In downturns, people forget that there will be an upswing and great opportunities.
Janos Toth – Recognaise
CRA tax deferral date shifted to August 31, 2020
CRA offers wage subsidies for businesses that are:
- Registered charities
- CCPCs with less than 15M taxable capital
BC PST and Employer Health Tax filing and payments extended to September 30, 2020.
BDC and EDC access to business credit.
Small businesses and self employed – you can apply 900$ every 2 weeks for X number of months – true? Nothing concrete, but any dividends you take out will offset the EI you receive.
Deferral – danger is out of sight out of mind. Advice for financial planning for rest of the year so you don’t get caught with those delayed deferral. Go ahead with doing the filing so you know what the amount is. Get the refund if you have one. We would say you’d want to know how bad is bad. If you are doing installments, it WILL add up.
- Get long term and short term cash forecast.
- Seek funding, cut expenses.
- Explore best and worst case scenario.
- Communicate the plan.
- This is the first recession where crowdfunding is a big option
Cash planning tools: