As we navigate this challenging time, I am always on the look out for things that will help my clients and friends to keep moving forward. I have found a few things that you might want to look at to see if it will help you and your business.
Canada United is a movement that was started to promote shopping local and support those businesses in your neighborhood. They have great success stories and also provide grants to small business, see the link below on how to apply.
Working from Home?
In response to so many people working from home, CRA has introduced an alternative and simplified method for calculating a home office deduction for 2020. This deduction is for employees who were required to work from home, this deduction will allow employees to claim $2 per day for working at home (for a minimum of 4 consecutive weeks) to a maximum of $400 for the year. If this is the only employment expense you have then your employer can provide you with a simplified T2200S for these expenses.
The Alberta Small and Mediums Enterprise Relaunch Grant is now available and open to apply for up to $20,000, see details in the link below.
Resources for Small Business – Here is a list of website with links for various resources and supports for small business – not only financially but for other areas as well.
Canadian Federation of Independent Business (A list of Q&As that has some good information in it)
Calgary Chamber of Commerce (A good summary of all of the programs available)
PriceWaterhouse Coopers (A daily update on the COVID government response and programs)
Over the past few weeks we have been talking with many of our clients and they did not even realize they could apply for some of the COVID-19 Financial supports that were being offered so be sure that you take a closer look at your situation to see if you can qualify.
If you have had a revenue reduction and you are not sure if you can apply for any of the subsidies and grants, please contact us and we can help you review it to see what you maybe able to apply for.
Take care and stay safe!
Your Friendly Accountant,
Lori G. Sunderman, CPA, CA