COVID-19 Business Update – 23 December 2020
Thank you for your amazing support during this incredibly busy and challenging year. We hope you and your loved ones enjoy a safe and healthy festive season. We look forward to working with you next year!
As usual, here are the latest updates and some ideas to help us all move forward.
Canada Regulators Expect Moderna COVID-19 Vaccine Approval in Coming Weeks
Canadian health regulator said it expects to complete the review on Moderna Inc’s COVID-19 vaccine in the coming weeks after the U.S. Food and Drug Administration approved its emergency use last week.
Health Canada said it cannot provide a definite timeline for the vaccine approval but expects the process to be completed in the coming weeks.
Canada Revenue Agency Launches the Canada Emergency Wage Subsidy Registry
To protect Canadians’ jobs and support businesses throughout the pandemic, the Government of Canada introduced the Canada Emergency Wage Subsidy. This scheme has protected more than 4 million jobs across the country, giving millions of Canadian families certainty about their next paycheck.
As part of the government’s commitment to transparency, the Canada Revenue Agency (CRA) launched the Canada Emergency Wage Subsidy Registry. This web page allows Canadians to identify which employers are using the wage subsidy to support jobs.
Changes in Canada Emergency Business Account
The Government of Canada announced that applications for the Canada Emergency Business Account (CEBA) top up increase of $20,000 opened on Friday December 4th, 2020. All applicants have until March 31, 2021, to apply for a $60,000 CEBA loan or the $20,000 expansion.
Further details can be found here. Alternatively, you may contact us for any questions and for assistance on your application.
COVID-19 Rules for International Travellers
Anyone arriving in Canada by air is required to submit a quarantine plan and a novel coronavirus “self-assessment” before getting on a flight. Those who are entering the country by land are also strongly encouraged to do the same.
Failing to comply with these new rules could be subject to penalties ranging from verbal warning to a $1,000 fine. More information can be found here.
Applications Open for Benefits
The Canadian government has opened the application process for the three benefits that are intended to help people who lost their income because of COVID-19.
The Canada Revenue Agency has opened the applications on the My Account section of their website for the Canada Recovery Benefit (CRB), Canada Recovery Sickness Benefit (CRSB), and the Canada Recovery Caregiving Benefit (CRCB).
If you need help with your application, get in touch with us so we can assist you. You may also book a consultation with us so we can explore other financial assistance options you may be eligible for.
5 Ideas for Your Business This Holiday Season
The holiday season is upon us. For many businesses, it is the busiest and most profitable time of the year. While it is undoubtedly exciting, it can be a little nerve-wracking at the same time.
Here are 5 ideas for you to prepare and grow your small business during this time of year:
- Create a Holiday-Focused Marketing Campaign– Everyone loves the holidays. So let your target market know that you have what they need through holiday-focused marketing efforts this gift-giving season.
- Stock Up on Extra Inventory– It might be a good idea to have extra inventory in case your holiday sales are better than expected.
- Decorate Your Windows and Stores– If you are operating during the holidays, take time to decorate your storefront to match the season. It will add a festive vibe and draw people’s attention. Meanwhile, if you are running an online business, you can also temporarily change the look and feel of your website or add bits and pieces to project a holiday theme.
- Prepare Your Staff– Expect that it will be busier than usual during the holidays. So set a meeting or train them so they will be prepared in case it gets busy.
- Invest in New Software or Tools– A new bookkeeping, inventory tracking, employee management, or other systems can help your business run more smoothly. If you have the budget, this is the best time to upgrade and gift your business new software or tools.
Interested in more business and finance tips? Contact us and let’s schedule a one-on-one chat.
New Year’s Resolutions For a Better Financial Health in 2021
With all the unexpected twists and turns, challenges, and massive disruptions we’ve experienced in 2020 due to COVID-19, we can all agree how important it is to have a sound financial health to weather storms and bounce back quickly from a crisis.
Here are some money-related resolutions you might want to consider for the coming year:
- Save more– Set up a savings regime, no matter how small.
- Pay off your credit card debt– Get into the habit of paying off your credit card debt in a timely manner to avoid interest and penalties.
- Cook more meals at home– It is not only cheaper, but also more fun especially if you do it with your family.
- Refinance or pay off your mortgage faster– Review your mortgage instead of rolling it over when it matures. You may also want to pay it off faster by switching from monthly to fortnightly payment scheme or making lump-sum payments.
- Get insurance– Insurances provide protection when you need them and can give you peace of mind.
- Stick to your budget– Track your spending and identify expenses you can cut back. Once you’ve set your budget, stick to it.
- Start an emergency fund– The pandemic has taught us it pays to be prepared for anything and this includes having a dedicated fund set aside for such unprecedented events. It is recommended to have at least 3 to 6 months worth of living expenses as your emergency fund.
- Seek expert advice– When making crucial personal or business financial decisions, getting advice from an expert can make a huge difference.
Let us be your partner throughout your financial journey–get in touch with us for unbiased, independent advice.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business. Otherwise, we’ll resume this digest in January.