Written by: Brian Litvin CPA,CA
The world has changed. To survive your businesses is faced with the difficult task of balancing the health and safety of the public with economic survival during the COVID-19 pandemic. Are you able to manage your cash flow and maintaining liquidity. It is crucial.
Companies are being forced to implement actions to preserve cash and minimize outflows during these scaled back operating times. Minimizing inventory, reducing staffing costs, restricting or eliminating unessential capital expenditures and reducing operational expenses are essential for survival for most businesses.
There are steps you can take to generate CASH FLOW.
Some specific avenues to consider are:
- Investigating and utilize COVID specific incentive programs: Identify applicable programs and/or credits available under COVID-19 relief.
- Investigate the myriad of government GRANTS and Funding available: whilst some of these are industry and regionally specific, there are a myriad of grants and low interest loans available to businesses, both on a Federal and Provincial level
- Optimize CANADIAN SALES TAX RECOVERIES: identify and recover unclaimed input tax credits, overpayment of taxes and missed exemptions
- GLOBAL VAT RECOVERIES: Prepare and SUBMIT VAT claims in jurisdictions that allow claim filing for periods less than12 months. Review international transactions to identify any missed or exempt VAT
- Submit Scientific Research and Experimental Development Claims: Obtain SR&ED investment Credit refunds or Income Tax reductions
- Submit DUTY DRAWBACK Claims: prepare and submit duty drawback claims for import duties paid on product subsequently exported.
Our experienced team experts can advise and optimize each of these categories. Fees are success fee driven thus not impacting businesses resources. Our holistic approach identifies all relevant opportunity areas, is efficient, and eliminates client time and input.
Call 416-619-7764 or e-mail info@litvinmuir for a free consultation today.