HSandPartners

Announcements

Taxability of Covid-19 Relief Measures

As part of the government’s relief measures during Covid-19, Canadians should be mindful of the tax implications as set out below: The $2000/month CERB benefit is taxable on your Personal Tax Return for 2020. The CEWS wage subsidy for businesses is taxable in the fiscal year in which it was received by the corporation. The …

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NEW RULES & EXTENSION OF THE WAGE SUBSIDY (CEWS)

The revised CEWS program has been extended to December 19, 2020 – with far greater complexity. Commencing with the period of July 5, 2020, rather than realizing a revenue decline of 30% to qualify for a 75% wage subsidy, the revised program allows an Eligible Employer with any level of revenue decline to receive a …

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BDC Online Financing for Small Business up to $100,000

Dear Clients & Friends, As an ongoing service to our clients, we want to inform you of a great BDC initiative. BDC has announced an online application funding of up to $100,000 with the below terms.  This program is available to non BDC clients as long as they have been in business for at least 2 …

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Bank Borrowing Facility Stress Test- A new program provided by HS & Partners LLP

COVID-19 has had a major impact on Canada’s banks with large loan loss provisions expected. The resulting tightening of lending parameters will see many Canadian businesses unable to obtain new borrowing or even renew current borrowing. Banks have initiated new, far more restrictive lending requirements BEFORE increases to credit facilities or establishing new relationships. This …

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Additional Support for Businesses

Expansion to the Eligibility Criteria for the $40,000 CEBA Today the government announced an expansion to the eligibility criteria for the $40,000 Canada Emergency Business Account (CEBA) to include many owner-operated small businesses, enabling them to access interest free loans that will help cover operating costs. The program will now be available to a greater …

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Introduction to our network of curated mortgage brokers

To those in need of Guidance for Refinancing- We are here to Help! Dear Clients & Friends, As the economic effects of COVID-19 continue, HS & Partners understands that many of our clients and friends of the firm are experiencing liquidity problems. We want our clients to know that we understand and are determined to …

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Commercial Rent Relief for Small Business

Commercial Rent Relief for Small Business Today April 4th, 2020,  the government announced that it has reached an agreement with provinces and territories to implement the Canada Emergency Commercial Rent Assistance (CECRA) for small businesses. This program will lower rent by 75 %for small businesses that have been affected by COVID-19. Qualifying businesses are those …

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Applications for the 75% Wage Subsidy will be open on April 27

Applications for the 75% Wage Subsidy will be open on April 27     Beginning April 27, applications will be open for the CEWS. Most businesses may apply using My Business Account If you need our help to apply, we can assist you through our Represent a Client access portal Alternatively, you may apply using a separate online …

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New and Easier Life Insurance Applications done On-line

New and Easier Life Insurance Applications done On-line We at HS & Partners hope that you are all safe and healthy through these unprecedented times. The COVID-19 pandemic has turned our world upside down, as we practice social distancing, work from home, and wonder about the uncertainties of what we will be able to do in …

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