2020 created upheaval for all of us in our everyday life and for many it also brought financial hardships. Thankfully, there is help. Here we reflect on two benefits provided by the Province of BC for individuals and businesses.
BC Recovery Benefit
This is a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals. The deadline for applications is June 30, 2021.
- The payment is received by direct deposit.
- Benefit eligibility is based on the net income from your 2019 personal tax return.
- Your eligible amount will be automatically calculated based on your income when you apply.
- $500 is available for eligible individuals with a net income of up to $62,500.
- A reduced benefit amount is available for eligible individuals with a net income of up to $87,500.
- Families and single parents with a net income of up to $125,000 are eligible for $1,000.
- A reduced benefit amount is available for eligible families and single parents with a net income of up to $175,000
To be eligible, you must meet the following criteria:
- A resident of BC on December 18, 2020.
- Must be at least 19 years old on December 18, 2020.
- Must have filed a Canadian personal income tax return for 2019.
- Have a valid social insurance number.
For further details and to apply visit the Government of BC site:
Small and Medium Sized Business Recovery Grant
The Business Recovery Grant provides fully funded grants to businesses to ensure they have the support they need during and beyond Covid-19. Additionally, the eligibility criteria have changed as of December 18, 2020 to reach a broader section of businesses.
Grants are made available to businesses impacted by Covid-19 in the amount of $10,000 to $30,000. Additional grants of $5,000 to $15,000 are available to eligible tourism-related businesses. The applications are online and can be accessed by clicking HERE. As part of the application process, you will be asked to develop a recovery plan.
The recovery plan must list specific actions the business is going to take to continue operations during the challenging time. It must be realistic, easy to put in place and include the timeframe for the action to be completed along with a cost structure.
Once you have submitted your recovery plan, it will be reviewed, and approved businesses will receive grant funding for the plan submitted. You may be requested to supply information and documentation about your recovery efforts and how the funding was used.
For more information and application please visit the following website:
How Freedom Accounting Has Adapted to The New Normal
For many businesses there is a long road ahead to operate in our new normal. Our own business has pivoted and our entire Team can work from home. We have been preparing for remote work for several years. Part of the necessary infrastructure was ensuring our client data and information was safe and secure. This included working with our IT company, Tecnet, to build a remote server and launching a secure portal for ease in transferring information between our Team and our Clients.
The most exciting transformation was going from a work environment that was paper based to working with clients using apps like Auto Entry and Receipt Bank for document management and Sage Business Cloud Accounting and QuickBooks Online for record keeping. This year we are tracking the number of boxes of paper being used and challenging ourselves to embrace paperless solutions.
Do you need assistance with moving your small business to a paperless environment? Give us a call or reach out through our website to find out how Freedom Accounting Inc. can support you in this transition.
Give us your books – take back your life! ®