Storefronts in Ottawa's Glebe neighbourhood are reflected in a sign indicating the temporary closure of a business to prevent the spread of COVID-19, on Tuesday, March 24, 2020. THE CANADIAN PRESS/Justin TangHUNTSVILLE, ONT. -- 2020 has been a year many small business owners will soon want to forget however, not so fast, we still have the tax season to contend with.
is a taxable benefit so it is important to monitor how much money you have taken advantage of. This plan was put into place to cover part of your employees wages going back to March 15 and designed in part to prevent layoffs so in a perfect world businesses can hit the ground running once the pandemic is under control.is a taxable benefit where there was a significant drop in revenue supported by documentation.
I reached out to Corinne Pohlmann, senior vice-president, National Affairs at the Canadian Federation of Independent Business. She confirmed they have already received many questions about these tax obligations and have helped where they can, adding, "we are calling on CRA for some leniency and flexibility for taxpayers and employers when it comes to filing deadlines given the complexity of what is required and the ongoing challenges being faced by small businesses due to the pandemic.
This is not right. Creates little incentive to starry or run a small business. Many did not create this mess and it appears that we have creative policy solutions. While bery large enterprises flourish