COVID-19 Updates and Resources

In keeping with our commitment to protect the public and provide support to our members we will be posting on our website useful information, tools and recommendations designed to help you stop the spread of the virus while keeping the economy working. This page will be updated on a regular basis, as the situation evolves.

CPA NL COVID-19 News - Updated March 23, 2020
Canada Revenue Agency Updates
Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses
Tools and Resources
How to Manage an Accounting Practice in Times of Crisis
Other Important Links
Health and Wellness

 

Current situation

Updated: March 24, 2020

CPA NL is closely monitoring public health updates related to COVID-19, which has now been classified as a pandemic by the World Health Organization. Effective March 18, 2020, the Minister of Health and Community Services declared COVID-19 a public health emergency under the Public Health Protection and Promotion Act in the Province of Newfoundland and Labrador. For the latest COVID-19 updates, visit the provincial and federal COVID-19 websites.

To support Canadian businesses and individuals, the federal government has committed funds to help alleviate the economic impact of the COVID-19 pandemic, including:

  • $27 Billion to Canadian workers and businesses; and
  • $55 Billion to meet liquidity needs via income tax deferrals

 

Canada Revenue Agency Updates

CRA's COVID-19 Update Page

Personal income tax filing deadline has been extended to June 1, 2020. The Canada Revenue Agency will allow all businesses to defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. For information on this and other filing extensions, visit CPA Canada’s website for latest updates.


Update: March 26, 2020


Federal government announces broad tax deadline extensions

The federal government announced additional extensions to many for tax-related deadlines. Most federal tax filing deadlines have been extended to June 1, 2020, including the March 31 deadline for T1134 forms and T2s. The filing deadline for the T5013 partnership return and other information that individuals will need to complete their T1 returns has been extended to May 1, 2020.

Note that some returns and payments will still be due at the usual time.

Find more information on the announcement. 

 

Canada’s COVID-19 Economic Response Plan: Support for Canadians and Businesses

On March 18, 2020, the Prime Minister announced a new set of economic measures to help stabilize the economy during this challenging period. These measures, delivered as part of the Government of Canada’s COVID-19 Economic Response Plan, will provide up to $27 billion in direct support to Canadian workers and businesses.

Support for Canadians

  • Temporary Income Support for Workers and Parents
  • Longer-Term Income Support for Workers
  • Income Support for Individuals Who Need It Most
  • Flexibility for Taxpayers

Support for Businesses

  • Supporting Canadian Business through the Canada Account
  • Helping Businesses Keep their Workers
  • Flexibility for Businesses Filing Taxes
  • Ensuring Businesses Have Access to Credit
  • Supporting Financial Market Liquidity

 

Tools and Resources

CPA Canada Resources:

Business continuity in a crisis: COVID-19 challenges
Covid-19: External resources related to reporting and audit
Covid-19 and the workplace: What employers and employees need to do
Federal government releases information on COVID-19 tax relief
7 cybersecurity tips for organizations with remote workers
Avoiding fraud and identity theft in times of crisis

CPA Ontario COVID-19 Resource Page, includes topics like:

  • Financial Reporting,
  • Tax,
  • Audit and Regulatory,
  • Practice Management,
  • Working Remotely,
  • Protecting Yourself, and
  • Travel Restrictions

 

How to Manage an Accounting Practice in Times of Crisis

Firms can implement certain preventative measures to limit the impact of the health crisis, while making sure to operate as usual:
  • Keep your clients updated
    • Take time to reassess your clients’ needs and adjust your work schedule accordingly. In the context we are in, some regulatory bodies, lenders and other users of financial statements may allow for extensions. This will allow you to adjust your priorities and communicate effectively with your clients.
    • Notify your clients if your operations are impacted or if you are operating with a reduced staff level. Consider including a special message in your voicemail greeting and activating an automatic reply in your email settings to inform clients of an unusually high workload.
    • Make sure you are able to carry out all your current engagements. If you have too much on your plate, have a designated person contact your existing clients in short order to notify
  • Designate a replacement CPA for unexpected or prolonged absences.
    As a CPA, and particularly if you are a sole practitioner, you are responsible for making the necessary arrangements for your clients to have a contact person in the event of your unexpected and prolonged absence. The best solution is to enter into an agreement with another CPA to serve as your replacement in emergency situations. Without having to take over your client base, this person will at least be able to notify your clients so they can make informed decisions about their next steps. This can be a win-win arrangement if it is reciprocal and you agree to be the other CPA’s replacement.

Above information from the CPA Quebec COVID-19 resource and tools page

 

 

Other Important Links:

World Health Organization (WHO) information and preventative measures
Resources for Canadian businesses: COVID-19
Centers for Disease Control and Prevention: Resources for businesses and employers
Employment Insurance - Support actions
St. John's Board of Trade  - COVID-19 Resources


 

Health and Wellness

COVID-19 Self-Assessment Tool

How to protect yourself

  • Practice social distancing whenever possible.
  • Wash your hands often with soap and water for at least 20 seconds. Use an alcohol-based hand sanitizer in the absence of soap and water with at least 60 percent alcohol.
  • Avoid touching your face.
  • Avoid contact with people who are sick.
  • Practice proper cough and sneeze etiquette. Cover your mouth and nose with your arm when coughing and sneezing and immediately dispose of used tissues in the trash.
  • Stay at home if you are sick.
  • Frequently clean and disinfect high-touch areas such as toilets, bedside tables and door handles with diluted bleach or a regular household cleaner.

Mental Health and Wellness

The outbreak of COVID-19 may be stressful for people. You may be experiencing a high degree of uncertainty, worry, anxiety and stress about the health and safety of your loved ones, and how COVID-19 may disrupt the lives of you and your family.

If you are finding it difficult to cope or feel anxious, Bridge the gApp offers many services to support you and your wellbeing. Please visit www.bridgethegapp.ca for more information.

If you are feeling isolated and alone during COVID-19, you are encouraged to reach out and speak with a trained mental health peer supporter. Call the Provincial Warm Line at 1-855-753-2560 9:00am to 12:00am daily.

If you are experiencing a mental health crisis, you should call the Mental Health Crisis Line at 1-888-737-4668, available 24 hours a day, or use the Crisis Text service by texting 686868.

 


Certain links on this site take you to other websites. CPA Newfoundland and Labrador provides these links only as a convenience and is not responsible for the contents of any linked website. CPA Newfoundland and Labrador makes no representations or warranties and does not endorse any linked website, the contents thereof, the information appearing thereon or any of the products or services described thereon. Links do not imply that CPA Newfoundland and Labrador sponsors, endorses or is affiliated or associated with the entity that owns or is responsible for any linked website.