PDC Accounting

As we look back upon the past year, we would like to acknowledge those who have helped us shape our business. Thank you for being a bright light in what many faced as a rather challenging 2020!

From all the families at PDCO, we wish everyone one of you all the best through your holiday season.

Black Friday is here but like everything else this year, it's going to look a little different. Although shopping online is possible, its crucial to support local in these crazy times!
https://www.castanet.net/news/Business/317591/Retailers-look-to-Black-Friday-as-COVID-19-moves-many-sales-online #317591

Retailers look to Black Friday as COVID-19 moves many sales online - Business News Black Friday, the one-day shopping bonanza known for its big bargains and large crowds, has arrived.

On October 9, the government proposed the new Canada Emergency Rent Subsidy to provide direct relief to businesses, non-profits, and charities that continue to be economically impacted by the COVID-19 pandemic. The new rent subsidy would be available retroactive to September 27, 2020, until June 2021... Find out how and if your business qualifies by clicking below

https://pdco.ca/canada-emergency-rent-subsidy/

Canada Emergency Rent Subsidy - PDC Accounting On October 9, the government proposed the new Canada Emergency Rent Subsidy to provide direct relief to businesses, non-profits, and charities that continue to be economically impacted by the COVID-19 pandemic. The new rent subsidy would be available retroactive to September 27, 2020, until June 202...

This Remembrance Day, we honour the sacrifices many gave then, to allow us the freedom we all enjoy today.

New Blog post... This is a big one people! courtesy of our partner Sukhraj Gill (Follow Your Evolved Accountant to get more of his original content).

CERB officially ended last month so there's a lot of new programs going forward that you should see how and what financial aid you may qualify for.
https://pdco.ca/cerb-ended-now-what/

From all the families at the office we wish everyone a very happy and safe All Hallows’ eve!!

Today we celebrate our friend and PDCO family member who's been with us since 2015!

Although life circumstances have moved you to the coast, you are, and always will be an invaluable part of our accounting team but most of all, irreplaceable within the PDCO firm.

From all of us at the office, we thank you from the bottom of our hearts for your dedication, time, and excellence.

“Today I have been with PDC Business & Tax for 5 years. I am impressed and flattered by this achievement. Through the highs and lows I have been supported by this firm. When I had major surgery, I was offered the choice of a housekeeper or prepared meals through recovery. (I picked meals-thank you so much Milene) Now, through Covid-19 they have supported my desire to be near family., enabling me to work remotely near her. Thank you so much again, thank you for your value’s, thanks for your support”

- Elyse

Hope the flowers serve to brighten up your home office on this anniversary.

For anyone who has already decided they’re vote, today is the last day of advanced polling for the election.

Check out the link below to see how the pandemic has changed the way our voices will be heard.

https://www.kelownacapnews.com/news/heres-how-voting-amid-a-pandemic-will-happen-in-b-c/

Here’s how voting amid a pandemic will happen in B.C. - Kelowna Capital News Elections BC has worked with the provincial health office to determine safety protocols for voting

New Instgram page launched today!!

https://www.instagram.com/pdco.accounting.evolved/

Keep in mind, its hot off the presses so there will be more on there in the following weeks but we'd love any support and follows from this crew.

Thanks!

“Gratitude is a powerful catalyst for happiness. It’s the spark that lights a fire of joy in your soul.” – Amy Collette.

From the families at PDCO, we want to send out so much gratitude to all our past, present, and future clients.

A reminder to anyone with an amount owing on their taxes that filed after the June 1, 2020 deadline. There’s no penalty as long as it’s paid in full by Sept 30th!

PDC Accounting. Evolved is excited to announce that Sukhraj Gill, CPA, CA has joined the partnership. He has over 10 years of experience providing accounting, taxation and advisory services and looks forward to working with you!

Once you determine you are eligible for the Canada Emergency Wage Subsidy (CEWS), you will need to prepare a few calculations required for the application.
Here is a link to CRA's CEWS calculator which you can use to assist in determining some of the figures you will need for the application, as well as estimating your expected subsidy.
https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-calculate-subsidy-amount.html

Calculate your subsidy amount: Canada Emergency Wage Subsidy (CEWS) - Canada.ca When you apply for the Canada Employment Wage Subsidy (CEWS), you will be asked to enter amounts such as the number of eligible employees and gross payroll. To get ready, you can determine these amounts and preview your subsidy claim now, based on information you enter. The calculator is a tool to h...

April 8th, 2020 the Government of Canada has shared new information regarding the 75% Canada Emergency Wage Subsidy; with some changes to the previous announcement.
Disclosed below are the changes from our last post.
(a) Revenue test – the government has loosened the declining revenue criteria in the month of March by changing it from 30% to 15%. The 30% revenue test remains intact for the months of April through to June.

The other notable change, in addition to the year-over-year revenue calculation, is an alternative benchmark in calculating the change in revenues. We now have two methods of determine your change in revenue. Under this approach, employers would be able to compare their revenue using an average of their revenue earned in January and February 2020.

For example, assume your revenues in January and February were $100,000 and $140,000 for a monthly average of $120,000. If your March 2020 revenues dropped to $90,000, your business would suffer a 25% drop in revenues which is greater than the 15% threshold. If revenues for any of the months April, May, or June drop to $84,000 or lower, your business would suffer a 30% drop in revenues and eligible for the wage subsidy.

One caveat is that you are required to select only one approach, and apply it throughout the program period. That means you can’t alternate between the two methods.

(b) Accrual or cash method – the government has also allowed business owners to calculate the revenue noted above using the accrual or cash method. I find this one interesting and could benefit those where cash collection of sales/accounts receivable have significantly dropped in 2020 compared to 2019. I recommend you start reviewing the historical revenues and cash collected from 2019. Then comparing that to your actual March 2020 figures and forecasted estimates for April and subsequent months.

Again, similar to the revenue test, once you have chosen the accounting method you will be required to use that method throughout the program period.

(c) CPP and EI Refund – the government is also proposing to expand the CEWS through a refund of CPP and EI taxes paid by the employer. This is a 100% refund for each week throughout which those employee are on leave with pay and for which the employer is eligible to claim for the CEWS for those employees. In general, an employee will be considered to be on leave with pay throughout a week if that employee is remunerated by the employer for that week but does not perform any work for the employer in that week.

More information about this new CEWS can be found here:
https://www.canada.ca/en/department-finance/economic-response-plan/wage-subsidy.html

The Canada Emergency Wage Subsidy - Canada.ca The Canada Emergency Wage Subsidy

As promised the Government of Canada announced details with respect to the Canada Emergency Wage Subsidy (CEWS) today.
A summary follows with details from the Government of Canada Website further down.
• The Federal Government will cover up to 75% of each employee’s salary on the first $58,700 that they earn this year, or up to $847 per week.
• The program is effective for a 12-week period, from March 15 to June 6, 2020.
• To be eligible, a business’ revenue has to have decreased by at least 30%.
• Eligible employers include employers of all sizes and across all sectors of the economy, with the exception of public sector entities.
• For non-profit organizations and registered charities similarly affected by a loss of revenue, the Federal Government will continue to work with the sector to ensure the definition of revenue is appropriate to their circumstances. The Federal Government is also considering additional support for non-profits and charities, particularly those involved in the front line response to COVID-19. Further details will be announced in the near term.
• An eligible employer’s entitlement to the CEWS will be based entirely on the salary or wages actually paid to employees, and employers will be expected to at least make best efforts to top up salaries to 100% of the maximum wages covered.
• Applications for the subsidy will begin in about 6 weeks and via the My Business Account with CRA.
• Employers not eligible for the 75% wage subsidy may still be eligible for the 10% wage subsidy previously announced. Details on that program can be found by clicking the link below
• https://www.canada.ca/en/revenue-agency/campaigns/covid-19-update/frequently-asked-questions-wage-subsidy-small-businesses.html

Details about CEWS can be found here: https://www.canada.ca/en/department-finance/economic-response-plan/wage-subsidy.html

Frequently Asked Questions – Temporary Wage Subsidy for Employers - Canada.ca The Temporary Wage Subsidy for Employers is a three-month measure that will allow eligible employers to reduce the amount of payroll deductions required to be remitted to the Canada Revenue Agency (CRA).

Up-date regarding the 75% Wage Subsidy announced on March 27th.

We are patiently waiting for details with respect to this program. On Friday the Prime Minister indicated that employers would be eligible for this subsidy if the business experiences a 30% decrease in revenue.

The details of how this will be calculated, how to apply, and whether this will be a tiered program were expected yesterday but have been delayed until today.

When they are announced today we will make a new post here on this page and provide a brief explanation of the program details.

Applying for the Canada Emergency Response Benefit:
1. Create “My Account” with CRA
Register and create CRA user ID and log-in or;
Choose sign-in Partner (ie: online banking)
2. Information you need available in order to sign in:
SIN
Date of birth
Current postal code
Your last income tax return
3. Takes up to 2 weeks to receive “access code” by mail
4. With “access code” you can access "My Account"

See this video for instructions https://www.youtube.com/watch?v=xW_1xRux6bw

How to register for My Account Learn about the different services available in My Account, and how to register.

On March 27, the federal government announced additional economic measures to support small business and entrepreneurs.
These measures include an increase in wage subsidies to 75 percent, backdated to March 15, so that employers can keep workers on the payroll – details on any caps, length of time it will apply, and which employers will be eligible are expected to be announced Monday.
Also a new Canada Emergency Bank Account - $40,000 interest-free loans for 1 year with the potential for $10,000 to be forgiven in qualifying circumstances (apply through financial institutions, but the loans are backstopped by the federal government)
GST (& HST) payments deferral until June have also been announced and In addition, the government has confirmed that the new $2000-a-month Canada Emergency Response Benefit will be taxable.

More to come in the following days.

We have up-dated our posted Canada's Covid-19 Economic Response Plan, it now includes more information regarding on calculating and administering the wage subsidy.
Recall the PDF document is refreshed and uploaded under the Menu Tab (next to home on the mobile FB App and in the About section on desktop version of FB)

Canada's Covid-19 Economic Response Plan ("Menu" button).
We are making available a summary of the Government of Canada's stated relief for both individuals and businesses as we learn and work with them.
A PDF document has been uploaded under the "Menu" button (next to Home button on Facebook Mobile App. In About section on the right on Desktop version)
We will up-date the PDF as new information is available.
Please feel free to share this with anyone whom you think might benefit.
We advise you not download and share the PDF (as this document will be up-dated) but rather share this page information so the most recent document can be visited in the future.

Yes we have tried your 2017 Platinum Haynes Creek Syrah and like all things Cedar Creek and Home Block at Cedar Creek it is fantastic!
Looking forward to visiting your booth AMUSE eat, drink & be social

Have you tried our 2017 Platinum Haynes Creek Syrah? Fresh floral and dark fruit characters complement the peppery, meaty side of this varietal - it's no surprise that it won a gold medal at the InterVin International Wine Awards.

Available for purchase in store and online.

Tired of gathering all those pesky tax slips and documents?
We know, it’s hard work, and we think you deserve a break!
We are giving away 2 tickets to Amuse Kelowna, the sold out foodie event taking place Saturday March 7, 2020.
For your chance to win these coveted tickets simply like our page, like this post and share it on your page.
Winner will be drawn and announced Monday March 2, 2020.
Good luck and bon appetit!

Is this how you spend your free time?

Have your cake AND get your taxes done too with the help of 🍰

Looking for some winter fun? Check this out!

We are rapidly approaching a 300 cm base on the mountain. This is the 3rd best season we have had in 20 years!

To celebrate we have some amazing events planned for tomorrow.
∙ The 300th ticket holder scanned on Saturday will win a $300 Gift Card for the resort.
∙ CAns of Okanagan Spring Brewery are 300 cents on the patio of The Woods
∙ An outdoor BBQ at The Woods for 300 cents.

We have more snow in the forecast tomorrow, so come on up and celebrate a momentous season!

From our PDC family to yours, wishing you health, happiness and prosperity this Lunar New Year!

Are you getting tired of sliding around these snowy winter roads?

Our friends over at OK Tire can help you out!

Visit their shop, or check out their site to get a quote today!

OK Tire Springfield Rd - View Store - OK Tire [...]Read More...

Does this feel familiar?

We are only three short months away from the deadline, and these cold winter weekends are the perfect time to start getting your reciepts in order!

Say goodbye to those sneaky deadlines with the help of PDC Accounting!

On this we are reminded of what a wonderful time we had at our Christmas party in December. A big thank you to BNA Brewing Co. & Eatery for hosting our group for two years in a row!

Brrrr!

While it may be too cold to enjoy night skiing at it's the perfect temperature for tax planning!

Big White has cancelled night skiing for Tuesday and Wednesday - Kelowna News Cold temperatures that have settled across the Okanagan are also causing problems for Big White.

Is giving on your list of resolutions for 2020?

At , we feel strongly about making a positive impact within our community. We proudly support the KGH Foundation.

Have you seen this new video that highlights KGH's vital roll here in Kelowna? It's beautiful. It makes an impact.
So can we.

Shane Koyczan

Where the Miracles Live ‘Where the Miracles Live’ – a KGH Story. Narrated by Shane Koyzcan. (sound up!) ‘There is more to being alive than just our data plans… there’s our plans’. Y...

What Boxing Day means at our office...
Are your receipts ready for year-end?

Holiday planning, tax expert style.

Doesn't this look cosy and inviting on a day like today?

Our friends at Hatch Interior Design created this for a show suite at McKinley Beach, and we think it makes the perfect place to curl up and enjoy the snowy view over the holidays...

Local business owners have such a unique outlook! We are so proud to live and work in the .

EVOLUTION [ e-və-ˈlü-shən ], noun

The process of continuous change from a lower, simpler state to a higher, more complex, or better state.

At PDC, we constantly strive to be better. We’ve taken traditional accounting in a new direction –one that better serves our 21st century business and tax clientele.

Join us, and be a part of this exciting new management strategy model!

Supporting professional development within our Indigenous communities is critical to Canadian economic success. We're proud to be a part of this industry!

Chartered Professional Accountants of British Columbia - CPABC Aboriginal Financial Officers Association of BC

Chartered Accountants Of BC Sign MOU To Strengthen First Nations Financial Management | Business Examiner On December 5, 2019, the Chartered Professional Accountants of British Columbia (CPABC) and the Aboriginal Financial Officers Association of British Columbia (AFOA BC) signed a Memorandum of Understanding and Cooperation (MOUC) to work together to strengthen First Nations program and service deliver...

Have you considered a shop management software system?

It's a great way to keep on top of your company's financial health all year long.

Read our take on it in our latest blog!

How Management Software Can Really Help Your Business - PDC Accounting Make your Automotive Repair Shop Management Software Work for You At PDC Accounting Evolved, we have many automotive small-business clients that we see only once a year. They tend to rely on our year-end meeting to discuss their fiscal success, when it’s too late to make changes that could impact ...

At , we're focused on smart money management. We know that every little bit helps!

That's why we always love that the City of offers free downtown street parking on weekends throughout December.

Why not head downtown to support local businesses as you do your holiday shopping this year? (And enjoy that extra little jingle in your pocket!)