduction in revenue, and
  • have had a CRA payroll account on March 15, 2020

Eligible Reduction in Revenues on Goods and Services

If the corporation’s March 2020 revenue has been reduced by 15% over:

  • March 2019 or
  • The Average of January and February 2020

Then the corporation would be eligible for the CEWS for payroll paid during the claiming period March 15 to April 11, 2020.
 
If the corporation’s April 2020 revenue has been reduced by 30% over:

  • April 2019 or
  • The Average of January and February 2020

Then the corporation would be eligible for the CEWS for payroll paid during the claiming period April 12 to May 9, 2020.
 
If the corporation’s May 2020 revenue has been reduced by 30% over:

  • May 2019 or
  • The Average of January and February 2020

Then the corporation would be eligible for the CEWS for payroll paid during the claiming period May 10 to June 6, 2020.
 
Employers would select the general year-over-year approach or this alternative approach using the average of January and February 2020 when first applying for the CEWS and would be required to use the same approach for the entire duration of the program.
 
Employers would be allowed to calculate their revenues under the accrual method or the cash method, but not a combination of both. Employers would select an accounting method when first applying for the CEWS and would be required to use that method for the entire duration of the program.
 
If you determine that you qualify for the CEWS for one claim period, you will automatically qualify for the following claim period.
 
Please let us know if you need our help in determining your revenue for the above calculations.


Amount of Subsidy 

The subsidy amount for a given employee on eligible remuneration paid for the period between March 15 and June 6, 2020 would be the greater of:

  • 75% of the amount of remuneration paid, up to a maximum benefit of $847 per week; and
  • the amount of remuneration paid, up to a maximum benefit of $847 per week or 75% of the employee's pre-crisis weekly remuneration, whichever is less.

Employers will also be eligible for a subsidy of up to 75% of salaries and wages paid to new arm’s-length employees.
 
We hope you and your loved ones are keeping safe and healthy during these challenging times. 

Federal & BC governments' initiatives in response to COVID-19
Posted March 25, 2020

Last week the Federal government announced a number of measures to support and assist businesses, employees and families as a result of the COVID-19 pandemic. Today, the BC government announced their measures. We are sending this email to highlight the initiatives we thought would be relevant to you. Please click here to see our summary. For full details of all the Federal initiatives you can click here.

Please contact us if you have any questions.

Update regarding 2019 tax returns
Posted March 12, 2020

In light of the recent guidelines and information provided by BCCDC and WHO surrounding COVID-19 and in an effort to keep our clients, colleagues and the greater community safe, GBCo would like to encourage you to send us your personal tax information in an electronic format.  We have a secure portal where documents may be uploaded and your personal tax return can be sent to you by secure email or regular mail.

If would like to send us your documents electronically – please click here.

If you have already submitted your documents to us and would like to receive your tax return via email or mail instead of pick up, please let us know at your earliest convenience.

Congratulations to Ms. Lori Mathison, President & CEO of CPABC
Posted February 05, 2020

Business in Vancouver magazine has selected CPABC executive Lori Mathison as the recipient of the 2020 Influential Women in Business Award. Read More

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