| Did you know? As a self-employed professional you can deduct the cost of any business-related courses you take. This includes computer courses, any business courses or any other course/class that can be used to improve your bottom line. Have questions? Give us a call at 905-571-2665 (BOOK)! We’ve got you covered! |
| If you are a small business and received any of the COVID-19 emergency relief programs, which include CEWS, CERS, CECRA, CRB, and the Canada Emergency Business Account loan, your tax obligations will be higher, as all subsidies received will be treated as revenue. Call Books In Line at 905-571-2665 if you are feeling overwhelmed or require assistance with your 2020 taxes. |
| We’ve got you covered! |
The grant that was announced in December is to support businesses, including sole proprietorships, that have had to restrict or close operations due to the December 26, 2020 Provincewide shutdown. The minimum grant can be anywhere from $10,000 to a maximum of $20,000 for eligible businesses. Businesses must be able to show that they have experienced a revenue decline of at least 20 percent when comparing monthly revenues in April 2019 and April 2020, if your business was not in operation in April 2019, you can select alternative months for comparing the revenue decline.
Please see below what is considered an eligible small business:
Please see below businesses that are not eligible:
Application requirements, deadline to apply is March 31, 2021:
Enterprise businesses, which can be a corporation, unincorporated business, partnership, charity, non-profit organization, or any other type of entity operating a business in Ontario. To be eligible to apply you must have owned and operated at least one enterprise on or prior to December 24, 2020. If the enterprise was not in operation on December 24, 2020, it is not eligible for this grant.
If an enterprise applying for funding was affiliated with one or more other enterprises on December 24, 2020:
a) You will need to calculate the decline in the aggregate revenue of the applicant enterprise and of all enterprises with which it was affiliated on December 24, 2020. Do this by comparing.
i. the revenue of the applicant enterprise for April 2020, plus the revenue for April 2020 of all enterprises with which it was affiliated on December 24, 2020, with the revenue of the applicant enterprise for April 2019, plus the revenue for April 2019 of all enterprises with which it was affiliated on December 24, 2020.
b) If the decline in revenue as calculated in paragraph (a) is less than 20 per cent, then neither the applicant enterprise nor any of its affiliates are eligible for a grant under this program.
c) If the decline in revenue as calculated in paragraph (a) is 20 per cent or more,
i. The grant available under this program will be based on the aggregated revenue reduction as calculated in paragraph (a) above for the affiliated group (subject to a maximum of $20,000 in funding); and only the applicant, and no other enterprise with which it is affiliated, may apply for funding under this program.
Once applications are successfully submitted an eligible business can expect to receive payment within approximately 10 business days. Note, if your application is incomplete or incorrect you will experience a delay in receiving payment.
Below are other grants that are available when you apply:
Main Street Relief Grant for Personal Protective Equipment (PPE) providing up to $1,000 for PPE costs to eligible small businesses across Ontario with 2 to 9 employees.
Property Tax and Energy Cost Rebate Grants this will provide a rebate to eligible businesses in respect to property taxes and energy bills.
Please click the below link to apply or to find more detailed information on the available funding:
https://www.ontario.ca/page/businesses-get-help-covid-19-costs#section-0
