Canadian Emergency Business Account

[X-it]

Omar Khadr's second round at the trough, ethics and morals are a thing of the past in the Turds world order.

 

[Couch]

So let me get this right!
You do everything to avoid paying taxes?
Now you are trying everthing to get a handout....

Well sir, be honest from the start and you would not be in this boat.

I thought this was to help people in dire sraits?

I see some honest people getting and keeping their employees and the then I see posts of how people want to try to use it to make more money useing it as a tax free loan and and free $10,000 at the end.

I am not sure if some of you folks are just trying to be funny or serious......

There is people out in our country that really have nothing that worked for minimum wage, have children and lost there jobs...

I for one have not and will not be using any of the government funding due to my ethics that I was taught and lived by.

Slam me all you want. I can wake up every day and be proud of myself and not ever have to look over my shoulder to be concerned if I did something wrong to some one or my country......

Yes, I am retired military and proud of it.

Stay strong everyone... We unite together and will always be a Canadian team///////

Gods speed and all stay safe.

Seems you made a choice to join the military - good on you. You signed up not knowing when / where you would be pressed into - fair enough. I'm sure that was stressful and the money may not have been great.
However, you were assured of you paycheck every two weeks and a pension after 20 or 25 years. You may have also had an opportunity to receive the benefit of full post secondary education while enlisted all while receiving a pay check. Possibly you retired at a relatively young age - say 45 years- then head out into the private sector to further your earnings ... Can't knock you for that.

While you did that, I had the opportunity to start a business and take on a ton of risk and responsibility. For 35 years our company ensured staff were paid first, then suppliers, then gov't and lastly us as the owners / operators...and that meant there were times when my check was cashed and promptly pumped back into the business.

Stuff breaks - an engine down could cost us 20k per day in lost revenue that cannot be recouped. Its not as easy as simply requesting a replacement. Bad weather has often cost us 20k a day and nothing we can do about it. Theses are incredibly stressful for business owners.

Contrary to popular opinion, we can't buy an Escalade and simply write it off. CRA can request an audit at any time. If your accounts are wrong the benefit goes to CRA. Pensions are often non-existent excepting RRSPs. The pension for most is dependant on their exit strategy - hopefully you can sell as a going concern or atleast get fair market vale for any assetts. We don't pay ourselves a big salary unless times are really good and then you have to balance it against lean times so most owners likely take home less than many of their staff.

If a small business looses money, that's too bad - no one is there to bail us out. Our business is fundamentally seasonally based with revenue from June till October so we have to budget to ensure cash flow carries us through to the following period. With the present pandemic, we will have a period of ZERO revenue from October 2019 through to June 2021. Do we have enough cash for 6 months - luckily yes.. Fortunate enough to have reserves to carry through for 12 and will be minimal debt. 18 to 20 month is a different story. There's no play book or business plan that deals with such an event.

Last year on sales of $1.2 million, we forked over approximately $350k to the gov't - some of which may have gone towards your paycheck or pension ....

So go ahead and ask me if I consider a 10k return from the gov't to be unethical ....you may not like the answer but I will sleep well regardless.

 

[Chump]

100% agree. Never been on ei in my life. In the 15yrs my business has been running I've forked over a ton. Never even getting so much as a child benefit cheque to save away for my kids. So if the dumbass government is offering a bit of a leg up for my small business, damn straight I'll take it. This forgivable 10g is a drop in the bucket as far as I'm concerned.

 

[MarkCos]

Never mind that kimrick guy
he was stuck in a green pickle jar for to long ,and will never know making bank for others and ur self is stressful

 

[Stompin Tom]

They have changed the criteria for the loan, now if you have a payroll between $20,000 and 1.5 million you are eligible.

 

[snopro]

That will open up a lot of extra small business's that have maybe part time workers etc

 

[Tchetek]

Anybody actually get the cash yet?

 

[snopro]

If you qualify I understand you walk into your bank and they will set it up for you in a matter of minutes?

 

[Stompin Tom]

If you qualify I understand you walk into your bank and they will set it up for you in a matter of minutes?

no, according to the TD, who I bank with, everything has to be done online, no direct communication with a bank or a person. I was told 5-10 business days for funds to appear. Every bank is probably different, but TD doesnt want you going in, submit your application, hit click, then wait. No big rush, I am playing the end game so the funds will sit in a different account. I hope I dont need to use them, but they will be there if this drags on longer than one thinks.

 

[S.W.A.T.]

Anybody actually get the cash yet?

Yup, quick and easy

 

[Teth-Air]

Assume you need the $10k but absolutely don't want to carry the debt I wonder what would happen if you paid the $30k back after the first month? As long as you had spent more than $30k for necessities of course.

 

[Stompin Tom]

Assume you need the $10k but absolutely don't want to carry the debt I wonder what would happen if you paid the $30k back after the first month? As long as you had spent more than $30k for necessities of course.

my accountants advice:

pay all necessary and approved bills out of separate account that you placed money in. Take the same amount you have spent that week out of your normal business account and place it into a short term investment or savings account. Once you have spent the original loan money on approved expenses keep all receipts and separate records in a fiel to prove how you used the money. After that the money you have placed into the investment or savings account is clear for you to do whatever you want. If you want to pay off a loan or make a purchase or just save the money in case this goes on longer than expected, its your choice.

As for paying in back right away he says no way, dont do it, its interest free, why pay it back before the due date? Keep it in savings if nothing else, we have no idea what will happen in the next 2 years.

 

[JayT]

I'm with Scotiabank and they set it up as a interest-free line of credit that I can access whenever I need to. It appears to me it's the same as any other line of credit I have except interest-free

 

[S.W.A.T.]

I'm with Scotiabank and they set it up as a interest-free line of credit that I can access whenever I need to. It appears to me it's the same as any other line of credit I have except interest-free

Check your mobile banking, they did that to me to but I see they have made some changes

 

[2kDoo]

If you pay dividends like me no t4. Cannot apply for 40k loan or subsitence relief. Get the 2k a month only.
Apparently accounants are asking cra to change ot so if a person pays dividends, not salary can apply

 

[Summitric]

Our company has applied for the ceba and looking into the tax break, and rent break... Also looking into the 75%wage assistance.

 

[S.W.A.T.]

If you pay dividends like me no t4. Cannot apply for 40k loan or subsitence relief. Get the 2k a month only.
Apparently accounants are asking cra to change ot so if a person pays dividends, not salary can apply

Receiving dividends only as your wages is a slippery slope to begin with, your accountant should have known better before hand. CRA has been clamping down on that for years. Be careful what pot gets stirred up there

 

[pfi572]

If you qualify I understand you walk into your bank and they will set it up for you in a matter of minutes?

Correct Ken.
Was into the bank for some other Business and asked about this .
You bring T4 into bank and they verify that your company has paid out over the $50000then but now $20000 in wages and they get you to sign papers and they send it out .
Then verify you when money is in account .
I was just more curious then anything and this wasn’t a teller telling me this but branch manager .
This was at the Canadian Western Bank anyway .

Wouldn’t surprise me about TD as they suck . IMO
Took me a week to get some funds moved around through them and a pile of time on the wait line .

 

[Tchetek]

Yup, quick and easy

How long was the wait between application and having the cash in the bank.

Did they send any transaction notice or you just found the cash in the account?

 

[Cyle]

How long was the wait between application and having the cash in the bank.

Did they send any transaction notice or you just found the cash in the account?

I applied last Thursday and got the funds yesterday in my account, you select which account you want them deposited into when you apply.