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

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