Update to assistance for businesses

Update to assistance for businesses

Prime Minister Trudeau today announced significantly increased financial assistance for small and medium sized business.  He recognized that these businesses are the backbone of the Canadian economy and are significant employers.  He also said that he hoped that these new measures will encourage these employers to keep their employees on the payroll and avoid lay offs as well bring back those employees that have been laid off.

Details of these new measures have not yet been released.  Prime Minister Trudeau expects those to be available by Monday March 30, 2020.  Hendry Warren will stay tuned for those and continue to keep you informed.  In the interim, here is a brief summary of these new measures:

  1. The previously announced wage subsidy is being increased from 10% to 75% of wages paid and will be backdated to March 15, 2020.
  2. A new Emergency Business Account is being created whereby eligible small and medium sized business will be able to obtain cash flow loans from major chartered banks of up to $40,000. These loans will be guaranteed by the federal government, will be interest free for the first year and $10,000 of the principal will be forgivable if certain conditions are met.
  3. The remittance of HST, GST and federal duties is being postponed to June 2020
  4. The Export Development Corporation is being provided with more money with which it can support Canadian businesses.

It will be important to examine the eligibility conditions for the above assistance to understand how this affects you.  However, this certainly appears to be good news for our clients.

Testimonial from Rob Waterman - President at Waterman Sales Ltd.

We have been in Business since 1992 and had an accountant who was a family friend. When he retired, we needed to find a new accountant. Jacob at Hendry Warren was recommended to us through our Lawyer. We met with him and were impressed immediately; over the years we have gotten to know more of the staff and are equally impressed. They have done our company taxes, company valuations, share purchases, tax planning, covid relief, personal taxes, etc. All of which have gone very smoothly. Hendry Warren is aware of new legislation and has helped us grow as a company.

Rob Waterman (President at Waterman Sales Ltd.)
Testimonial from Lynn LaHam - CPA, CGA, Crossroads Children’s Centre

Hendry Warren is a very professional organization who are very sensitive to client needs and timelines. Marie Fraser and all of the staff that I have met and worked with exhibit the same degree of courtesy and professionalism. It is always a pleasure working with them.

Lynn LaHam ( CPA, CGA, Crossroads Children’s Centre)
Testimonial from Chris Jerome, Treasurer - Habitat for Humanity – National Capital Region

Hendry Warren LLP has been easy to work with, dependable, personable and professional and are always available when we need them. The annual audit process is efficient and timely and their staff is always knowledgeable and well prepared.

Chris Jerome, Treasurer (Habitat for Humanity – National Capital Region)
Testimonial from Don Silverman - CFO Sciemetric

From the partners to the new graduates, the quality of service and advice were second to none…we rely heavily on the advice we are given from both an audit and tax perspective…I know that our firm can count on Hendry Warren LLP to be accurate, timely and professional at all times.

Don Silverman (CFO Sciemetric)
Testimonial from Gordon Miller - President, UNIGLOBE Premiere Travel

In every instance where advice or assistance has been needed it has been provided with clarity and timeliness. And with a very satisfactory outcome. Our accounting staff have always appreciated the efficiency of Hendry-Warren team assigned to our audits and review engagements. We appreciate that Hendry-Warren LLP is able to support our needs as a paperless group of companies.

Gordon Miller (President, UNIGLOBE Premiere Travel)
Testimonial from Les Bell, - CPA, CA, President, Lincoln Heights Ford Sales Ltd.

Ian Hendry is a truly responsive and responsible partner in our business and has been for over 20 years. I would (and have) recommend his services to everyone.

Les Bell, (CPA, CA, President, Lincoln Heights Ford Sales Ltd.)
Testimonial from Colin Goodfellow - field_5cebff5066bfc

I have used Marie Fraser and her team at Hendry Warren for business, personal and special projects. Deep enough bench strength to cover anything, and small enough to pay attention.

Colin Goodfellow (field_5cebff5066bfc)
Testimonial from Rupert Bonham-Carter - field_5cebff5066bfc

Jacob has been invaluable over the past 18 months in assisting with the incorporation and start-up of my new business venture. I trust Jacob's advice on complicated income tax and HST matters to allow me to focus on what is most important - my business!

Rupert Bonham-Carter (field_5cebff5066bfc)
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