Dear Valued Clients,
As we continue to monitor the changes in the world due to the COVID-19 virus, the health and safety of our clients and staff continues to be of the utmost importance to me. There have been many changes to support Canadians financially.
Here is a non exhaustive list that I have put together:
1. Employment Insurance available for up to 15 weeks: Click here to learn more
2. Income Support for Individuals Who Need It More:
- Student Loans: A 6 month interest free moratorium on on the repayment of Canada Student Loans for all individuals currently in the process of repaying these loans
- Registered Retirement Income Funds (RRIFs): Reducing required minimum withdrawals by 25% for 2020
- Child Care Benefits: The overall increase for families receiving CCB will be approximately $550 on average
3. Flexibility for Taxpayers:
- Personal Tax Deadline extended to June 1. Payments due on Aug 31 with no interest and penalties
- For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020
4. Role of Financial Institution: contact your local financial institution
5. Support for Businesses:
- Businesses facing revenue losses and to help prevent lay-offs
- 10% of remuneration paid during that period, up to a maximum subsidy of $1,375 per employee and $25,000 per employer
6. Flexibility for Businesses Filing Taxes:
- The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020
7. Mortgage deferred for up to 6 months
For the full list of updates click here
While our offices remain open, we encourage our clients to postpone visits to our office. Alternatively, you may submit your documents for your taxes and your year-end financial statements via registered mail or electronically. This includes Email, Google Drive, Dropbox or Box. If you chose to send your documents via email, we encourage you to encrypt these documents.
Should you have any questions or concerns or would like to schedule a call with me personally, please do not hesitate to contact our office at 905-629-7720 or email us at clientcare@arjcpa.ca.
We are working to keep our clients informed as the changes are announced.
Please do not hesitate to call us at 905-629-7720 should you have any questions.
AR Jaffer Professional Corporation is closely monitoring the situation regarding COVID-19 and will continue to follow the guidance of local and international health authorities to make informed decisions.
We humbly appreciate your co-operation over the next few weeks, as we ensure that we all take the requested precautions to quickly end the spread of COVID-19.
Best Regards,
Ali Raza Jaffer
on behalf of AR Jaffer Professional Corporation
Our Professionals
Ali Raza Jaffer, CPA, CGA, MBA, BComm.
Email: ajaffer@arjcpa.ca
Fatima Rasul, ACCA (UK)
Email: fatima@arjcpa.ca
Seema Khanna, CPA, CGA, BComm
Email: seema@arjcpa.ca
Sajita Manoj, BComm., CPA Student
Email: sajita@arjcpa.ca
Sumati Sharma, BComm, MComm., CPA Student
Email: sumati@arjcpa.ca
Nida Noordin, ACCA (UK), CMA (IMA-US), BComm.
Email: nida@arjcpa.ca
Pacita Padilla - BComm.
Email: pacita@arjcpa.ca
Ali Jawad Rajani - BBA
Email: jawad@arjcpa.ca
Salma Ceizar - Administration and Marketing Coordinator
Email: salma@arjcpa.ca
Jessy Fernandes - Administrative Assistant
Email: clientcare@arjcpa.ca
Sabira Jaffer - Office Manager
Email: sabira@arjcpa.ca
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