We continue our discussion of Small Business and Elder Law-Covid-19 Resources in these changing times. In opening this piece, to all those who are grieving, in behalf of the many, i.e., your extended family, your friends and neighbors, members of society at large who care, I first take this opportunity to extend to each and every one of you, our deepest sympathy. We are so sorry for your loss. To all those who are ill, we feel your suffering along with you and wish that you get well soon. To all those who are still working outside the home, in essential services, part of the supply chain of necessities of life, etc. and those in our health care institutions, part of the health care teams, etc., we salute you. In addition, we thank each of you, from the bottom of our hearts, for your needed service. We are so very grateful for your good works.
Today’s Little Pep Talk. It’s bad. I, personally, like the bad news first. The governments are releasing the numbers and they are stark and frightening. Here’s a thought – the quicker we get into the real bad – the quicker we get through it to the good, starting with mildly better, intermediate good and top drawer best.
Quotes of the week (business-wise). If in business in Quebec in year 2020, here are a few wise statements to consider today:
- Charles Darwin: “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.”
Max McKeown: “Adaptability is about the powerful difference between adapting to cope and adapting to win.”
- Dave Kerpen: “Change is good. It’s also often hard. But to succeed in business, you must run toward it.”
Commentary: Like you, as I sit in my home in my respective involuntary isolation, I mutter under my breath, “I can’t believe the whole thing.” On venturing outside with trepidation, I speculate that I now must feel something akin to people during the plague of the long ago past. And when somebody approaches me on the street, steering way clear of me, I can’t help, but think that I must have a terrible case of body odor, for otherwise, this couldn’t be happening. But knowing that I’m personally fresh and clean, I realize it’s not me – it’s just that the times, which are odd as hell. And when I have to enter someplace, which is still open, and with the line up having so much space between people, I can’t help but think that if we were waiting in front of the Bell Center to buy tickets for a rock concert, the line would probably run from downtown Montreal all the way to Quebec City. And once I’m inside after my wait, everybody is scared and ‘standoffish,’ customer and clerk alike. Yes, this is nuts indeed!
But enough of that, let’s be upbeat. I’ll now say, “It’s not that bad. It could be worse.” However, after saying that, I can’t help, but think that I’m falling into the trap as described by President Obama in September 2008 when he told a crowd at a campaign event, “You can put ‘lipstick on a pig,’ but it’s still a pig,” And if I continue on, adding, “We’ll survive. We’re strong and resilient. We’ll do it. You’ll see” and a business person would be in front of me, he/she would probably interject, blurting out, “Please stop. Those words are nice and the sentiment is warm & fuzzy. But if this continues, my business and I will not be here when this is all over. What can you say to help me deal with my issues right now?” Of course, you’re right on – that’s the key question – no question about it! So today, I will continue on with the subject of commerce during the Corona virus (Covid-19) Pandemic, such aimed towards Independent business, “Petites et Moyennes Entreprises,” PME, Family business. More precisely, this blog post is the next installment of my multipart series, wherein I will begin the survey relative to relief and funding for business in these very trying times. A lot has happened on the government front in the last week(s) plus or minus. Let’s get started.
- Small Business Law (Quebec): Relief Measures, Funding Initiatives, Aid, Programs of Governments (Canada, Quebec, Montreal, etc.), financial institutions, etc.
Summary (Quebec, Canada):
Small Business Covid-19 Relief-Funding
It’s for PMEs & family business owners, dealing with (and trying to survive) the Corona virus (Covid-19) Pandemic and the catastrophic commercial upheaval, which it is causing. Here’s the 1st installment of information that I have harvested from public announcements, notices received and additional research that I have carried out through to the period ended April 8th 2020. (N.B. I will try to make, as soon as I can, further series installments, supplements, amendments and/or update(s) as we proceed further down this road.) I’ve summarized the following content based on what I now know ‘to the best of my knowledge.’ While I’ve attempted to make everything complete and accurate, it’s not perfect just a best effort. You see, the following is meant strictly as a handy guide. As the reader, it’s necessary if you’re interested, to go further. In addition, please keep in mind that although broad lines may be available and several rules are stipulated, once ‘we get into the weeds’ as they say, there will be further details, which will become apparent afterwards. (N.B. In certain instances, legislation, parliamentary approval and other formalities might be still to come in order to move forward.). In addition, before continuing on, kindly be informed that I’ve broken down the material into three large sub headings, such corresponding to our three primary levels of government, notably federal, provincial (or territory) and local/municipal corresponding, such corresponding in our case to (greater) Montreal, Quebec Canada.
B.1 GOVERNMENT OF CANADA (FEDERAL LEVEL)
When it comes to the federal government, I will start with the tax relief stream.
B.1.1 Relief from fulfilling taxpayer obligations: Administrative tax measures
The Canada Revenue Agency (CRA) has announced the following.
“Flexibility for Taxpayers
In order to provide greater flexibility to Canadians who may be experiencing hardships during the COVID-19 outbreak, the Canada Revenue Agency will defer the filing due date for the 2019 tax returns of individuals, including certain trusts.
- For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020. However, the Agency encourages individuals who expect to receive benefits under the GSTC or the Canada Child Benefit not to delay the filing of their return to ensure their entitlements for the 2020-21 benefit year are properly determined.
- For trusts having a taxation year ending on December 31, 2019, the return filing due date will be deferred until May 1, 2020.
The Canada Revenue Agency will allow all taxpayers to defer, until August 31, 2020, the payment of any income tax amounts that become owing on or after today and before September 2020. This relief would apply to tax balances due, as well as instalments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
In order to reduce the necessity for taxpayers and tax preparers to meet in person during this difficult time, and to reduce administrative burden, effective immediately the Canada Revenue Agency will recognize electronic signatures as having met the signature requirements of the Income Tax Act, as a temporary administrative measure. This provision applies to authorization forms T183 or T183CORP, which are forms that are signed in person by millions of Canadians every year to authorize tax preparers to file taxes.
The Canada Revenue Agency is adapting its Outreach Program to support individuals during COVID-19. Through this service, the Canada Revenue Agency offers help to individuals to better understand their tax obligations and to obtain the benefits and credits to which they are entitled. Traditionally available in-person, this service is now available over the phone, and through webinar, where possible.
The Canada Revenue Agency fully expects that many community organizations are considering whether to significantly reduce or perhaps cancel the provision of services provided under the Community Volunteer Income Tax Program. Additional efforts to encourage individuals to file their tax and benefit returns electronically, or where possible, through the File My Return service, will be put forward.”
- Toll free number 1-800-675-6184 between 8:00 a.m. and 4:00 p.m.
The impact of the CORONA VIRUS (COVID-19) PANDEMIC upon Canadian business is huge. The foregoing and what will come in the following days is a lot of information to take in all at once. Remember this is an overview. Review it. Make notes. Like always, as the founder-owner of a family business, the buck stops with you. Remember – it’s your business! So if you think that relief or a program might be open to you, telephone without delay the agency, department, etc. and start the process! Don’t wait – Do it now! Good luck and be safe.
Best wishes to each of you and to your entire family.*
Allan J. Gold
Avocat/Barrister & Solicitor
NO 1 Wood Avenue Condominium
4055 ouest rue Ste. Catherine, suite 128(-A),
Westmount, Québec, Canada H3Z 3J8
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Tel: (514) 849-1621; Fax: (514) 849-4664; Mobile: (514) 918-145
www.allanjgold.com ; Blog: https://allanjgold.com/blog-glm/
D. PREVIEW OF NEXT IN THE BUSINESS LAW BLOG SERIES.
I believe that with this blog series, I may have started you along the way to being more aware of the law for business. I will continue on with the subject of commerce during the Corona virus (Covid-19) Pandemic, such aimed towards Independent business, “Petites et Moyennes Entreprises,” PME, Family business – more precisely the next installment in my multipart series relative to relief and funding programs in these very trying times. Interested? Want to get more information about the current topic, or other areas of law written by an “avocat,” one of the family business law lawyers, family business lawyers Montreal, practicing also in the elder law field? See you next time. It won’t take too much time. Remember my byline – it’s “Gold’s Legal Minute*GLM*!” And please don’t forget to join my professional community by entering your e-mail at the prompt.*
E. NOTICE – CAUTION –DISCLAIMER.
The material provided herein is of a general nature, strictly for informational purposes. The interpretation and analysis is not to be misapplied to a personal situation with a particular set of facts. Under no circumstances, are the herein suggestions and tips, intended to bring a reader to the point of acting or not acting, but instead, the hope is that they are to be a cause for pause and reflection. It is specifically declared that this content is not to be a replacement of, or a substitution for, legal or any other appropriate advice. To the contrary, for more information on these presents, related subjects or any other questions, it is the express recommendation of the author that everyone seek out and consult a qualified professional or competent adviser.
*©/TM 2020, 2019, 2015-2018, Allan Gold, Practitioners’ Press Inc. – ALL RIGHTS RESERVED
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