GBCo is proud to announce that David Bickerton has joined the partnership. Dave brings with him over 10 years of experience working with a variety of clients and has recently completed the In-Depth Tax Program. We are excited to have him as a new partner.

After 46 years of dedicating his life to client service, Brian Galloway will be retiring on December 31, 2020.

In all his years of practice Brian has been a reliable source of knowledge, experience and comfort to his clients and peers. He was a leader in his support of CGA, and later CPA, as THE professional designation to have. Brian served on many boards and was an avid course lecturer for CGA both in Canada and abroad. It is through this support that he was awarded his CGA Fellowship in 2007 for his remarkable contributions to the profession and being an exemplary professional.

Brian always had a vision of the firm he wanted to build. He continually shared this vision with his partners and thanks to their support and that of his wife Susanne, Brian has played a major role in making Galloway Botteselle & Company the successful firm it is today.

With his sights always set on the big picture, Brian leaves a legacy of a strong and thriving firm that he’s grown together with partners and key staff, imparting a passion for the work we do and a commitment to serving our clients. We wish him well in the next chapter of his life, free from another tax season.

Let's congratulate Brian!

As we cannot celebrate Brian in person at this time, we encourage all to share a thought, comment or memory about their work with Brian over the years here.

On November 23, 2020 the Canada Emergency Rent Subsidy (CERS) has been opened to receive applications from qualifying organizations. This Subsidy is for anyone that owns or rents property and who has seen a decrease in revenue due to COVID. The criteria is similar to the Canada Emergency Wage Subsidy (CEWS) and if you qualify for CEWS you will likely qualify for CERS.       
 
Eligibility
To be eligible you must meet all four following criteria:

1. For most businesses, you will have needed a CRA business number on September 27, 2020 or a payroll account on March 15, 2020. There are other conditions if you purchased a business.
2. You are an eligible business, such as an individual, corporation or a partnership consisting of eligible employers.
3. You experienced a drop in revenue compared to the baseline period.
4. You had eligible expenses if you rent (such as rent not including GST and PST) or own a qualifying property (such as property taxes, property insurance and mortgage interest).

Claim Periods

1. September 27 to October 24, 2020 (open now)
   • If you had a drop in revenue in September OR October compared to the same month in 2019 OR
   • You had a drop in revenue in September OR October compared to the average of January and February 2020
2. October 25 to November 21, 2020
   • If you had a drop in revenue in October OR November compared to the same month in 2019 OR
   • You had a drop in revenue in October OR November compared to the average of January and February 2020
3. November 22 to December 19, 2020
   • If you had a drop in revenue in November OR December compared to the same month in 2019 OR
   • You had a drop in revenue in November OR December compared to the average of January and February 2020

Note: If you have also claimed the CEWS, you must use the same method you used for the base CEWS for periods 5 or later. An application must be filed no later than 180 days after the end of the claim period.

 
CERZ (ZA) Number

Before you can apply you must create a CERZ (ZA) number. We can do this for you through Represent a Client should you qualify and wish to apply for the CERS subsidy.
 
Here you can find the November 23, 2020 News Release.

The CRA has launched a CERS online calculator and application form that are designed almost identically to those of the Canada Emergency Wage Subsidy (CEWS).
 
If you would like our assistance to determine if you qualify, or for more information please do not hesitate to contact our office.

We are writing to advise you that the Canada Revenue Agency (CRA) has now formalized the process for claiming the Temporary Wage Subsidy (TWS).  If you have reduced or intend to reduce a payroll remittance by a TWS claim it will be necessary to submit certain information to the CRA.  You can do this yourself by filing form PD27 or reporting online using “My Business Account”. Form PD27 can be downloaded from: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/pd27.html

Alternatively we can prepare and file the required information for you.  If you would like us to file on your behalf we ask that you complete and return the TWS information form.  You can upload the completed form to us here.

The temporary wage subsidy is a Covid-19 relief measure that is available to Canadian employers other than public companies or trusts.  It provides a maximum $1,375 subsidy per employee.  The subsidy is calculated based on 10% of gross wages paid from March 18 through June 19, 2020 and is accessed by reducing the income tax component of payroll remittances that would otherwise be payable.

Please note that, unlike the Canada Emergency Wage Subsidy (CEWS), qualifying for the TWS does not require a reduction of business revenue.  All eligible entities qualify.

Filing the required information will cause CRA to credit the TWS amount to the company’s payroll account to replace the portion of payroll remittances that were or will be reduced.  If no information is filed and payroll remittances are reduced the 2020 T4 return will be assessed with a balance owing, which will in turn attract penalties for under-remitting.  If it is not practical to reduce a remittance to access the subsidy it can be claimed when filing a 2020 T4 return, resulting in a refund.

Please contact us should you have any questions.

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.