A COUPLE OF IMPORTANT REMINDERS AND UPDATES
It has been a little while since my last communication. On behalf of everyone here at Mercer & Mercer I hope that you have been able to enjoy a healthy and safe summer.
This note is to provide a few important reminders – more specifically for our business clients; as well as provide an operations update.
IF YOU APPLIED FOR THE CEWS (either the 10% or 75% version) or if you have employees on staff who received CERB payments – please note:
CRA has recently begun rolling out a framework for what the reporting of CEWS payments will look like for employers. In short, they are adding more boxes to the T4 slips which will note gross earnings for each employee during certain periods (essentially the CEWS claim periods 1 through 7). What does that mean for you (or for us): come T4 time there will need to be a clear reporting for each employee as to what their gross wages/commissions/salaries were for these specific time periods. More information can be found at the following link:
Also, if you claimed the 10% wages subsidy for any of the periods it was available, there is a separate information return that needs to be submitted to CRA. A link to this form can be found here:
My recommendation is that the 10% subsidy reporting form be sent in prior to the end of the year and that you begin ensuring that your payroll records are organized such that T4 preparation will go smoothly.
UPDATE ON THE WAGE SUBSIDY PROGRAM:
You may or may not be aware that the federal government has extended the wage subsidy program almost through until the end of 2020. However, in extending the program they have made substantial changes to the way in which the subsidy is calculated AND to whom the subsidy may in fact apply.
IF your company has experienced ANY reduction in income in a month from July 2020 (as compared to the same month in 2019) onward, you may be eligible to receive a wage subsidy under the revised program. Please see the following link for more information:
With all of the above forms/programs, if you have any questions or require assistance please contact the office and we will be glad to assist.
MERCER & MERCER OPERATIONS UPDATE
We are in the process of transitioning back to a more “business as usual” state here at the office, however, there will be some important changes:
- We are now welcoming clients back into the office, however, for the time being, on a by-appointment basis only. This is to ensure as best as we can, that we are able to maintain physical distancing within the office. If you need to come to the office, please call ahead so that we can schedule a time for your visit.
- Per Region of Halton by-law 47-20 our building is considered a “public place” and as such, if you are visiting the office you will be required to wear a non-medical mask. Masks will also be required in certain areas within our office where 6-foot physical distancing is not possible.
One fall-out from my periodic email notes over the last few months has been a recognition internally that some of our contact management system has some gaps that need to be filled. As a result, over the next few weeks you may receive a phone call from the office looking to confirm and update certain pieces of contact information that we have on file. Thank you for your assistance in this endeavour.
Finally, as the tax-season-that-never-ends finally does wind down to it’s conclusion, if you have outstanding balances owing, or if you have not yet filed your tax return, please ensure you are familiar with the current deadline extensions ( COVID Deadlines ).
Thank you all again for your patience and understanding as we’ve done our best to navigate through a most unusual year. For those of you with students or teachers in your family preparing to make the transition back to school in the coming weeks – best wishes and thoughts for a safe return and a productive school year!