Is it Important to Have a Good Accountant for Your Small Business in 2020?

 There is a saying that behind every solid business there is a good accountant. This has always been true; however, in 2020 with the onset of a global pandemic, it is even more important for small business owners to work with a great tax accountant.

With the Canadian government working to create various programs to assist Canadians in this difficult time; there has been a significant amount of confusion caused by the ever-changing programs and subsidies that the government has introduced.

Individuals and small business owners alike have had trouble trying to keep up with the eligibility criteria, as it continues to change, has has not adequately addressed all Canadian business structures.

Particularly on the small business accounting side of things, business owners have had trouble understanding if they are eligible for the Canada Emergency Wage Subsidy (CEWS) with some business structures. For example, it is still unclear, months after the program has been announced, whether or not Canadian Controlled Private Corporations (CCPCs) partners in a partnership are to include the decline in partnership income in their CEWS calculation or not.

Navigating through the various programs should be done by working closely with your Toronto Accountant in order to ensure your business receives the subsidies it is eligible for, and in particular, to avoid having to re-pay and potentially face punitive penalties in a scenario where a subsidy was received by a small business that was not eligible for it.

If you are not already working with a Small Business Accounting Firm Toronto to handle your corporate taxes and assist you through the COVID-19 subsidies, now would be the right time to find a quality CPA for your business.