First and foremost, thank you so much for all your emails about Bruce.  He’s home now and his left cheek goes back to normal.

He was admitted to the hospital this past Sunday.  A minor fall caused an infection on his left cheek.  Our family doctor was concerned that the infection can affect his brains through his eyes.

He’s discharged the second day after showing significant improvement from the day before.  His swelling completely went away as I write this blog post.

Having gone through this relatively minor incident made us appreciate simple things in life so much more.

Since the kids are with me this week, I’m going to keep today’s post short and sweet.

Quick update for those of you who follow my blog:

  1. Deadline for CEBA loan application is August 31

If you are eligible to apply, make sure you submit the application before August 31.

I got an approval on one CEBA application $40K earlier this week.  I got one rejection as well.

It turns out that a lot of clients had to resubmit their documents multiple times before they get their approval from the government.

One client, who’s a contractor and house flipper, pays his trades as subcontractors.  He had to resubmit his documents for 5 times, with more documentation every time, before he got his approval!

  1. Tax payable deadline has been extended from September 1 to September 30

As a result of COVID-19, CRA has originally extended the tax filing deadline and also allowed taxpayers to pay for any of the balance owing at September 1.

September 1, to be honest, is quite confusing to many of us.  Many people mis-read it as end of September. 

Now, they’ve made it official that we’re allowed to pay for our tax owing by the end of September 30. 

Yay – we got yet another tax extension!

For those of you who still have not filed your taxes, you have until September 30 to file your taxes and issues payment to avoid any penalties.

Make sure you reach out to your accountants to get this sorted before any penalties imposed.

Good luck to all you guys out there with CEBA loan application.  😊 

Until next time, happy Canadian Real Estate Investing.

Cherry Chan, CPA, CA

Your Real Estate Accountant

1 reply
  1. CE
    CE says:

    Hi i don’t get to see when this was posted for some reason, I assume this was last year 2020? Might I suggest including a date at the top of the post? Might be beneficial but anyways thanks for posting.. I guess you mainly deal with real estate sort of stuff but I was wondering if you would know… clients that pay subcontractors… what documents have been asked for ? Maybe you can discuss without discussing the clients at all… might be good to know.

    I can’t afford an account at the moment, so I do not have anyone to ask I an only research, but I am just looking for information on whats happening in other people’s situations.. I am a sole-p had some income in 2019. did not have a BN at that point.. when they say sub-contract.. they do mean anyone you have a contract with to do work or provide a service for your business right? they are not only referring to construction and that sort of thing?` say if you are in IT or in some business and you contract someone to produce software or whatever. in that case you would have to take into accounts the dates etc. if you qualify and you would submit. the contract and the invoice. in that sort of situation what else would they ask for? if you

    Thanks appreciate the help.

    Reply

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

3 − 1 =